RTD market to grow 11% in 2023
Global technology research company Technavio has reported that ready-to-drink (RTD) cocktails are set to see 11.43% year-on-year growth in 2023.
The category is also predicted to see a 12.42% compound annual growth rate (CAGR) between 2022-2027, growing by US$748.7 million in value.
Technavio reported that in 2017, the RTD market was valued at US$583.82m, with North America holding the largest market share at US$209.77m.
The report analysed vendors including Anheuser Busch Inbev, Asahi Group, and Diageo.
Technavio cites the main drivers of this projected market growth to be a growing demand for low-alcoholic flavoured drinks; growing health concerns among consumers; and growth of convenience products across the world.
The research company expects the sector will see challenges in different taxation for RTD cocktails; increasing anti-alcohol campaigns on television and social media; and huge availability of substitute products.
For more on projections for the RTD market, read our World Spirits Report 2022 for the category.
Last week, Global Brands launched a vodka-based, zero-sugar range for its VK brand to attract health-conscious consumers.
The IWSR Drinks Market Analysis recently found that half of all new ready-to-drink beverages have an ABV of 5% or higher.