Report : North America RTD Cocktails Market Forecast to 2030 - Regional Analysis - by Base Type (Malt Based, Tequila Based, Vodka Based, Whiskey Based, and Others), Packaging Type (Bottles, Cans, and Others), and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)
At 8.8% CAGR, the North America RTD Cocktails Market is Speculated to be worth US$ 19,123.71 million by 2030, says Business Market Insights
According to Business Market Insights’ research, the North America RTD cocktails market was valued at US$ 9,724.73 million in 2022 and is expected to reach US$ 19,123.71 million by 2030, registering a CAGR of 8.8% from 2022 to 2030. Strong preference for RTD alcoholic beverages among consumers and strategic development initiatives by manufacturers are the critical factors attributed to the North America RTD cocktails market expansion.
The consumption of high-quality RTD cocktails is increasing worldwide, which is currently one of the biggest trends in the alcoholic beverage industry. The convenience offered by RTD alcoholic beverages, such as RTD cocktails, allows consumers to save time and effort associated with ingredient shopping, mixing, and preparing drinks. Due to hectic work schedules, consumers prefer to be efficient with their time rather than spending it on tedious tasks. Thus, they are more likely to spend their money on convenience, which dives into the popularity of RTD beverages such as cocktails and hard seltzers. According to the report of The Distilled Spirits Council (DISCUS) on the growth of the RTD cocktails category, premixed, spirit-based RTD suppliers increased their revenue by 42% in 2020–2021. This period, which coincides with the height of the COVID-19-induced lockdowns, saw rapid growth in the demand for RTD alcoholic beverages. Moreover, the consumers worldwide gravitated toward RTDs as a convenient way to enjoy their favorite cocktail at home during the pandemic. Based on a recent consumer survey conducted by Public Opinion Strategies (POS) and economic data from DISCUS, premixed cocktails—including spirit-based RTDs—were the significantly growing spirits category in 2021. Nearly two-thirds of survey respondents considered themselves regular or occasional consumers of RTD beverages. Adult consumers strongly want greater access to spirit-based RTDs in the marketplace, including at restaurants and bars, grocery and convenience stores, and entertainment venues such as concerts and sporting events. Thus, a surging preference for RTD alcoholic beverages among consumers is driving the RTD cocktail market across the North America. RTD cocktails featuring whiskey, vodka, gin, rum, and tequila have gained popularity in recent years. These beverages used as a base beverage in RTD cocktails, are catered to consumer’s requirement who appreciate rich, complex flavors of these spirits and enjoy classic cocktails like ‘Old Fashioned’. Consumers who enjoy the distinct taste and agave notes of tequila increasingly prefer tequila based RTD cocktails. Rum-based RTD cocktails, such as margaritas or pina coladas, have a tropical appeal and are often associated with summer and beach settings. Vodka-based RTD cocktails are quite popular due to vodka’s versatility and neutral flavor profile. Gin-based RTD cocktails, particularly those with classic flavors like gin martinis, are favored by consumers who enjoy the distinct botanical notes and refreshing qualities of gin. Hence, the availability of a wide variety of base ingredients in the global marketplace and diverse consumer preferences for RTD cocktails are fueling the RTD cocktails market growth across the North America.
On the contrary, complex and diverse regulations hurdles the growth of North America RTD cocktails market.
Based on base type, the North America RTD cocktails market is categorized into malt based, tequila based, vodka based, whiskey based, and others. The malt based segment held 78.5% market share in 2022, amassing US$ 7,629.77 million. It is projected to garner US$ 14,964.70 million by 2030 to expand at 8.8% CAGR during 2022–2030.
Based on packaging type, the North America RTD cocktails market is categorized into bottles, cans, and others. The cans segment held 76.6% share of North America RTD cocktails market in 2022, amassing US$ 7,444.62 million. It is projected to garner US$ 14,784.67 million by 2030 to expand at 9.0% CAGR during 2022–2030.
Based on distribution channel, the North America RTD cocktails market is categorized into supermarkets and hypermarkets, specialty stores, online retail, and others. The specialty stores segment held 43.8% share of North America RTD cocktails market in 2022, amassing US$ 4,257.58 million. It is projected to garner US$ 8,200.90 million by 2030 to expand at 8.5% CAGR during 2022–2030.
Based on country, the North America RTD cocktails market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 74.5% share of North America RTD cocktails market in 2022. It was assessed at US$ 7,241.04 million in 2022 and is likely to hit US$ 14,192.28 million by 2030, exhibiting a CAGR of 8.8% during 2022–2030.
Key players operating in the North America RTD cocktails market are Bacardi Limited, Beam Suntory Inc, Boulevard Brewing Co, Bully Boy Distillers LLC, Constellation Brands Inc, Cutwater Spirits LLC, Five Drinks Co, New Holland Brewing Co LLC, Post Meridiem Spirit Co, and The Crown Royal Co among others.
- In Jun 2021, Bully Boy Craft Distillery Offers Canned, Bottled Cocktails.
- In Mar 2022, Constellation Brands Inc Enters into the Ready-to-Drink Boxed Wine Cocktail Category.
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