Report : North America RTD Cocktails Market Forecast to 2028 - COVID-19 Impact and 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)
Strong Preference for RTD Alcoholic Beverages Among Consumers Drives North America RTD Cocktails Market
According to our latest study on "North America RTD Cocktails Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Base Type, Packaging Type, and Distribution Channel," the market is expected to grow from US$ 9,724.73 million in 2022 to US$ 16,022.46 million by 2028; it is estimated to register a CAGR of 8.7% from 2022 to 2028. The report highlights key factors driving the North America RTD cocktails market growth and prominent players along with their developments in the market.
RTD cocktails are malt based, wine based, or spirit-based cocktails that are premixed and ready for consumption. The consumption of high-quality RTD alcoholic beverages is increasing, which is currently one of the biggest trends in the 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 spend 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. The Distilled Spirits Council (DISCUS), a trade organization representing many leading alcoholic beverage producers, released a comprehensive report on the growth of the ready-to-drink (RTD) category in September 2022. According to the report, in 2020–2021, premixed, spirit-based RTD suppliers increased their revenue by 42%. This period, which coincides with the height of the COVID-19-induced lockdowns, saw rapid growth in the demand for RTD alcoholic beverages.
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, are among the major players operating in the North America RTD cocktails market. North America RTD cocktails market players are highly focused on developing innovative product offerings to fulfill the customers’ requirements.
Impact of COVID-19 Pandemic on North America RTD Cocktails Market Growth
The COVID-19 pandemic adversely affected economies and industries due to lockdowns, travel restrictions, and business shutdowns. Production plants in the food & beverages industry were closed in the initial phases of the pandemic to curb the spread of the virus. The shutdown of the plants for a short span of time disturbed the supply chains, manufacturing, delivery schedules, and sales of goods. As a result, in 2020, various companies announced delays in product deliveries and a slump in future sales of their products.
The trends for RTD alcoholic beverage consumption changed drastically because of the COVID-19 pandemic. People were mandated to stay home due to strict lockdowns. The corporate sector also announced work-from-home mandates. The bars and café visits of people decreased as the food service sector remained shut. Owing to all these factors, people preferred in-home consumption of alcoholic beverages. This increased the demand for RTD alcoholic beverages such as RTD cocktails and hard seltzers during the pandemic. For instance, according to the National Centre of Biotechnology Information (NCBI), between March 1 and April 18, 2020, there were significant increases in RTD alcohol sales in the US.
The "North America RTD Cocktails Market Forecast to 2028" is a specialized and in-depth study of the food & beverages industry, focusing on the North America RTD cocktails market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The market is segmented based on base type, packaging type, and distribution channel. Based on base type, the market is segmented into malt based, tequila based, vodka based, whiskey based, and others. Based on packaging type, the market is segmented into bottles, cans, and others. Based on distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others.
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