Growing preference for RTD alcoholic beverages amongst millennial is projected to escalate the RTD alcoholic beverages market at a CAGR of 4.6%
Latest market study on “Global RTD Alcoholic Beverages Market to 2027 - Analysis and Forecasts By Base Type (Whiskey, Rum, Vodka, Gin, Others); Packaging Type (Bottles, Cans, Others); Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, and Others)”.
Alcoholic beverages are mainly a fermented form of sugars in berries, grains, fruits, and other ingredients that mainly contains ethyl/ethanol alcohol. The global RTD alcoholic beverages market is accounted to US$ 26,447.9 Mn in 2018 in 2018 and is expected to grow at a CAGR of 4.6% during the forecast period 2019 - 2027, to account to US$ 39,428.9 Mn by 2027. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
Under the base type segment, the vodka segment accounted for the largest share in the global RTD alcoholic beverages market. Vodka is called a neutral grain spirit because the standard method for making it is by fermenting and distilling grain. The grains used for vodka production are corn, rye, wheat, or any other grain. Vodka is the most commonly distilled spirit found in cocktails and mixed drinks. Increasing demand for vodka as a cocktails ingredient in restaurants and bars is expected to boost the market growth of vodka over the forecast period. Moreover, millennials are shifting from binge drinking habits and adoring drinking by making their own cocktail with liqueurs such as vodka. Packaging plays a crucial role in the vodka market. A study conducted by Affinnova, Inc. shows that package design in the vodka market plays a vital role in shelf impact and consumer perception.
RTD alcoholic beverages are gaining popularity over the past few years and are mostly consumed as cocktails and long drinks. The growing preference for RTD cocktails by millennial in developed countries and the easy availability of these products in the market is driving the growth of the RTD alcoholic beverages market. Moreover, the alcohol content in RTD alcoholic beverages is low as compared to other alcoholic drinks. Thus, RTD alcoholic drinks are gaining acceptance by a larger millennial consumer base, which, in turn, is catalyzing the market growth. The young population is shifting their alcohol consumption habits from beer, wine, and spirits to RTD alcoholic beverages. This trend is projected to lead to a fundamental shift in the RTD alcoholic beverage industry since the millennial generation is now the largest and most important demographic for the RTD alcoholic beverage brands.
The market for global RTD alcoholic beverages is concentrated with some very well-established players. Some of the key players in the global RTD alcoholic beverages market include Anheuser-Busch InBev NV, Asahi Group Holdings, Ltd, Bacardi Limited, Carlsberg Breweries A/S, Suntory Holdings Limited, Brown-Forman, Heineken N.V., Diageo plc., Davide Campari-Milano S.p.A. And Molson Coors Brewing Company among others among others.
Global RTD Alcoholic Beverages Market - By Region Breakdown, 2018
