Ready to drink cocktails are packaged alcoholic beverages with low alcohol content are designed for direct consumption. Ready to drink cocktails are available in various flavors such as lime, orange, cranberry, pineapple and are most popular among underage drinkers. These are available in bottles and cans and are malt-based, wine-based, or spirit-based.
Rapid urbanization, steady changes in lifestyle, busy work schedules, increasing inclination towards ready-to-drink and ready-to-eat products, and increasing preference towards low alcohol content drinks are key factors boosting growth of the ready to drink cocktails market. Increasing promotions and advertisements of these ready to drink cocktails and easy availability through online and retail stores is also supporting ready to drink cocktails market growth.
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The global Ready To Drink Cocktails market is expected to be valued at USD 1.82 Billion in 2028, registering a CAGR of 12.1% through the forecast period. Soaring demand for varied flavored drinks with limited alcohol because of the rising health consciousness worldwide is a crucial factor promoting the market growth. Convenience, premiumization, and on-the-go trends among youth population or millennials are further fueling the market. Additionally, consumers are seeking out various convenient beverages like ready-to-drink (RTD) cocktails and alcopops, for not preferring spending time at restaurants or bars. These alcoholic beverages have gained enormous demand among the teenage population inclined towards products that cater to their social lifestyle. Furthermore, the escalating need for outdoor picnics, pool-side parties, social gatherings is further benefitting the industry for RTD cocktails.
However, a few religious and cultural beliefs across various countries, heavy taxation, and health related issues due to alcohol consumption are obstructing the industry’s development.
The COVID-19 Impact: The pandemic outbreak raised a global concern and had a negative impact on the sector of food and beverages, with the sudden shutdown of manufacturing facilities. As the COVID crisis has elevated, the primary focus was on curbing the SARS-CoV-2’s spread among the healthcare professionals. However, to curb revenue losses any further, the industry players are highly focusing on accelerating their operations along with fostering their supply chains.
Leading industry vendors include Brown-Forman, Diageo, Manchester Drinks, Pernod Ricard, Asahi Group Holdings, Ltd., Bacardi Ltd., Halewood Wines & Spirits, Suntory Holdings Ltd., Simple Skiff Beverages, LLC., and Shanghai Bacchus Liquor Co., Ltd.
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For the purpose of this report, Reports and Data has segmented the global ready to drink cocktails market on the basis of product type, packaging, distribution channel, and region:
Product Type Outlook (Revenue, USD Billion, 2020 – 2028)
Packaging Outlook (Revenue, USD Billion, 2020 – 2028)
Distribution Channel Outlook (Revenue, USD Billion, 2020 – 2028)
Regional Outlook (Revenue, USD Billion, 2020 – 2028)
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