Canned Alcoholic Beverages Market Size was valued at USD 14.5 Billion in 2022. The Canned Alcoholic Beverages industry is projected to grow from USD 17.3 Billion in 2023 to USD 72.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 19.60% during the forecast period (2023 - 2032). The growing preference for easy packaging and the increasing focus on sustainable and eco-friendly solutions are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Customers' preference for ready-to-eat and ready-to-drink items, as well as their busy lifestyles and demanding work schedules, are driving up demand for canned alcoholic beverages market CAGR. The market for canned alcoholic beverages is predicted to be driven by an expanding working population and a rising number of women in the workforce. These cocktails are also easier to open because they don't require glasses or a corkscrew. Unlike alcoholic beverages in bottles, consumers can consume a whole can in one sitting due to the individually proportioned servings.
The growing thirst for alcoholic beverages among millennials is expected to have a substantial impact on market growth. Consumers can enjoy their favourite drinks whenever and wherever they want, including at the beach, by the pool, while camping, and on social trips. Because cans protect the drink from light and oxygen outflow, alcoholic beverages can retain their high quality. The increased demand for premium, organic, and canned beverages may provide this business with even more opportunities for expansion.
Moreover, millennials and younger generations are the most likely to consume alcoholic beverages in cans. These buyers are looking for high-end products from brands with cutting-edge flavours and packaging. Customers globally are shifting to premium alcoholic beverage brands that provide superior brand experiences and high-quality products. In terms of alcohol, youthful consumers' preferences and tastes have developed. Consumers who have begun to spend money on drinks that provide a delightful experience rather than a typical alcoholic beverage are driving the market for canned alcoholic beverages. Alcoholic beverages packaged in cans have a more sophisticated appearance and overall appeal. As a result, manufacturers have begun to develop more products in this format in order to grab this market.
Additionally, Alcoholic beverages in cans are portable and lightweight. Alcoholic beverage cans rarely weigh more than 15 grams. Cans are indestructible, making them ideal for travel and disposal. Canned alcoholic beverages are stackable and offer an easy storage option because the packing material shields the interior liquid from light or excess oxygen.
Aluminium or steel cans are a long-lasting and convenient way to drink. Canned alcoholic beverages are convenient for drinkers because they can be consumed right away. The expanding demand for handy alcoholic beverages is seen as a crucial driving factor for the market's growth.
The Canned Alcoholic Beverages market segmentation, based on Product includes wine, RTD cocktails and hard seltzers. In 2022, the hard seltzers segment will dominate the worldwide canned alcoholic beverages. Hard seltzers are alcoholic beverages prepared from malted barley or grain-neutral spirits. The low-calorie nature of hard seltzers canned alcoholic beverages has supported the segment's rise. New product introductions, expanding demand for gluten-free alcoholic beverages, and rising health concerns are just a few of the drivers expected to drive the hard seltzers market over the projection period.
The Canned Alcoholic Beverages market segmentation, based on distribution channel, includes on-trade, liquor stores, online and other. In 2022, the liquor stores segment provided more than 54.4% of revenue. These stores have long served as a popular and well-established distribution route for the business. The availability of both premium and private label brands at these outlets entices customers to buy through these channels. The liquor stores offer a better in-store experience as well as a bigger selection of products.
According to the National Association of Convenience Stores 2021 report, 53% of buyers like to see their alcoholic beverage alternatives in-store, while 41% find it easier to discover new brands. Customers can learn more about the product, verify the product, discover new brands, and get assistance from store employees who know more about the product and suggest products based on the shopper's taste and preferences in liquor stores and other retail stores such as Walmart, Costco, and Target. During the pandemic, however, overall in-store sales of several-liquor and offline retail businesses decreased dramatically.
Figure1: Canned Alcoholic Beverages Market, by Distribution channel, 2022&2032(USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. In 2022, North America will have the biggest market share. The region's availability of a diverse selection of alcoholic beverages has aided the expansion of the canned alcoholic beverages market. Along with this, rising alcoholic beverage spending in the region is likely to keep North America growing. Furthermore, rising demand for premium and super-premium alcoholic beverages, particularly beer and vodka, is propelling the growth of the canned alcoholic beverages in North America.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2:CANNED ALCOHOLIC BEVERAGES MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Canned Alcoholic Beverages market accounts for the second-largest market share. The abrupt shift in customer preference for quality and convenient alcoholic beverages has spurred the rise of Europe's canned alcoholic beverages industry. Further, the German market of canned alcoholic beverages held the largest market share, and the UK Canned Alcoholic Beverages was the fastest growing market in the European region
The Asia-Pacific Canned Alcoholic Beverages Market is expected to grow at the fastest CAGR from 2023 to 2032. The availability of affordable alcoholic beverages is related to the rise of the canned alcoholic beverages industry in Asia Pacific. The increasing preference for canned beverages in Asia Pacific is projected to drive market expansion. Moreover, China’s Canned Alcoholic Beverages held the largest market share, and the Indian canned alcoholic beverages industry was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Canned Alcoholic Beverages market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Canned Alcoholic Beveragesindustry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Canned Alcoholic Beverages industry to benefit clients and increase the market sector. In recent years, the Canned Alcoholic Beverages industry has offered some of the most significant advantages to medicine. Major players in the Canned Alcoholic Beverages market, including Bacardi Limited; Diageo; Anheuser-Busch InBev; Treasury Wine Estates; Union Wine Company; Brown-Forman Corporation; E. & J. Gallo Winery; Asahi Group Holdings, Ltd.; Pernod Ricard; Sula Vineyards; Kona Brewing Co., Suntory Holdings Limited; Barefoot Cellars; Integrated Beverage Group LLC (IBG); Constellation Brands. and others, are attempting to increase market demand by investing in research and development operations.
Molson Coors is a worldwide beverage and brewing corporation based in Chicago, Illinois, with headquarters in Golden, Colorado, and Montreal, Quebec. Molson Coors was created in 2005 when Molson of Canada and Coors of the United States merged. The Adolph Coors Company and Molson, Inc. announced their intention to merge on July 22, 2004. The merger was completed on February 9, 2005, and the resulting firm was known as Molson Coors Brewing firm. The Molson Brewery and the Coors Brewing Company merged their brands and brewing facilities. In 1786, John Molson founded the Molson Brewery in Montreal, Canada. Adolph Coors founded the Coors Brewing Company in 1873 in Golden, Colorado, United States. In January 2023, Molson Coors Beverage Company, based in Chicago, introduced 'Roxie,' a zero-proof canned beverage. Roxie is available in three canned flavours: Ripe with Passionfruit, Lost in Mango, and Forbidden Pineapple. The business has added canned alcohol to its online store.
The Coca-Cola Company produced Fresca, a grapefruit-flavored citrus soft drink. It was launched in the United States in 1966, using the phrase Fresca (meaning "fresh") from Italian, Spanish, and Portuguese. Originally sugar-free diet sodas in a bottle, sugar-sweetened variants were developed in select areas. Fresca is currently rebranded as "Fresca Sparkling Soda Water," reformulated in four flavours - Grapefruit Citrus, Black Cherry Citrus, Peach Citrus, and Blackberry Citrus - and billed as "the original no sugar, no calorie sparkling beverage." Fresca is currently offered in plastic bottles and aluminium cans in the United States. In September 2022, FRESCA, a well-known blended line of canned drinks, debuted in the United States with a canned alcohol cocktail option. FRECA's premixed and ready-to-drink alcoholic beverages are made using real spirits. The zero-sugar beverage is available in four 12-oz can packs.
Canned Alcoholic Beverages Industry Developments
In February 2023, Vita Coco, a leading coconut water brand, and Captain Margo, a rum brand, have introduced Vita Coco Spiked with Captain Morgan, an RTD alcohol drink. The new product includes three rum-based cocktails: a pina colada, a strawberry mojito, and a lime mojito. The freshly released 'Vita Coco Spiked with Captain Morgan' is now available in the United States.
In February 2023, Bira 91, the fastest growing beer company, announced its foray into the hard seltzers market with the release of the 'Grizly' hard seltzers ale. Bira 91's Grizly combines cocktails, wine, and beer in a single can. Bira 91's canned alcoholic beverage is made with all-natural, low-sugar ingredients.
In August 2022, Tito's, based in the United States, has announced the release of its new canned ready-to-drink vodka. The 16-oz., double-insulated bottle may provide high-quality, smooth vodka cocktails at an affordable price.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 14.5 Billion |
| Market Size 2023 | USD 17.3 Billion |
| Market Size 2032 | USD 72.6 Billion |
| Compound Annual Growth Rate (CAGR) | 19.60% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Bacardi Limited; Diageo; Anheuser-Busch InBev; Treasury Wine Estates; Union Wine Company; Brown-Forman Corporation; E. & J. Gallo Winery; Asahi Group Holdings, Ltd.; Pernod Ricard; Sula Vineyards; Kona Brewing Co., Suntory Holdings Limited; Barefoot Cellars; Integrated Beverage Group LLC (IBG); Constellation Brands. |
| Key Market Opportunities | Canned Alcoholic Beverage Innovation Creates Massive Opportunities. |
| Key Market Dynamics | The Market is Being Driven by an Increased Preference for Convenience and Premiumization. |
Canned Alcoholic Beverages Market Highlights:
Frequently Asked Questions (FAQ) :
The Canned Alcoholic Beverages market size was valued at USD 17.3 Billion in 2023.
The market is projected to grow at a CAGR of 19.60% during the forecast period, 2023-2032.
North America had the largest share in the market
The key players in the market are Bacardi Limited; Diageo; Brown-Forman Corporation; Anheuser-Busch InBev; Treasury Wine Estates; Union Wine Company; E. & J. Gallo Winery; Asahi Group Holdings, Ltd.
The hard seltzers category dominated the market in 2022.
The liquor stores had the largest share in the market.
Senior Research Analyst I have a bachelor's degree in mechanical engineering and an mba. i have more than two years of expertise in the retail, food, and beverage, chemical, and material industries, and hence have developed a sound cross-domain expertise. a firm believer in lifelong learning and sharing of knowledge. having a proclivity for hatching ideas and trying to absorb as much information as possible in a short amount of time. introducing corporates to the data and insight, which enables them to move from probability to possibility, has been my key areas of interest.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
