Market Overview and Growth Factors:
RTD alcoholic beverages are ready to consume drinks containing low amounts of alcohol. The global RTD alcoholic beverages market is expected to garner a revenue of USD 32 Billion by 2024 at a CAGR of 3% during the forecast period of 2019 to 2024. The entrance of new market players in the global RTD alcoholic beverages market is increasing the challenges faced by the existing players. Manufacturers of RTD alcoholic beverages are facing threats due to the implementation of stringent regulations and amendments in laws and taxation policies. For instance, in South Africa, spirit coolers can only be sold at liquor stores and cannot be consumed by people under the age of 18. However, the rising demand for innovative flavors in RTD alcoholic beverages by millennials is expected to render lucrative opportunities to market players during the forecast period.
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Some of the key players in the global RTD alcoholic beverages market are Anheuser-Busch InBev SA/NV (Belgium), Carlsberg Breweries A/S (Denmark), Suntory Holdings Limited (Japan), Diageo PLC (UK), Pernod Ricard SA (France), Asahi Group Holdings, Ltd. (Japan), Bacardi Limited (Bermuda), Mike’s Hard Lemonade Co. (US), The Brown-Forman Corporation (US), Molson Coors Brewing Company (US), Davide Campari Milano SpA (Italy), Shanghai Bacchus Limited (China), Halewood International Limited (UK), Global Brands Ltd (UK) and Heineken N.V. (Netherlands).
Some of the strategies followed by the players operating in the market were product launches, innovations, mergers, and expansions.
- In February 2019, Anheuser-Busch InBev SA/NV acquired Cutwater Spirits, a US-based spirits company, with an aim to expand its premium canned cocktails segment in the US market.
- In January 2018, Diageo PLC launched its first pre-mixed gin & tonic under its brand Tanqueray.
The global RTD Alcoholic Beverages Market has been segmented on the basis of base type, packaging type, and distribution channel.
By base type, the global RTD alcoholic beverages market has been divided into whiskey, rum, vodka, gin, and others. The rum segment is expected to dominate the global RTD alcoholic beverages market during the research period as different flavors infuse easily in rum. Thus, the increasing demand for new flavored RTD alcoholic beverages is driving the growth of the segment. However, the vodka segment is expected to register the highest growth rate during the forecast period due to the high ability of vodka to blend with different juices to form vodka-based cocktails.
The global RTD alcoholic beverages market has been segregated, by packaging type, into bottles and cans. The bottles segment is expected to gain the larger market share owing to the high impermeability of glass bottles. RTD alcoholic beverages can be stored in glass bottles for longer durations. However, the cans segment is expected to register the higher growth rate during the forecast period due to the ease of consumption.
By distribution channel, the global RTD alcoholic beverages market has been classified as store-based and non-store-based. The store-based segment has further been divided into supermarkets and hypermarkets, specialty stores, and others. The store-based segment is expected to garner the larger market share in 2018 due to the high availability of RTD alcoholic beverages in supermarkets and hypermarkets. Moreover, consumers, especially in the UAE, prefer to buy alcoholic beverages from duty-free shops. However, the non-store-based segment is expected to register the higher CAGR during the forecast period due to the increasing presence of third-party online retailers and prominent market players in e-commerce.
The global RTD Alcoholic Beverages Market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world.
Europe is projected to dominate the global RTD alcoholic beverages market due to the presence of key market players in the region. In addition, the high consumption of alcoholic beverages in the region is driving the growth of the European RTD alcoholic beverages market. However, increasing consumption of RTD alcoholic beverages by millennials is expected to drive the growth of the market in Asia-Pacific; the regional market, which is expected to register the highest CAGR during the forecast period.