Global canned cocktail market to be worth $210bn by 2030
A new report from market intelligence and analyst company, Fact.MR has predicted huge growth for the global canned cocktail market over the next 10 years.
The canned cocktail market will be worth US$25bn (AU$34bn) in 2020, based on the report’s prediction of 20 per cent compound annual growth rate (CAGR), between 2020 and 2030, the market will be worth US$155bn (AU$213bn) in 2030.
The report states that while there have been supply shortages of canned cocktails because of the COVID-19, suppliers are planning improvements that will help drive growth.
“Pioneers such as Diageo, AB InBev, Duvel Moortgat and others are concentrating on maintaining strong relationships with sellers and providers to guarantee continuous access to items that their clients depend upon,” the report says.
“Such factors will go on to aid the expansion of the global canned cocktails market size over the coming years.”
In terms of which parts of the category will grow the most, the report says: “Canned cocktails with primary ingredients other than spirits, wine, and malts are likely to experience high growth in the future, owing to increasing demand for regional alcoholic beverages. Soul-based canned mixed drinks are much sought-after, and this trend will keep throughout the forecast time frame.
“Canned cocktails with wine-based primary ingredients have less share in the canned cocktails market, but will exhibit an attractive business division for the usage of canned mixed beverages all through the forecast time span.
“Canned cocktails with malt-based primary ingredients are also likely to experience significant growth during the forecast period, as a result of increasing inclination of consumers towards the consumption of beers and malts.”
As for the regional outlook of the category, the report notes that Europe will account for over 40 per cent of the global canned cocktail market in 2020.
It adds: “The canned cocktails market in Europe holds a significant share and will keep up its commanding situation all through the forecast period.
“The canned cocktails market in South Asia and Oceania will encounter high development in the future, due to increasing interest for mixed refreshments in the regions.”
The report also predicts consolidation in the category, with tier-one suppliers contributing more than 30 per cent of the overall market revenue, and that all suppliers will continue to invest in manufacturing better-tasting products.
Looking at the current impact of COVID-19 on the canned cocktails market, the report states: “The effect of COVID-19 will have momentary implications on the canned cocktails market. The drink business is observing an exceptionally declined utilisation and disturbed supply chains.
“Numerous new product launches have been postponed or completely dropped by organisations because of the COVID-19 pandemic.
“Farming produce, which is one of the key crude materials utilised for manufacturing items such as malt and beer, has been heavily affected because of the pandemic.”
However, with the predicted CAGR of 20 per cent over the next 10 years, Fact.MR expects the category to bounce back strongly from the pandemic, offering some degree of hope for a very challenged market right now.