Global Ready to Drink Cocktails Market Size, Share & Trends Analysis Report By Type, By Packaging, By Region, and Segment Forecasts, 2023 - 2030

Global Ready to Drink Cocktails Market Size, Share & Trends Analysis Report By Type, By Packaging, By Region, and Segment Forecasts, 2023 - 2030

Global Ready to Drink Cocktails Market Size, Share & Trends Analysis Report By Type, By Packaging, By Region, and Segment Forecasts, 2023 – 2030

The Global Ready to Drink Cocktails Market was valued around US $855.21 million in 2022 and is expected to reach US $2435.21 million by 2030 with a CAGR of 14.53% during the forecast period.

""Ready-to-drink"" (RTD) refers to beverages that have been blended and are ready to be consumed. Customers can enjoy alcoholic beverages or pre-made cocktails at home or on the go with this practical choice. Generally, these drinks are lower in alcohol than certain beers and spirits. It was divided into three categories: wine-based, spirits-based, and malt-based. There are numerous varieties of ready-to-drink alcoholic beverages available on the market, each with a different purpose and target market. Drinking cocktails has become more popular in recent years, and bars and bartenders have played a big part in this. For example, the Coca-Cola Company and Constellation Brands Inc. inked a deal for the introduction of FRESCA Mixed. In the US, there are ready-to-drink (RTD) cocktails with a strong flavour that are based on spirits. These products are all about convenience, offering pre-packaged beverages that are ready to enjoy immediately. The RTD market has grown significantly due to the increasing consumer demand for convenience, portability, and time-saving solutions, especially among busy individuals.

Growing youth knowledge of flavoured and low-alcoholic drinks has been a major driver of the ready-to-drink cocktail market in recent decades.

Customers who wish to drink alcohol in moderation and who are concerned about their health are driving up demand for healthier and lower-alcohol beverage options. RTD drinks are well-positioned to meet this demand since they offer the flexibility to create less-alcoholic or alcohol-free versions of popular cocktails. Manufacturers are coming up with creative formulae that maintain the taste characteristics of traditional drinks even with a reduced alcohol content. Furthermore, a lot of customers who are conscious of their health and clean labels choose RTD drinks that contain natural ingredients and real fruit tastes. For example, Avril Lavigne and the ready-to-drink cocktail firm BeatBox partnered in April 2023 to create a new, unique pink lemonade flavour. By taking this calculated risk, it develops distinctive flavours and packaging that are only available through the brand's extensive retail network.

“Spirit-based cocktail segment, by type, to be dominating market from 2023 to 2030.”

The market is split into three categories according on types: wine-based, spirit-based, and malt-based. The market for ready-to-drink cocktails was dominated by spirit-based drinks in 2022, and this trend is anticipated to continue during the forecast period. It comes in many different tastes and is usually sold in single-serve containers. Cocktails including spirits and additional components, such as juices, can contain up to 5% alcohol. In addition, a few popular alcoholic beverages are rum, whisky, tequila, vodka, and gin. These beverages come in a variety of flavours, including ginger, rose, and lavender cocktails. They have thus become the most popular non-alcoholic beverage among consumers. Because there is a growing global demand for ready-to-drink cocktails, the wine-based segment is expected to increase at the quickest rate during the projection period. Wine-based cocktails are becoming more and more popular since consumers think wine is healthier than alcohol and malts. These cocktails usually contain grapefruit, orange, passionfruit, lemon, mango, and berry juices.

“Bottles segment, by packaging, to be dominating market from 2023 to 2030.”

Cans and bottles make up the two segments of the market based on packaging. In 2022, bottles topped the worldwide market for ready-to-drink cocktails, and this trend is anticipated to continue throughout the forecast period. For customers seeking a hassle-free and expedient drinking experience, bottles are a superior choice because of their easy use, portability, and storage. Compared to alternative packaging materials like cans or pouches, bottles offer better sealing and safety. The result is an extended period of time where the flavour, smell, and freshness of the product are preserved.

“North America to be largest region in Ready to Drink Cocktails Market.”

The market is segmented geographically into North America, Europe, Asia-Pacific, and other regions. In 2022, North America held the largest share of the ready-to-drink cocktail market. The main reasons for the large market share of the North American area include increased awareness, affordability, and availability of ready-to-drink cocktails in the United States.

APAC is expected to increase at the fastest rate during the forecast period. This is because various food manufacturing industries are always conducting research to create innovative ready-to-drink cocktails. Additionally, shifting lifestyles, rising alcohol use tendencies, and the accessibility of RTD drinks all contribute to the rising demand for RTD cocktails in the Asia-Pacific area.

Ready to Drink Cocktails Competitive Landscape

The competitive landscape of the Ready to Drink Cocktails Market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Ready to Drink Cocktails technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Ready to Drink Cocktails Market is highly competitive, with numerous companies vying for market share. Prominent companies in the Ready to Drink Cocktails Market include:

Major Players:

PepsiCo

Coca-Cola Company

Others

The market is dominated by PepsiCo. Leading beverage and convenience food manufacturer in the world, PepsiCo has a portfolio of products that work well together, including Lays. Gatorade, Pepsi-Cola Mountain Dew, Doritos, and Cheetos. SodaStream and Quaker. Quaker muesli is made by the Quaker Foods division. Quaker Oats+Milk, a ready-to-drink beverage that blends milk and oats, was the first Ready to Drink Cocktail produced by PepsiCo in 2017.

Moreover, it debuted fruit-based carbonated drinks in 2016. Prices have climbed as a result of the government's hike in the excise tax on aerated drinks.

The market's second-largest source of revenue is The Coca-Cola Company. Numerous beverage brands are based there, including Coca-Cola, Sprite, Fanta Diet Coke, and Coca-Cola Zero Sugar—five of the top six nonalcoholic effervescent soft drink brands in the world. For example, the pre-mixed, canned drink Jack Daniel's & Coca-Cola RTD, which was introduced in Mexico last fall, is scheduled to be available in US stores in March 2023. The much awaited ready-to-drink (RTD) version of one of the most popular 'bar calls' drinks, ordered by brand name, which strikes a balance between the crisp taste of Coca-Cola and the smooth character of Jack Daniel's Tennessee Whisky.

Recent Developments:

On January 10, 2022, Constellation Brands Inc. and The Coca-Cola Company inked a deal for the introduction of FRESCA Mixed, a range of fully-flavored, spirit-based ready-to-drink (RTD) cocktails, in the United States. In order to bridge the gap between refreshing hard seltzers and full-flavored bar cocktails, consumers looking for higher-quality RTD cocktails and fuller-flavored experiences are drawn to the FRESCA brands.

August 16, 2020: Under the Ketel One brand, Diageo plc introduced a selection of flavoured, low-calorie RTD cocktails to the American market. The product comes in three potent flavours: ""Peach & Orange Blossom,"" ""Cucumber & Mint,"" and ""Grapefruit & Rose."" It is made with vodka mixed with botanicals, natural fruits, and sparkling water.