North America RTD Cocktails Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Base Type (Malt Based, Tequila Based, Vodka Based, Whiskey Based, and Others), Packaging Type (Bottles, Cans, and Others), and Distribution Channel (Supermarket

North America RTD Cocktails Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Base Type (Malt Based, Tequila Based, Vodka Based, Whiskey Based, and Others), Packaging Type (Bottles, Cans, and Others), and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)

The North America RTD cocktails market size is expected to grow from US$ 9,724.73 million in 2022 to US$ 16,022.46 million by 2028; it is estimated to register a CAGR of 8.7% from 2022 to 2028.

RTD cocktails are malt based, wine based, or spirit based cocktails that are premixed and ready for consumption. The increasing preference for ready-to-drink format owing to its convenience is driving the demand for these cocktails across the region. Moreover, RTD cocktails save the efforts of consumers to visit a restaurant or a bar and have a drink, which further drives their demand among consumers. The rising trend of at-home alcohol consumption, especially after the COVID-19 outbreak, is driving the RTD cocktails market across North America.

Social media is playing a crucial role in changing the lifestyles of people. Over the past few years, the number of social media users has increased dramatically, owing to the rising penetration of the internet and smartphones. Thus, major manufacturers are showcasing their products on social media platforms to generate more revenue. For instance, Diageo, one of the prominent RTD cocktail manufacturers, stepped up its multi-million-dollar partnership with Facebook to market its products. Moreover, people are heavily influenced by social media influencers and celebrities and try to follow them. Brands benefit from the growing influence of social media and celebrities on people. Celebrities heavily promote RTD cocktails and are also getting involved in the businesses. For instance, Thomas Ashbourne Craft Spirits is the latest company to work with celebrities in order to build a brand image.

The North America RTD cocktails market is segmented based on base type, packaging type, and distribution channel. Based on base type, the market is segmented into malt based, tequila based, vodka based, whiskey based, and others. The malt based segment held the largest market share in 2022, whereas the vodka based segment is expected to register the highest CAGR from 2022 to 2028. Vodka is a clear distilled alcohol that can be used as a base for manufacturing RTD cocktails. Vodka is composed mainly of water and ethanol. It may, sometimes, contain traces of impurities and flavorings. Making cocktails with vodka as a base is simple since it is neutral in flavor. As a liquor, it works well in refreshing summer cocktails. Its supreme mixability has made it the base for some of the world's favorite cocktails, such as the vodka martini, cosmopolitan, vodka tonic, and Bloody Mary.

Based on country, the North America RTD cocktails market is segmented into the US, Canada, and Mexico. In 2022, the US accounted for the largest share of the market. The increasing shift toward indulgent experiences at home majorly drives the RTD cocktails market in the US. RTD cocktails provide consumers with a convenient way to enjoy their choice of alcoholic beverages without visiting a restaurant or bar. Consumers in the region are increasingly prioritizing convenience, taste, variety, and quality in their choice of beverages. Spirit-based RTD cocktails fit squarely into this trend; thus, the demand for such cocktails is increasing across the region. The alcoholic beverage industry has witnessed the growth of the ready-to-drink cocktails market in recent years due to increasing disposable income, changing consumer lifestyles, and growing demand for low-alcoholic drinks from the younger population.

However, government authorities have set some regulations on selling alcoholic beverages and their alcohol content, restricting the market's growth to some extent. For instance, as of May 2019, Canada placed restrictions on ABV in canned cocktails. Previously a 568 mL beverage could contain up to 11.9% ABV. Now, a 473 mL canned cocktail may contain 5.4% ABV, while a 568 mL can is limited to just 4.5% ABV. Such unforeseen situations created by the government create a hurdle in the smooth functioning of the manufacturers.

Bacardi Limited, Beam Suntory Inc, Boulevard Brewing Co, Bully Boy Distillers LLC, Constellation Brands Inc, Cutwater Spirits LLC, Five Drinks Co, New Holland Brewing Co LLC, Post Meridiem Spirit Co, The Crown Royal Co, are among the major players operating in the North America RTD cocktails market.

The overall North America RTD cocktails market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the North America RTD cocktails market.

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