Canned Alcoholic Beverages Market is likely to witness a revenue of US$ 76.55 Billion by the forecast period ending 2033 | Latest Data Report by Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
Updated 7 min read
Future Market Insights Global and Consulting Pvt. Ltd.
The canned alcoholic beverages market in the United States is experiencing growth driven by the popularity of hard seltzers and craft beer, while in China, there is an increasing demand for artisanal and craft canned beverages within the alcoholic beverage market
NEWARK, Del, April 13, 2023 (GLOBE NEWSWIRE) -- FMI estimated that the value of the global canned alcoholic beverages market in 2023 could reach US$ 17.35 billion. By 2033, global sales are likely to surpass US$ 76.55 billion. The market has the potential to witness a CAGR of 16% between 2023 and 2033.
Given their improved portability, convenience, and travel-friendliness, alcoholic beverages in cans are growing in popularity among customers. These metal cans are also more affordable than glass bottles and have a significantly high rate of recycling than glass.
Canned alcoholic beverages are likely to experience a spike in demand with tremendous development potential due to their simple and handy packaging. In addition to being cheap than glass bottles, these metal cans have a substantially better rate of recycling. Thus, it is anticipated that the industry could grow significantly throughout the forecast period.
The market is also proliferating owing to the growing desire of consumers for ready-to-eat and ready-to-drink items as well as their hectic lifestyles and demanding work schedules. An increasing working population is predicted to drive the market as well. Since they do not require glasses or a corkscrew, cocktails are also easy to open. Given the individually proportioned portions, consumers can easily drink a full can in one sitting as opposed to alcoholic beverages in bottles.
The market growth is expected to be strongly influenced by the growing appetite of millennials for alcoholic beverages. Canned alcoholic beverages allow customers to enjoy their favorite drinks whenever and wherever they desire, including at the beach, next to the pool, while camping, and on social outings.
As the liquor is protected from light and oxygen condensation in cans, the quality of the alcohol can be maintained. The development prospects of the market are expected to be increased by the rising demand for premium, organic, and canned beverages.
The global demand for premium and low-alcohol beverages has created a wide range of potential opportunities for the canned alcoholic beverage industry. Trendy canned alcoholic beverages that combine botanical and organic ingredients in vibrant flavors are likely to give manufacturers a wide range of opportunities.
The demand for beverages with low alcohol content and transparent packaging is also projected to create opportunities for players in the canned alcoholic beverage industry. A growing number of health-conscious consumers and gluten-intolerant people are trying to cut gluten out of their diets due to a rise in celiac disease cases globally. Therefore, canned alcoholic beverages made without gluten are expected to have substantial development potential.
The United States canned alcoholic beverages market dominates the global market driven by the growing consumer demand for convenient and portable options.
The rising popularity of canned alcoholic beverages in China is driven by urbanization, changing lifestyles, and increasing interest in novel flavors and packaging.
The rising popularity of canned alcoholic beverages in Germany can be attributed to their appeal to young consumers seeking innovative and ready-to-drink alcohol options.
The hard seltzers segment has emerged as the dominant force in the market, capturing a significant share of consumer demand with its refreshing, low-calorie, and fruit-flavored offerings.
The liquor stores segment has established its dominance in the market, catering to consumers seeking a convenient and wide-ranging selection of on-the-go options.
COMPETITIVE LANDSCAPE
Manufacturers in the canned alcoholic beverages market are actively innovating and expanding their product offerings to cater to changing consumer preferences. They are launching new flavors, experimenting with unique ingredients, and incorporating sustainable packaging solutions.
Manufacturers are also leveraging social media and digital marketing to engage with consumers and create buzz for their products. They are also focusing on sustainable packaging solutions to align with consumer demand for eco-friendly options.
Explore FMI’s Extensive Coverage on Food & Beverage Domain:
RTD Canned Cocktail Market Size: The global RTD canned cocktail market size was valued at US$ 19.06 Bn in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 11.6% from 2022 to 2032.
Low-alcohol Beverages Market Growth: The global low-alcohol beverages market estimated at US$ 1.41 billion in the year 2023, is projected to reach a revised size of US$ 2.36 billion by 2033.
Premium Alcoholic Beverages Market Share: The premium alcoholic beverages market is valued at US$ 0.7 trillion in 2022 and is projected to grow at a CAGR of 9.3% during the forecast period, reaching a valuation of US$ 1.7 trillion by 2032.
RTD Bottled Cocktails Market Demand: The RTD bottled cocktails market is expected to be valued at US$ 16,073.1 Mn in 2022 and is projected to grow at a CAGR of 10.9% during the forecast period (2022-2032).
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