The Growing Use of Canned Alcoholic Beverages Presents New Opportunities

 

The canned alcoholic beverages market has seen rising popularity in recent years driven by convenience, portability and premiumization trends. Canned beers, hard seltzers, hard ciders and pre-mixed cocktails are outpacing growth in traditional alcoholic drinks. The global canned alcoholic beverages market is estimated to be valued at US$ 7.94 billion in 2024 and is expected to exhibit a CAGR of 14% over the forecast period from 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Competitive Landscape:

Major players in the global canned alcoholic beverages market include Diageo plc, Brown-Forman, Pernod Ricard, Bacardi Limited, Suntory Holdings Limited, Asahi Group Holdings, Ltd., Anheuser-Busch InBev, E. & J. Gallo Winery, Constellation Brands, Inc., Treasury Wine Estates, Barefoot Cellars, and Kona Brewing Co. These companies account for a significant share of the market.

Market Trends

Some of the key trends in the canned alcoholic beverages market include the rising popularity of premium and craft canned cocktails and the growth of low-calorie and low-carb hard seltzers. Product innovation and line extensions are also a major trend with companies launching new flavors regularly to attract customers.

Market Dynamics

One of the key drivers for the canned alcoholic beverages market is the fast paced and active on-the-go lifestyles that consumers lead. The convenience and portability of canned beverages makes them very appealing for busy professionals and millennials. The social media clout and marketing around hard seltzers and canned cocktails is also fueling the market growth.

Future Outlook

The canned alcoholic beverages market is expected to witness significant growth in the coming years driven by the rising popularity of ready-to-drink alcoholic beverages among millennial and young adult consumers. The market has observed new product launches targeting active outdoor enthusiast groups. Moreover, the emergence of canned cocktails and hard seltzers is opening lucrative opportunities. These products are forecast to gain immense traction owing to theirlower alcohol content and innovative flavors. Manufacturers are investing in varied and premium offerings to cater to evolving taste preferences. The growing socializing and occasions have led to higher experimentation among consumers, boding well for future demand. Launch of functional canned beverages infused with vitamins and health benefits could surge interest further. At the same time, concerns around binge drinking and increasing health awareness may challenge certain aspects of growth.

SWOT Analysis

  • Strengths: Wide availability, convenience and portabilityof canned beverages attract consumers. Established brand awarenessand distribution channels of key players strengthen their position inthe market.
  • Weaknesses: Higher pricing compared to bottled alternativeslimit widespread adoption. Concerns around packaging waste andcans recyclingabilities act as constraints.
  • Opportunities: Growth prospects in untappedemerging markets.Innovative product diversification such as low calorie, sugar freeoptions present opportunities.
  • Threats: Stringent regulations pertaining to marketing andadvertising of alcoholic beverages may restrict growth avenues.Potential increase in taxes on alcoholic beverages pose challenges.

Market Drivers

One of the key drivers for the canned alcoholic beverages market is the rising popularity of ready-to-drink beverages. Their convenient packaging and portability factor appeals to busy lifestyles. Moreover, rising socializing and occasions have fueled the consumption of canned beer, spirts and malt-based beverages. Another important driver is the increasing experimentation among millennial population regarding cocktails and flavored beverages. This has led established players to introduce varied canned cocktail offerings. Further, the trend of health-conscious drinking and demand for low-calorie alcoholic options presents opportunities for beverages containing fewer carbohydrates and sugars. Liqueur-infused seltzers catering to this aspect are surging in markets.

Key Takeaways

The canned alcoholic beverages market has strong potential in the emerging economies.

Rapid urbanization and growing disposable incomes have lifted the spending abilities of consumers in developing regions including Asia Pacific, Latin America and Middle East & Africa. Penetration levels remain low compared to developed Western nations, making these untapped regional territories lucrative from a long-term perspective.

Furthermore, ongoing trends of premiumization and craft canned beverages could open rewarding prospects. With demographic shifts favoring health and wellness, opportunities exist for functional beverages enriched with nutrients and botanicals. Demand for innovative SKUs like zero-proof cocktails also provides room for experimentation. 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

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