Canned Alcoholic Beverages Market to Reach USD 66.5 Billion by 2032, Growing at a CAGR of 16.4%
Acumen Research and Consulting recently published report titled “Canned Alcoholic Beverages Market Forecast, 2023 – 2032”
BEIJING, Oct. 15, 2023 (GLOBE NEWSWIRE) — The Canned Alcoholic Beverages Market Size accounted for USD 14.8 Billion in 2022 and is projected to achieve a market size of USD 66.5 Billion by 2032 growing at a CAGR of 16.4% from 2023 to 2032.
The Canned Alcoholic Beverages Market is transforming the beverage industry, offering innovative and convenient drinking solutions.
The Canned Alcoholic Beverages Market is rapidly integrating into the global beverage landscape, emphasizing the packaging and distribution of alcoholic drinks in cans, akin to soft drinks or energy drinks. This sector is experiencing significant growth due to the convenience they offer and the evolving consumer preferences. As consumers increasingly lean towards ready-to-drink products, the future of this market looks promising, aiming for innovative flavors and sustainable packaging.
Key Points and Statistics on the Canned Alcoholic Beverages Market:
- The Global Canned Alcoholic Beverages Market size was valued at USD 14.8 Billion in 2022 and is projected to reach around USD 66.5 Billion by 2032, with a CAGR of 16.4% from 2023 to 2032.
- Canned alcoholic beverages, including beer, cider, cocktails, and wine, are gaining significant traction due to their convenience and portability.
- The Canned Alcoholic Beverages Market is revolutionizing the beverage sector, providing innovative and diverse flavor options.
- Leading players in the market include Asahi Group Holdings, Bacardi Limited, Brown-Forman, Diageo, Integrated Beverage Group LLC, Kona Brewing Co., Pernod Ricard, Suntory Holdings Limited, Sula Vineyards, T
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Canned Alcoholic Beverages Market Coverage:
|Market||Canned Alcoholic Beverages Market|
|Canned Alcoholic Beverages Market Size 2022||USD 14.8 Billion|
|Canned Alcoholic Beverages Market Forecast 2032||USD 66.5 Billion|
|Canned Alcoholic Beverages Market CAGR During 2023 – 2032||16.4%|
|Analysis Period||2020 – 2032|
|Forecast Data||2023 – 2032|
|Segments Covered||By Product, By Distribution Channel, And By Geography|
|Canned Alcoholic Beverages Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Bacardi Limited, Pernod Ricard, Union Wine Company, Treasury Wine Estates, Sula Vineyards, Brown-Forman, Kona Brewing Co., Asahi Group Holdings, Suntory Holdings Limited, Barefoot Cellars, Diageo, and Integrated Beverage Group LLC.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Canned Alcoholic Beverages Market Overview and Analysis:
The Canned Alcoholic Beverages Market is dedicated to offering alcoholic drinks in cans, providing consumers with a wide variety of options. The market is continuously innovating, introducing new flavors and catering to the health-conscious demographic. However, challenges such as regulatory hurdles and health concerns can pose obstacles to market growth. Despite these challenges, canned alcoholic beverages are becoming an essential part of modern drinking culture, offering numerous benefits. The market is poised for significant growth in the coming years, driven by changing consumer preferences and the increasing demand for ready-to-drink products.
Latest Canned Alcoholic Beverages Market Trends and Innovations:
Flavor innovations are driving the market as beverage companies introduce a wide range of flavors to cater to diverse tastes. Some of the most popular flavors include hard seltzers, flavored malt beverages, and craft beer.
E-commerce growth is also playing a major role in the market’s expansion. The rise of online sales and delivery services is making it easier for consumers to purchase canned alcoholic beverages from a variety of brands.
Finally, the shift towards healthier drinking choices is also driving the market. Consumers are increasingly looking for canned alcoholic beverages that are low in calories, sugar, and artificial ingredients. As a result, there is a growing demand for products such as hard seltzers and light beer.
Major Growth Drivers of the Canned Alcoholic Beverages Market:
Consumer Preferences: Millennials and Gen Z are increasingly preferring canned alcoholic beverages over bottled and draft beer. This is due to the fact that canned beverages are perceived as being more convenient, portable, and stylish. Convenience and Portability: Cans are lightweight and easy to carry, making them ideal for on-the-go consumption. They are also less likely to break than bottles, making them a safer option for outdoor activities. Innovative Packaging: Canned alcoholic beverage brands are increasingly using innovative packaging designs to attract consumers. For example, some brands are using cans with unique shapes or colors, while others are using cans with interactive features.
Key Challenges Facing the Market:
Regulatory Challenges: Compliance with alcohol regulations can be a hurdle.
Health Concerns: Awareness about excessive alcohol consumption can impact sales.
Competition: Traditional alcoholic beverages pose competition to the canned variants.
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Market Segmentation Insights:
Based on Product:
- Hard Seltzers
- RTD Cocktails
Based on Distribution Channel:
- Liquor Stores
Overview by Region of the Canned Alcoholic Beverages Market:
North America dominates the market due to the culture of convenience and the fast-paced lifestyle. The Asia-Pacific region, with its evolving consumer preferences, is anticipated to witness significant growth in the coming years.
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List of Key Players in the Global Market:
Asahi Group Holdings, Bacardi Limited, Brown-Forman, Diageo, Integrated Beverage Group LLC, Kona Brewing Co., Pernod Ricard, Suntory Holdings Limited, Sula Vineyards, Treasury Wine Estates, Union Wine Company and Barefoot Cellars.
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Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact-based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.
Mr. Richard Johnson
Acumen Research and Consulting
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