The global Canned Alcoholic Beverages Market is estimated to be valued at US$ 6.95 Billion in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Canned alcoholic beverages are pre-mixed alcoholic drinks that are canned and sealed. They contain beer, hard seltzers, cocktails or spirits mixed with soda, juices or other non-alcoholic mixers. Their convenient packaging and portability has made them very popular for outdoor activities such as camping, picnics, sports events etc. Their long shelf-life also appeals to consumers. The rising culture of outdoor recreation has been a major driver of growth for canned alcoholic beverages.
Market key trends:
The key trends in the canned alcoholic beverages market include the rise of hard seltzers and low-calorie canned cocktails. Hard seltzers, which are gluten-free and lower in calories than beer, have seen exponential growth in popularity. Many new brands are entering the hard seltzer space to meet the rising demand. Another trend is the growing variety of low-calorie canned cocktails that appeal to health-conscious consumers. Ready-to-drink canned wines have also gained traction. The Covid-19 pandemic has brought a noticeable shift to at-home consumption, spurring innovations in multipacks and variety packs. Sustainability is a rising priority and manufacturers are focusing on using recyclable aluminum cans and bio-degradable materials for rings and labels.
Porter’s Analysis
Threat of new entrants: Low barriers to entry with production and marketing of canned alcoholic beverages. However, established brands enjoy strong brand recognition and loyalty.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of diverse product offerings from various brands. Price sensitivity influences purchase decisions.
Bargaining power of suppliers: Suppliers of raw materials like malt, hops, grapes and other ingredients have moderate to high bargaining power due to limited availability of resources.
Threat of new substitutes: Low threat from new substitutes as canned beers and ciders cater to preference of young consumers seeking convenience.
Competitive rivalry: High competitive rivalry exists among existing players due to brand positioning, product differentiation and marketing strategies followed.
Key Takeaways
The Global Canned Alcoholic Beverages Market Size is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing popularity among young consumers seeking convenience. The market size for 2023 is estimated at US$ 6.95 Bn.
Regional analysis: North America dominates the global canned alcoholic beverages market currently. However, the Asia Pacific region is projected to register the fastest growth during the forecast period attributable to rising incomes, expanding young population and changing consumer preferences in the region.
Key players: Key players operating in the 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. Diageo plc is a pioneer in canned cocktails and holds the leading market share currently.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
