The global canned alcoholic beverages market size was valued at USD 9.20 billion in 2021. It is projected to reach USD 45.72 billion by 2030, growing at a CAGR of 19.5% during the forecast period (2022–2030).
Alcoholic beverages in cans are growing in popularity among consumers due to their greater portability, convenience, and travel-friendliness. Additionally, these metal cans are less expensive than glass bottles and have a much greater recycling rate than glass. Due to their convenient and straightforward packaging, canned alcoholic beverages will see a surge in demand, which has enormous growth potential. These metal cans also have a significantly higher recycling rate than glass bottles and are less expensive than glass bottles. As a result, it is predicted that the sector will expand over the forecast period.
The demand for canned alcoholic beverages is increasing due to customers' increased preference for ready-to-eat and ready-to-drink products and their busy lifestyles and demanding work schedules. The market for canned alcoholic beverages is expected to be driven by an expanding working population and a rising proportion of women in the workforce. These drinks are also easier to open because they don't require glasses or a corkscrew. Unlike alcoholic beverages in bottles, users can quickly finish an entire can in one sitting thanks to the individually sized servings.
Millennials' increasing desire for alcoholic beverages is anticipated to significantly influence the market's expansion. Alcoholic beverages can let consumers enjoy their preferred drinks whenever and wherever they want, including at the beach, beside the pool, while camping, and on social outings. Alcoholic beverages in cans can preserve their high quality since they shield the drink from light and oxygen outflow. The growing demand for premium, organic, and canned beverages may further give this industry more growth prospects.
Most people who consume alcoholic beverages in cans are millennials and younger generations. These customers seek premium goods from brands with cutting-edge flavors and packaging. Customers are switching to premium alcoholic beverage brands with better brand experiences and high-quality products worldwide. The preferences and tastes of young consumers in terms of alcohol have evolved. The market for canned alcoholic beverages is being driven by consumers who have started spending money on drinks that offer an enjoyable experience rather than a standard alcoholic beverage. Alcoholic beverages packaged in a canned style have a more upscale appearance and appeal overall. As a result, producers have begun launching more products in this format to capture this market.
Due to rising health consciousness, consumers are drinking more non-alcoholic RTD beverages, particularly in nations like France, the U.K., Germany, Spain, and Canada. RTD drinks like tea and enriched water are becoming very popular with customers. Consumers are looking to reduce their alcohol consumption and switch to healthier beverages and fortified water due to the rising prevalence of obesity and other lifestyle-related diseases. This could limit the growth of alcoholic drinks and impact the canned alcoholic beverage market. Customers of all ages can consume various non-alcoholic beverages offered across top retail platforms in nations where alcohol consumption is not permitted owing to cultural or religious conventions. The demand for alcoholic beverages, both canned and other, is anticipated to be constrained by the desire for RTD juices containing botanical ingredients and RTD energy drinks.
The global demand for premium and low-alcohol beverages is creating many potential prospects for the canned alcoholic beverage industry. Manufacturers should have several options due to innovative canned alcoholic beverages that incorporate botanical and organic components in vibrant flavors. Additionally, it is projected that the market for canned alcoholic beverages would offer chances to competitors due to the need for drinks with reduced alcohol content and simple packaging. Due to a rise in the number of celiacs globally, gluten-free alcoholic beverages are anticipated to provide participants in this market with significant growth potential. Celiac disease affects one in 133 persons in the Americas, yet fewer than one in five receive a diagnosis. Due to rising awareness of this issue, health-conscious customers and gluten-intolerant individuals seek to eliminate gluten from their diets.
The global canned alcoholic beverages market is segmented by product and distribution channel.
Based on Product, the global canned alcoholic beverages market is bifurcated into wine, RTD cocktails, and hard seltzers.
The hard seltzers segment is the highest contributor to the market and is expected to grow at a CAGR of 13.3% during the forecast period. Hard seltzers are water-based carbonated drinks that frequently have fruit and alcoholic infusions. Millennials are attempting to cut back on their alcohol usage or are becoming "sober-curious," which has increased the demand for non-alcoholic drinks like hard seltzers. In the coming years, it is projected that factors including hard seltzer's low prices, simple accessibility in supermarkets and convenience stores, and portable packaging would increase sales. Additionally, their vibrant social media presence is fueling market expansion.
The market demand is driven by creative RTD drinks produced without artificial sweeteners utilizing natural fruit juices. RTD cocktails give customers various options for both cutting-edge goods and healthy beverage options, like RTD cocktails flavored with ginger or lavender. Key competitors are implementing different market tactics to meet the increased customer demand for RTD cocktails. For instance, Beam Suntory, Inc., a division of Suntory Holdings Limited, purchased On The Rocks, a well-known RTD cocktail brand, in September 2020. With this acquisition, the company wants to increase the availability of its RTD cocktail products in the U.K. Over the projected period, these market trends will increase demand for canned RTD cocktails.
Based on Distribution Channels, the global canned alcoholic beverages market is bifurcated into on trade, liquor stores, online and others.
The liquor stores segment owns the highest market share and is expected to grow at a CAGR of 13.2% during the forecast period. Alcoholic beverages can have a long and well-known distribution history through liquor stores. Customers are drawn to buy products through these channels by the broad selection of premium and private label brands at these locations. Alcoholic beverages in cans are becoming more prevalent on the shelves of liquor stores worldwide. Daveco Beer, Wine & Spirits, Calais Wine Superstore, Vins I Licors Grau, Oinoscent, P Sweeney Ventures, Tonique, Gary's Wine & Marketplace, Twin Liquors, and Macadoodle are a few of the well-known liquor stores around the world. Additionally, during the coronavirus pandemic, canned alcoholic beverages have been the best-selling items in most liquor stores.
Restaurants, bars, coffee shops, clubs, and hotels are examples of on-trade distribution channels. In the UK, wine was least vulnerable to on-trade closures. As per a report by IWSR Drinks Market Analysis, over 85% of wine consumption was recorded at homes. The on-trade channels for wine have resumed operations with many safety rules in place for customers and patrons following the relaxation of lockdown orders and the availability of vaccines in several countries. The high demand for contactless services and staff layoffs at many restaurants, bars, and hotels have made canned drinks more practical and profitable. Additionally, customers' acceptance of these cans has grown over time. A worldwide hotel chain called Marriott International, Inc. began urging its facilities to include more canned drinks on their menus, including canned wines.
The global canned alcoholic beverages market is bifurcated into four regions, namely North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa.
North America is the most significant revenue contributor and is expected to grow at a CAGR of 19% during the forecast period. The canned alcoholic beverage market in North America is anticipated to be driven by increased per capita alcohol use and the availability of alcoholic drinks in appealing container designs. Consumers are driving demand for premium-class canned alcoholic beverages with more purchasing power and sophisticated beverage preferences. The market for RTD cocktails is anticipated to be caused by the rising demand for drinks with low alcohol content due to growing health concerns. Additionally, the premiumization of the product and the addition of new flavors are anticipated to fuel the expansion.
Europe is expected to grow at a CAGR of 18.6% during the forecast period. Europe plays a significant role in the global canned alcoholic beverages market. As stated by the European Commission, in 2018, Europe was the source of over 25% of the global alcohol and over 50% of the global wine production. The demand for malt-based canned alcoholic beverages is anticipated to be driven by rising beer consumption. Similarly, among the nations with high alcohol consumption per capita are Belarus, France, Germany, and Ireland. The region is anticipated to have substantial demand for canned alcoholic drinks due to the increased consumption and export of alcohol from European countries during the forecast period.
The presence of young consumers and quickly expanding economies is a significant element behind the growth of the Asia Pacific canned alcoholic beverage market. Alcohol consumption per capita in developing nations is historically low since the majority of the alcohol drank is prepared at home or illegally. In the Southeast Asia-Pacific region, 69.0% of alcoholic beverages were consumed either illicitly or at home. The Asia-Pacific canned alcoholic beverage market is anticipated to expand significantly throughout the projected period due to increased structured market share and rising consumer spending power.
According to the World Health Organization, each person in Central and South America consumed about 5.5 liters of pure alcohol in 2018. The major alcohol-consuming nations in Central and South America are Argentina, Mexico, Brazil, and Colombia. Over the past 40 years, there has been a rise in alcohol consumption per person in this area. While the region's consumption of wine has been progressively declining, it has been dramatically rising in recent years in terms of beer and other alcoholic beverages. Malt-based canned alcoholic beverages are anticipated to have high demand throughout the forecast period due to the expansion of such trends.
Africa is renowned for being a market with significant potential for canned alcoholic beverages. Despite having nearly 16% of the world's population, just 5% of the world's alcoholic beverage production is consumed in Africa. Given the enormous potential for alcoholic beverages, the market for canned alcoholic beverages in Africa is anticipated to expand significantly during forecasting.
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|