According to a Future Market Insights (FMI) report, the global canned alcoholic beverages market was around US$ 17,598.2 Million in 2023 and is projected to exhibit a CAGR growth of 11% over the forecast period. The market is estimated to be valued at US$ 20,411.6 Million in 2024 and projected to surpass US$ 92,401.1 Million by 2034.
In a world that values convenience, the canned alcoholic beverages market emerges as the toast of the town. Consumers seek ready-to-drink options that are not just easy to transport but also deliver an unparalleled drinking experience. Premium alcohol consumption is witnessing a surge, with customers willing to invest more in high-quality canned beverages, especially local brews known for their rich flavors and sophistication.
Key Growth Drivers:
- Global Industrialization: The ongoing wave of industrialization worldwide presents a promising trajectory for the canned alcoholic beverages market. The rising number of alcohol consumers globally opens up significant opportunities for manufacturers.
- Premiumization Trend: Premium alcohol consumption is a key driver, with consumers showing a willingness to pay more for top-notch canned alcoholic beverages.
- Local Craft Appeal: Local beers and spirits are gaining popularity for their distinctive and sophisticated flavors, setting them apart from regular offerings.
- Health-Conscious Choices: The growing need for convenience aligns with the rising health consciousness among consumers. Hard seltzers and low-calorie drinks with natural ingredients are becoming go-to choices.
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Market Dynamics and Projections:
- Innovative Can Designs: R&D activities by can manufacturers, focusing on improving shapes and weights, are poised to drive market growth.
- Consumer Demand for Innovation: The market is thriving on consumer demand for innovative and convenient alcoholic beverages.
- Healthier Lifestyle Trends: A shift toward healthier living is evident, with consumers seeking lower-calorie options and products crafted with natural ingredients.
“The rising R&D activities by can manufacturers such as improving the shapes of cans, the weight of the can, and other factors are also expected to drive the growth of the market. Consumer demand for innovative and handy alcoholic beverages drives the market. The trend toward healthier living has also played a part, as many consumers want lower-calorie options and products made with natural ingredients.” – says Nandini Roy Choudhury ( client Partner for Food and Beverages at Future Market Insights, Inc.).
Key Takeaways from the Market Study:
- The global canned alcoholic beverages market is estimated to register a CAGR of 11% with a valuation of US$ 92,401.1 Million by 2034.
- The United States is anticipated to dominate the global market by registering a 12% CAGR during the forecast period.
- With a 13.3% CAGR, China is significantly driving the global market by 2034.
- Germany is anticipated to secure a CAGR of 14.7% in the global market during the forecast period.
Competitive Landscape:
In recent years, there has been a surge in investment and collaboration within the industry, with venture capital firms and businesses. These strategic partnerships and financial investments aim to accelerate research and development, scale production, and expand market reach.
Key players have initiated promotional activities to introduce the design and shapes of cans.
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Recent Development:
- In 2023, Jack Daniel’s & Coca‑Cola RTD introduced canned cocktails. It’s a premixed cocktail.
- In 2020, Boston Beer Company launched a new line of hard seltzers called Truly Hard Seltzer Lemonade. These seltzers are made with real lemonade and are available in a variety of flavors.
- In 2023, Diageo launched a new line of RTD cocktails called Smirnoff Infusions. These cocktails are made with premium spirits and are available in a variety of flavors.
- In 2021, Pernod Ricard has launched a new line of canned cocktails called Malibu Ready to Serve. These cocktails are made with Malibu rum and are available in a variety of flavors.
Key Players Operating in the Global Canned Alcoholic Beverages Market:
- Anheuser-Busch InBev
- Molson Coors Beverage Company
- Diageo
- Heineken Holding N.V.
- Carlsberg Group
- Asahi Group Holdings
- Suntory Beverage & Food Limited
- Kirin Holdings Company, Limited
- SABMiller
- Red Bull GmbH
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Canned Alcoholic Beverages Market Segmentation Analysis:
By Product Type:
- Hard Seltzers
- Wine
- RTD Cocktails
By Distribution Channel:
- Liquor Stores
- On-trade
- Online
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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