The global Canned Alcoholic Beverages Market is estimated to be valued at US$6.11 billion in 2022 and is expected to exhibit a CAGR of 13.8% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights. Canned alcoholic beverages refer to alcoholic drinks that are packaged in cans, offering convenience and portability to consumers. The increasing demand for ready-to-drink alcoholic beverages, coupled with the growing preference for canned packaging among consumers, is driving the growth of the market. Canned alcoholic beverages also provide advantages such as longer shelf life, ease of storage, and reduced carbon footprint compared to traditional glass bottles. The need for products associated with the Canned Alcoholic Beverages Market is driven by changing consumer lifestyles, the rising popularity of outdoor recreational activities, and the convenience factor offered by these products.
Market Key Trends:
One key trend driving the Canned Alcoholic Beverages Market is the rise in demand for low-calorie and low-sugar options. With the increasing focus on health and wellness, consumers are seeking alcoholic beverages that are lower in calories and sugar content. This trend is particularly prominent among millennials and health-conscious individuals. Manufacturers in the Canned Alcoholic Beverages Market are introducing products with reduced calorie and sugar levels to cater to this demand. These low-calorie and low-sugar options provide consumers with guilt-free indulgence while enjoying their favorite alcoholic beverages. The introduction of such products is expected to further fuel the growth of the market in the coming years.
The Canned Alcoholic Beverages Market can be segmented based on type and distribution channel. Based on type, the market can be further divided into wine, beer, spirits, and others. Among these, beer dominates the market and is expected to continue its dominance over the forecast period. This can be attributed to the wide variety of beer options available in cans, convenience of consumption, and increasing popularity among young consumers. The rising trend of craft beer and the growing preference for canned beer in outdoor activities such as picnics and parties are also contributing factors. Furthermore, the increasing number of breweries offering canned beers and the expansion of their distribution networks are driving the growth of this segment.
The Global Canned Alcoholic Beverages Market Demand is expected to witness high growth, exhibiting a CAGR of 13.8% over the forecast period. This growth can be attributed to several factors. Firstly, the convenience and portability offered by canned alcoholic beverages make them popular among consumers. Canned beverages are easier to carry and require no additional equipment for consumption, making them ideal for outdoor activities. Secondly, the increasing preference for ready-to-drink alcoholic beverages and the growing popularity of craft beers are driving the market growth. Consumers are seeking unique and flavorful options, and canned alcoholic beverages provide a convenient way to enjoy such beverages. Additionally, the rising trend of premiumization in the alcoholic beverages industry is further fueling the growth of the market.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the Canned Alcoholic Beverages Market. This can be attributed to the increasing consumption of beer and wine in the region, as well as the growing popularity of outdoor activities and gatherings. The availability of a wide range of beer options, including craft beers, and the presence of major players in the region are also contributing to the growth. Furthermore, the rising trend of canned cocktails and the convenience they offer are driving the market in North America.
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. These key players are focusing on product innovation, strategic partnerships, and mergers and acquisitions to expand their market presence and cater to the evolving consumer preferences for canned alcoholic beverages.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it