The Canned Alcoholic Beverages Market is estimated to be valued at US$ 6.95 Bn 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 refer to canned versions of alcoholic drinks such as beer, hard seltzers, ciders etc. These canned beverages offer convenience of consumption as they are portable and do not require refrigeration. They come in variety of flavors and alcohol content. Due to growing preference for convenience foods and on-the-go consumption, the canned alcoholic beverages market is expected to grow significantly over the forecast period.

Market Dynamics:

Growing demand for convenient packaged beverages: Busy lifestyle and preference for convenience food and drinks is driving the demand for canned alcoholic beverages which can be easily carried and consumed anywhere. These canned drinks do not require refrigerator and are ideal for outdoor occasions.

Rising experimentation with flavors and ingredients: Canned alcoholic beverage manufacturers are introducing variety of flavors such as mango, grapefruit to attract young consumers. Similarly, hard seltzers containing lower calories are gaining popularity. New product launches with unique flavors and ingredients is fueling the market growth.

Segment Analysis

The canned alcoholic beverages market is segmented into beer, hard seltzers, cider and ready-to-drink (RTD) cocktails. Among these, the hard seltzer segment dominates the market currently and is expected to continue its dominance over the forecast period. This is because hard seltzers appeal to health-conscious drinkers as they are low-calorie and gluten-free, while still offering the same alcohol content as beer.

PEST Analysis

Political: Governments are increasingly introducing laws and regulations pertaining to alcohol marketing and advertising, minimum unit pricing, and health warnings on alcoholic packaging. This can impact the sales of canned beverages.

Economic: A growing economy and rising disposable incomes are boosting consumer spending on premium alcoholic beverages as well as on convenient canned formats. High employment rate also supports the market growth.

Social: Changing social trends such as increased popularity of socializing via outdoor activities is driving the demand for canned beverages that are portable and convenient to carry. Health awareness has also led to growing preference for low-calorie beverages.

Technological: Introduction of innovative product formats such as alcoholic sparkling waters and mixers incorporating natural flavors are allowing companies to differentiate their offerings and attract new customers. Advanced machineries help improve production efficiency.

Key Takeaways

The Global Canned Alcoholic Beverages Market Size is expected to witness high growth, exhibiting 13% CAGR over the forecast period, due to increasing popularity among millennial and Gen Z for flavoured and variety-packed canned drinks.

The North American region currently dominates the market and is expected to continue its dominance during the forecast period as well. This is because countries like the U.S. and Canada have well-established drinking cultures and consumers in these countries are increasingly adopting the canned format due to the convenience and portability offered.

Key players operating in the canned alcoholic beverages market are 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 players are focusing on new product launches and expansion into emerging markets to gain a larger share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it