Cocktail Mixers Market Growth & Trends
The global cocktail mixers market size is expected to reach USD 18.33 billion by 2030, registering a CAGR of 8.7% from 2022 to 2030, according to a new report by Grand View Research, Inc. The growing consumption of alcoholic beverages across the globe is accelerating market growth. Moreover, the growing cocktail culture worldwide is the key sales promoter of mixers such as club soda, tonic water, and other mixers. Furthermore, the increasing demand for mixers in various cocktails of alcoholic beverages in developed and developing economies is accelerating the market growth. Additionally, young working professionals and millennials are preferring taste over the alcohol content of the drinks, which, in turn, is expected to accelerate the industry growth over the forecast period.
Moreover, a lockdown condition was witnessed during the COVID-19 outbreak, and it negatively impacted the market growth due to the suspended supply chain of the products in various countries. The coronavirus pandemic also forced an extremely large number of consumers to make cocktails at home as restaurants and other eateries were shut for prolonged periods. In addition to this, the rising spending on alcoholic beverages and cocktails after the ease of several restrictions is projected to propel the industry growth over the forecast period.
The club soda segment is expected to register the highest CAGR of 9.8% from 2022 to 2030. The increasing adoption of premium club soda for making cocktails among various bars, hotels, restaurants, and individuals has significantly accelerated the growth of this segment. Additionally, the rising investment in mixers by various manufacturers due to the escalating demand for new flavored mixers is supporting the segment growth. Moreover, the increasing alcohol and cocktail-consuming population across the globe is projected to accelerate the industry growth over the forecast period.
The off-trade segment is expected to expand at the highest CAGR of 9.2% from 2022 to 2030. The increasing spending on making cocktails at home and the development of new products by companies are expected to accelerate the market growth over the forecast period. Moreover, the growing popularity of the e-commerce sector among youngsters for purchasing various beverages is expected to accelerate industry growth. Furthermore, the growing demand for juices along with energy drinks among consumers is restraining the industry growth.
Europe held the largest revenue share of over 35.0% in 2021. The growing penetration of numerous supermarkets, off-license retailers, and online stores for purchasing cocktails mixers is accelerating the market growth in this region. Furthermore, the increasing investments associated with premium product launches are expected to drive industry growth in this region. Additionally, the increasing demand for alcohols like gin, vodka, and other alcoholic products by youngsters in the European countries is boosting the market growth.
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Cocktail Mixers Market Report
Cocktail Mixers Market Report Highlights
- Europe held the largest revenue share of over 35.0% in 2021 owing to the growing consumption of alcoholic beverages
- Based on product, the club soda segment is expected to register the fastest CAGR of 9.8% from 2022 to 2030 due to the rising adoption of cocktail mixers
- By distribution channel, the on-trade segment held the largest revenue share of over 60.0% in 2021 due to the increasing number of bars, hotels, and restaurants
- Asia Pacific is expected to register the fastest CAGR of 9.9% from 2022 to 2030 owing to the growing spending on cocktails
