Canned Alcoholic Beverages Market Growth & Trends
The global canned alcoholic beverages market size is expected to reach USD 59.37 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 19.1% from 2023 to 2030. Canned alcoholic beverages are gaining popularity among consumers since cans are more convenient, portable, and travel-friendly. Moreover, these metal cans are less expensive as compared to glass bottles and have a considerably higher recycling rate than glass.
Hard seltzers held the largest revenue share in 2022 and are expected to maintain dominance during the forecast period. Hard seltzers are carbonated water-based drinks, which are usually infused with fruits and spirits. These have become quite popular among millennials due to their low alcohol content. Low prices of hard seltzer and easy availability across supermarkets and convenience stores are factors anticipated to boost their sales in the upcoming years.
The wine segment is anticipated to register a high CAGR during the forecast period. Rising consumer awareness for eco-friendlier alternatives to glass and plastic bottles in tandem with the growing preference for convenient & travel-friendly products is driving the market demand for canned wine. Moreover, canned wines are more durable, portable, and come with easy packaging than glass bottles.
The liquor stores segment contributed a majority of the share to become the largest division in the global revenue in 2022. These stores have been a widespread and well-established distribution channel for canned alcoholic beverages. The wide availability of both premium and private label brands at these stores attract consumers to purchase products through these channels.
The market is fragmented with the presence of a large number of global and regional players. Bacardi Limited, Diageo, Brown-Forman, Anheuser-Busch InBev, Treasury Wine Estates, Union Wine Company, E. & J. Gallo Winery, Asahi Group Holdings, Ltd., Pernod Ricard, Integrated Beverage Group LLC (IBG), Sula Vineyards, Kona Brewing Co., Suntory Holdings Limited, Barefoot Cellars, Constellation Brands are among the prominent players in the global industry.
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Canned Alcoholic Beverages Market Report
Canned Alcoholic Beverages Market Report Highlights
- Asia Pacific is expected to witness the fastest CAGR of 29.9% from 2023 to 2030. The major factor driving the regional growth is the presence of young consumers and rapidly growing economies
- The hard seltzers segment is projected to register the fastest CAGR of 19.5% from 2023 to 2030. The rising awareness among consumers for eco-friendlier alternatives to plastic bottles coupled with the growing taste for convenient products is propelling the demand for canned hard seltzers
- The online segment is expected to register the fastest CAGR of 20.0% from 2023 to 2030. The hassle-free shopping experience offered by various online platforms is expected to drive the growth of the segment
