Market Analysis
The global RTD Spirits market is predicted to grow at a 3.1% CAGR over the forecast period (2017-2023), states the new Market Research Future (MRFR) report. RTD spirit, simply put, are pre-mixed beverages that are ready for consumption. Usually, it contains about 5% alcohol, and premium and fresh ingredients in a sealed container and in a single serving. These mixes are available in assorted shapes and packages such as plastic balls, shot glasses, bottles, and cans. Flavored liquors generally have a base of gin, tequila, vodka, rum, or whiskey.
Various factors are propelling the RTD Spirits market growth. These factors, as stated by the latest MRFR report, include growing disposable income, developing economies, the launch of refreshing and unique flavors, and elevated focus on RD activities to discover new flavors. Additional factors pushing market growth include upsurge in the popularity of cocktails, change in consumers drinking lifestyles, westernization, rising standards of living, and increasing urban migration.
On the flip side, growing awareness among consumers, increased taxation, and rise in non-alcoholic beverages owing to increasing health concerns are factors that may hamper the RTD Spirits market growth over the forecast period.
Key Players
Leading players profiled in the RTD Spirits market report include Pernod Ricard SA (France), Suntory Holdings Limited (Japan), Halewood International Limited (UK), Bacardi Limited (Bermuda), Diageo Plc. (UK), and Asahi Breweries, Ltd. (Japan), among others. Key players are using different strategies for staying ahead, such as regional expansion, facility expansion, partnerships, product launches, flavor innovation, packaging innovations, and more.
Market Segmentation
The MRFR report provides a complete segmental analysis of the RTD Spirits market report on the basis of packaging material, distribution channel, and type.
Based on type, the RTD Spirits application market is segmented into gin, vodka, tequila, whiskey, rum, and others. Of these, the vodka segment will have the largest share in the market over the forecast period owing to growing consumer preference for RTD drinks. This will be followed by the rum and whiskey segment, which is predicted to have stable growth.
Based on packaging material, the RTD Spirits market is segmented into glass, metal, and others. Of these, the glass segment will dominate the market over the forecast period.
Based on distribution channel, the RTD Spirits market is segmented into on-trade and off-trade distribution channel. Of these, the off-trade segment will lead the market over the forecast period while the on-trade segment is predicted to expand gradually.
Regional Analysis
By region, the RTD Spirits market report covers the latest trends and growth opportunities across Europe, North America, the Asia Pacific, and the Rest of the World. Of these, Europe will have the lion’s share in the market over the forecast period. Factors aiding growth in the region include the rise in disposable income and change in consumers preference.
The RTD Spirits industry in North America is predicted to have the second-largest share in the market over the forecast period. This is chiefly due to the growing demand for premium RTD cocktails in the US and Mexico and also growing demand for alcoholic beverages among the younger generation.
The RTD Spirits market in the APAC region is predicted to grow at the fastest pace over the forecast period. Factors aiding growth in the region include economic development and constant demand for RTD alcohol mixes. India, Japan, and China are the key contributors in the region. Consumers in Japan lead a proactive lifestyle; thus, the majority prefer making cocktails as per their convenience.
The RTD Spirits market in the RoW is predicted to have a steady growth over the forecast period.
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Downstream analysis:
By type, ready-to-drink spirits market is segmented into whiskey, rum, vodka, tequila, gin, and others. Among all, vodka is found to hold major share based on high consumer preference. However, whiskey and rum are anticipated to have steady growth over the forecast period.
Based on the packaging material, RTD spirits industry value is segmented into glass, metal, and others. Among them, glass segment is projected to dominate the market and have substantial growth over the forecast period.
By distribution channel, ready-to-drink spirits market is segmented into on-trade and off-trade distribution channel. Among them, off-trade distribution channel is dominating the market and is witnessed to continue its dominance over the estimated period. However, on-trade distribution channel segment is also seen to grow eventually.
Industry News
August 2019: The Post Meridiem Spirit Co has introduced a range of RTD cocktails in Georgia. It contains 100% citrus juices, bitters, liqueurs, and spirits. The range comprises Lemongrass Vodka Gimlet, 1944 Mai Tai, Hemingway Daiquiri, Double Old Fashioned, and Real Lime Juice Margarita. Their vision is in making real ingredient cocktails as effortless and convenient as wine and beer.
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