The Canned Alcoholic Beverages Market Size accounted for USD 14.8 Billion in 2022 and is projected to achieve a market size of USD 66.5 Billion by 2032 growing at a CAGR of 16.4% from 2023 to 2032.
Canned Alcoholic Beverages Market Highlights
Canned alcoholic beverages refer to alcoholic drinks that are packaged in cans, similar to soft drinks or energy drinks. These beverages encompass a wide variety of options, including beer, cider, cocktails, and even wine, conveniently packaged in portable and recyclable cans. The trend of canned alcoholic beverages has gained significant momentum in recent years due to several factors. One of the primary drivers is the convenience they offer. Cans are lightweight, easy to transport, and don't require bottle openers, making them ideal for outdoor events, parties, and picnics. Additionally, cans provide better protection against light and oxygen, preserving the freshness and quality of the beverages inside.
In terms of market growth, the canned alcoholic beverages industry has experienced remarkable expansion. The market is driven by consumer demand for innovative and convenient alcoholic options. The shift towards healthier lifestyles has also played a role, as many consumers prefer lower-calorie options and products with natural ingredients, which some canned beverages cater to. The market growth is also influenced by the increasing popularity of online sales and delivery services, enabling consumers to explore and purchase a diverse range of canned alcoholic beverages from the comfort of their homes. Furthermore, the COVID-19 pandemic accelerated the adoption of online alcohol sales, further boosting the market.
Global Canned Alcoholic Beverages Market Trends
Canned Alcoholic Beverages Market Report Coverage
|Market||Canned Alcoholic Beverages Market
|Canned Alcoholic Beverages Market Size 2022||USD 14.8 Billion|
|Canned Alcoholic Beverages Market Forecast 2032||USD 66.5 Billion|
|Canned Alcoholic Beverages Market CAGR During 2023 - 2032||16.4%|
|Canned Alcoholic Beverages Market Analysis Period||2020 - 2032|
|Forecast Data||2023 - 2032|
|Segments Covered||By Product, By Distribution Channel, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Bacardi Limited, Pernod Ricard, Union Wine Company, Treasury Wine Estates, Sula Vineyards, Brown-Forman, Kona Brewing Co., Asahi Group Holdings, Suntory Holdings Limited, Barefoot Cellars, Diageo, and Integrated Beverage Group LLC.
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis|
Canning alcoholic drinks offers several advantages, such as convenience, portability, and easy storage. The packaging in cans provides a lightweight and durable option, making them ideal for outdoor events, picnics, parties, and other social gatherings. Additionally, cans protect the beverages from light and air, preserving their freshness and flavor for a longer period compared to bottles. Canned alcoholic beverages have become increasingly popular due to their easy accessibility and the ability to enjoy a wide range of drinks without the need for extensive bartending skills or equipment.
The applications of canned alcoholic beverages are diverse and cater to a broad consumer base. One of the primary applications is in the consumer retail market, where these beverages are sold in supermarkets, liquor stores, and convenience stores. The convenience factor makes them a popular choice for consumers looking for ready-to-consume options without the need for additional mixing or preparation. Canned alcoholic beverages have also found a significant market in the hospitality and events industry, where they are served at bars, restaurants, concerts, festivals, and sporting events. The easy serving and disposal of cans make them a practical choice for venues with high foot traffic. Furthermore, these beverages have gained traction in the e-commerce sector, with many online retailers offering a wide selection of canned alcoholic drinks for home delivery.
The market for canned alcoholic beverages has witnessed significant growth in recent years, driven by changing consumer preferences and lifestyle choices. One of the key factors contributing to this growth is the increasing demand for convenient and portable options among consumers. Cans provide a practical and lightweight packaging solution, making them ideal for outdoor events, picnics, and social gatherings. The convenience factor, coupled with the rising trend of on-the-go consumption, has led to a surge in the popularity of canned alcoholic drinks, appealing to a broad consumer base, especially millennials and young adults. Additionally, the market growth can be attributed to the continuous innovation in flavors and product offerings. Beverage companies are introducing a wide range of options, including craft beers, flavored seltzers, and ready-to-drink cocktails, catering to diverse tastes and preferences. Creative and unique flavor profiles, often incorporating natural ingredients and exotic flavors, have captivated consumers, driving sales and market expansion.
Canned Alcoholic Beverages Market Segmentation
The global Canned Alcoholic Beverages Market segmentation is based on product, distribution channel, and geography.
Canned Alcoholic Beverages Market By Product
In terms of products, the hard seltzers segment accounted for the largest market share in 2022. This segment's remarkable growth can be attributed to several factors, one being the shift towards healthier drinking choices. With an increased focus on wellness, consumers are actively seeking alternatives to traditional high-calorie and sugary alcoholic beverages. Hard seltzers, often marketed as light and refreshing options, have successfully tapped into this health-conscious demographic, attracting both fitness enthusiasts and individuals looking for a guilt-free drinking experience. Another driving force behind the growth of hard seltzers is their versatility and variety in flavors. Beverage companies have been quick to innovate, offering a wide array of flavors ranging from classic fruits like lime and black cherry to more exotic options like dragon fruit and hibiscus. This diverse flavor profile appeals to a broad audience, including millennials and younger consumers, who are constantly seeking novel and exciting taste experiences.
Canned Alcoholic Beverages Market By Distribution Channel
According to the canned alcoholic beverages market forecast, the online segment is expected to witness significant growth in the coming years. One of the key factors contributing to this growth is the increasing prevalence of e-commerce platforms and the ease of online transactions. With the rise of online grocery delivery services and specialized alcohol delivery platforms, consumers now have the convenience of ordering their favorite canned alcoholic beverages from the comfort of their homes. This trend has been particularly significant in the wake of the COVID-19 pandemic, as consumers turned to online channels for safe and contactless shopping experiences. The online segment offers a wide variety of choices, allowing consumers to explore different brands, flavors, and types of canned alcoholic drinks, which might not always be available at local brick-and-mortar stores. Additionally, digital marketing and social media have played a pivotal role in driving online sales of canned alcoholic beverages. Beverage companies leverage social media platforms to reach a broader audience, engage with consumers, and promote their products effectively.
Canned Alcoholic Beverages Market Regional Outlook
The Middle East & Africa
Canned Alcoholic Beverages Market Regional Analysis
North America's dominance in the canned alcoholic beverages market can be attributed to several factors that have propelled the region to the forefront of this industry. One of the primary drivers is the culture of convenience and the fast-paced lifestyle prevalent in North American countries. Canned alcoholic beverages perfectly align with the on-the-go nature of consumers in this region. The portable and lightweight nature of cans makes them ideal for outdoor events, parties, and social gatherings, which are common in North American culture. The convenience factor has significantly contributed to the popularity of canned alcoholic beverages among consumers, driving consistent demand and market growth. Additionally, North America has been a hub for innovation in the alcoholic beverages industry. The region has seen a surge in craft breweries and innovative beverage startups, leading to the creation of a diverse range of canned alcoholic products. This variety, including craft beers, flavored seltzers, and ready-to-drink cocktails, appeals to a broad consumer base with different tastes and preferences. The innovative spirit of North American producers has led to the development of unique and exciting flavors, attracting consumers seeking novel taste experiences.
Canned Alcoholic Beverages Market Player
Some of the top canned alcoholic beverages market companies offered in the professional report include Bacardi Limited, Pernod Ricard, Union Wine Company, Treasury Wine Estates, Sula Vineyards, Brown-Forman, Kona Brewing Co., Asahi Group Holdings, Suntory Holdings Limited, Barefoot Cellars, Diageo, and Integrated Beverage Group LLC.
The market size of canned alcoholic beverages was USD 14.8 Billion in 2022.
The CAGR of canned alcoholic beverages is 16.4% during the analysis period of 2023 to 2032.
The key players operating in the global market are including Bacardi Limited, Pernod Ricard, Union Wine Company, Treasury Wine Estates, Sula Vineyards, Brown-Forman, Kona Brewing Co., Asahi Group Holdings, Suntory Holdings Limited, Barefoot Cellars, Diageo, and Integrated Beverage Group LLC.
North America held the dominating position in canned alcoholic beverages industry during the analysis period of 2023 to 2032.
Asia-Pacific region exhibited fastest growing CAGR for market of canned alcoholic beverages during the analysis period of 2023 to 2032.
The current trends and dynamics in the Canned Alcoholic Beverages Market growth include rising demand for ready-to-drink products, innovative flavors and packaging, and millennial and Gen Z consumer preferences.
The hard seltzers product held the maximum share of the canned alcoholic beverages industry.