The canned alcoholic beverages market has witnessed significant growth in the recent years. Canned beer, wine cooler, malt beverages, and hard seltzers are some of the commonly consumed canned alcoholic products. The popularity of canned beer is growing owing to its portability, easy-open packaging and availability in an assortment of flavors. Canned beer is rapidly replacing bottled beer attributed to its greater convenience. Moreover, the growth of premium/craft beers, which are readily available in cans, is boosting the market growth.
The Global canned alcoholic beverages market is estimated to be valued at US$ 7.92 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the canned alcoholic beverages are Diageo plc, Brown-Forman, Pernod Ricard, Bacardi Limited, Suntory Holdings Limited, Asahi Group Holdings, Ltd., Anheuser-Busch InBev, E. and J. Gallo Winery, Constellation Brands, Inc., Treasury Wine Estates, Barefoot Cellars, and Kona Brewing Co. These players are focusing on product portfolio expansion and new product launches to strengthen their market position.
The
Canned Alcoholic Beverages Market Size
and growth of online distribution channels. The demand for hard seltzers and other low-calorie alcoholic drinks is increasing among health-conscious consumers. E-commerce platforms offer wider availability of products which is helping companies to expand their customer reach.
North America dominates the global canned alcoholic beverages market owing to high beer consumption and increased adoption of premium/craft beers. However, Asia Pacific is expected to witness fastest growth during the forecast period supported by rising disposable incomes, changing lifestyles and growing social acceptance of alcohol consumption. Players are expanding their footprint in Asia's emerging markets through partnerships with local players.
Market Drivers
Rising preference for ready-to-drink beverages is a
Canned Alcoholic Beverages Market Size And Trends
Canned alcoholic drinks are convenient to carry and consume as compared to bottles or cans. The trend of on-the-go consumption is encouraging manufacturers to roll out innovative ready-to-drink canned products. Growing health-consciousness is also positively impacting the sales of low-calorie canned cocktail mixes which provide taste of cocktails with fewer calories. Furthermore, increasing social media marketing by companies is effectively promoting canned beer and wine coolers, attracting younger consumers.
PEST Analysis
Political: Regulations around production and sale of canned alcoholic beverages vary across countries and states. Changes in regulations can impact the demand and supply of such beverages in different markets.
Economic: Economic growth and rising disposable incomes are increasing the spending capabilities of consumers on luxury and premium goods. The canned alcoholic beverages market is benefiting from this growing expenditure power.
Social: Younger consumers are increasingly preferring convenient packaging of beverages over bottles. The social acceptability of public consumption of alcoholic beverages is helping popularize canned varieties.
Technological: Beverage manufacturers are leveraging advanced production technologies to offer canned beverages with diverse flavors, varieties and affordable price points. Blockchain integration is enabling traceability of ingredients and supply chains.
Major geographical regions where the canned alcoholic beverages market in terms of value is concentrated currently include North America and Europe. The demand is predominantly driven by high spending power of consumers and strong culture of social drinking in countries like the US, Canada, Germany, UK, France, etc.
The Asia Pacific region is projected to be the fastest growing market for canned alcoholic beverages during the forecast period. Burgeoning middle class, rising disposable incomes, cultural shifts favorable to alcohol consumption and hot climate propelling the popularity of convenient canned drinks are supporting the growth of this market in developing countries of Asia Pacific including China, India and Southeast Asian nations.
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