Growing preference for RTD alcoholic beverages amongst millennial is projected to escalate the RTD alcoholic beverages market at a CAGR of 4.6%

NEW YORK, UNITED STATES, February 14, 2022 /EINPresswire.com/ -- Latest market study on “Global RTD Alcoholic Beverages Market to 2027 - Analysis and Forecasts By Base Type (Whiskey, Rum, Vodka, Gin, Others); Packaging Type (Bottles, Cans, Others); Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, and Others)”. The global RTD alcoholic beverages market is accounted to US$ 26,447.9 Mn in 2018 in 2018 and is expected to grow at a CAGR of 4.6% during the forecast period 2019 - 2027, to account to US$ 39,428.9 Mn by 2027. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.

Report Coverage Details

Market Size Value in- US$ 26,447.9 Million in 2018
Market Size Value by- US$ 39,428.9 Million by 2027
Growth rate- CAGR of 4.6% from 2019-2027
Forecast Period- 2019-2027
Base Year- 2019
No. of Pages- 167
No. Tables- 83
No. of Charts & Figures- 77
Historical data available- Yes
Segments covered- Form , Concentration , and End Use
Regional scope- North America; Europe; Asia Pacific; Latin America; MEA
Country scope- US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage- Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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RTD alcoholic beverages are gaining popularity over the past few years and are mostly consumed as cocktails and long drinks. The growing preference for RTD cocktails by millennial in developed countries and the easy availability of these products in the market is driving the growth of the RTD alcoholic beverages market. Moreover, the alcohol content in RTD alcoholic beverages is low as compared to other alcoholic drinks. Thus, RTD alcoholic drinks are gaining acceptance by a larger millennial consumer base, which, in turn, is catalyzing the market growth. The young population is shifting their alcohol consumption habits from beer, wine, and spirits to RTD alcoholic beverages. This trend is projected to lead to a fundamental shift in the RTD alcoholic beverage industry since the millennial generation is now the largest and most important demographic for the RTD alcoholic beverage brands.

Impact of COVID-19 Pandemic on RTD Alcoholic Beverages Market

The COVID-19 pandemic first began in Wuhan, China, in December 2019, and since then, it has spread at a fast pace worldwide. As of September2020, the US, Brazil, India, Russia, Peru, South Africa, Mexico, and the UK are some of the worst affected countries in terms confirmed cases and reported deaths. The outbreak has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Food &beverages is one of the major industries suffering serious disruptions, such as office and factory shutdowns, and supply chain breaks, as a result of this outbreak.

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On the basis of the base type, the global RTD alcoholic beverages market has been segmented into whiskey, rum, vodka, gin, others. Under the base type segment, the gin segment is the fastest growing region in forecasted year. Gin is a distilled alcoholic beverage derived from juniper berries, also known as Juniperus communis. It is one of the oldest categories of spirits with a unique flavor that revolve around juniper as a common ingredient. Gin based RTD is the most popular consumers in America. Taking into consideration the popularity of gin based RTD in North America, the alcohol beverage producers are introducing new products in the market. For instance, in May 2019, Fever-Tree entered the ready-to-drink market with the launch of a line of bottled gin and tonics, as it looks to bring added convenience for consumers throughout the summer. The range consists of three variants, such as premium Indian gin and tonic, refreshingly light gin and tonic, and elderflower gin and tonic.

The global RTD alcoholic beverages market by application has been segmented into bottles, cans, and others. Under the base type segment, the cans segment is the fastest growing region in forecasted year. The canned RTD alcoholic beverages are available in various volumes ranging from 90ml to a liter. The easy portability of cans has been one of the driving factors for the rise of canned RTD alcoholic beverages. The cans can easily be carried to a picnic, a yacht, or a barbeque and are stronger as compared to bottles.
 
RTD Alcoholic Beverages Market: Competitive Landscape and Key Developments

Anheuser-Busch InBev NV, Asahi Group Holdings, Ltd, Bacardi Limited, Carlsberg Breweries A/S, Suntory Holdings Limited, Brown-Forman, Heineken N.V., Diageo plc., Davide Campari-Milano S.p.A. And Molson Coors Brewing Company The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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