Canned Alcoholic Beverages Market Size, Share, Growth Analysis, By Product Type(Bear, Cider, wine, cocktail), By Distribution channel(Supermarkets/ hypermarkets, liquor store, online retail, convenience Store), By Packaging type(Slim can, standard Cans, and others), By Price range(Economy, mid range, premium, and others), By Region - Industry Forecast 2024-2031

Canned Alcoholic Beverages Market size was valued at USD 10.01 billion in 2021 and is poised to grow from USD 12.2 billion in 2022 to USD 59.49 billion by 2030, growing at a CAGR of 21.9% in the forecast period (2023-2030).

The canned alcoholic beverages market has witnessed significant growth in recent years, driven by changing consumer preferences and increasing demand for convenient and portable alcoholic beverages. Competition intensity is extremely high as several key players are looking for market shares. The competition in the canned alcoholic beverages market is primarily based on factors such as product innovation, price, distribution channels, and marketing and advertising strategies. Companies are constantly introducing new and innovative products to attract customers and gain a competitive edge in the market. In addition to traditional alcoholic beverages such as beer and wine, companies are also introducing flavored malt beverages, hard seltzers, and other alcoholic drinks in cans to cater to the changing preferences of consumers. The increasing popularity of these drinks has led to more players entering the market, intensifying the competition. Marketing and advertising strategies play a critical role in building brand recognition and attracting customers in this highly competitive market. Companies that can effectively promote their products through social media, influencer marketing, and other channels are more likely to gain a competitive edge. 'Anheuser-Busch InBev SA/NV', 'Bacardi Limited', 'Brown-Forman Corporation', 'Constellation Brands, Inc.', 'Diageo plc', 'E.&J. Gallo Winery', 'Heineken N.V.', 'Kirin Holdings Company, Limited', 'Kopparberg Brewery AB', 'Mike's Hard Lemonade Co.', 'Molson Coors Beverage Company', 'Pernod Ricard S.A.', 'Suntory Beverage & Food Limited', 'The Boston Beer Company, Inc.', 'The Coca-Cola Company', 'The Hershey Company', 'The Wine Group Inc.', 'Truly Hard Seltzer', 'White Claw Seltzer Works', 'ZIGMA Hard Seltzer', 'In April 2022, Constellation Brands completed the acquisition of the remaining shares of Austin Cocktails, a craft-cocktail business based in Austin, Texas, that was founded by two sisters, Jill Burns and Kelly Gasink, in 2012. The company distributes high-end premixed cocktails in a variety of flavors, including Cucumber Vodka Mojito, Ruby Red Cocktail, Perfect Bergamot Orange Margarita, Peppered Maple Blood Orange Bourbon Cocktail, and New School Gin Mule, all of which have an alcohol content of 12% to 15%. Austin Cocktails' products were distributed in 28 states in the previous year, demonstrating its widespread reach.'

The popularity of Ready-to-Drink (RTD) cocktails has been on the rise in recent years due to their convenience and taste. These cocktails are pre-mixed and packaged, eliminating the need for consumers to buy and mix ingredients themselves. This makes them a convenient option for those who want to enjoy a cocktail without the hassle of preparing one from scratch. Canned alcoholic beverages provide an ideal platform for RTD cocktails. The cans are the perfect size for single servings and are easy to transport and store. They also provide a durable packaging option that is less likely to break than glass bottles, making them an ideal option for outdoor events such as concerts and festivals. In addition to convenience, canned RTD cocktails also offer a wide range of flavors and varieties, catering to different tastes and preferences. From classic cocktails like margaritas and mojitos to innovative new flavors, consumers can choose from a diverse range of options. The growth in popularity of RTD cocktails has also led to an increase in innovation in the canned alcoholic beverages market. Manufacturers are constantly introducing new flavors and combinations to cater to the evolving tastes of consumers.

The market for hard seltzers has been on the rise in recent years due to the growing demand for low-calorie, low-sugar, and low-alcohol beverage options, especially among younger consumers. This trend can be attributed to the increasing health consciousness of consumers who are seeking healthier beverage alternatives that align with their dietary needs and lifestyle choices. Hard seltzers are a type of alcoholic beverage that typically contain carbonated water, alcohol, and fruit flavors. They have gained popularity due to their light and refreshing taste and are often perceived as a healthier alternative to other alcoholic beverages due to their lower calorie and sugar content. As a result of the growing demand for hard seltzers, many companies have introduced their own hard seltzer products in the market. These products come in a variety of flavors and are marketed towards consumers who are seeking a healthier and more convenient option for alcoholic beverages. Some of the leading brands in the hard seltzer category include White Claw, Truly, Bon & Viv, and Bud Light Seltzer, among others.

The market for canned alcoholic beverages was majorly dominated by North America, accounting for over 94.0% of the revenue share. The increasing availability and growing per capita expenditure on alcohol in the region are expected to drive market growth. According to the Consumer Expenditure Survey data released by the Bureau of Labor Statistics in 2019, an average consumer in the U.S. spends around USD 579 annually on alcohol. Additionally, binge drinking and heavy alcohol consumption among adults aged 18 and above are also anticipated to boost market growth.