Ready To Drink Cocktail Market Size, Share, Growth Analysis, By Type(Wine-based, Spirit-based, Malt-based), By Packaging(Cans, Bottles), By Distribution Channel(Online, Offline), By Region - Industry Forecast 2024-2031

Ready To Drink Cocktail Market size was valued at USD 782.8 million in 2019 and is poised to grow from USD 853.2 million in 2023 to USD 2430 million by 2031, growing at a CAGR of 13.4% in the forecast period (2024-2031).

Anheuser-Busch InBev, world’s biggest brewer, along with other brewing giants are trying to join bandwagon of ready to drink cocktails. New players are also entering the ready to drink cocktail market to enjoy the lucrative growth potential. They are entering the market with strong distribution network to expand the market penetration. Aa early as 2018, the ready to drink cocktail market had as many as 10 brands. A year later, the number went to 26, and it further increased to 65 brands in 2020. Despite this, Mark Anthony Brands' White Claw has successfully retained around half of the market share. On the other hand, Truly, Boston Beer Company, holding second dominant position in the ready to drink cocktail market. 'Diageo plc', 'Bacardi Limited', 'Pernod Ricard SA', 'Brown-Forman Corporation', 'Asahi Group Holdings Ltd.', 'Suntory Holdings Ltd.', 'Beam Suntory Inc.', 'Campari Group', 'Remy Cointreau SA', 'The Coca-Cola Company', 'Anheuser-Busch InBev SA/NV', 'Constellation Brands Inc.', 'Keurig Dr Pepper Inc.', 'Molson Coors Beverage Company', 'The Boston Beer Company Inc.', 'The Wine Group LLC', 'Heineken N.V.', 'Carlsberg A/S', 'ABG Sundal Collier Holding ASA', 'Pabst Brewing Company'

Rise in consumer demand for convenient and innovative refreshing drinks is one of the key factors driving growth of the ready to drink cocktail market. The shift in consumers’ taste preferences as well as willingness to try out new flavors in alcoholic and non-alcoholic beverages has aided market growth. Furthermore, manufacturers are introducing trendy flavors like passion fruit, ginger beer, and pickle juice for consumers who find it difficult to resist trying new flavors.

Increasing popularity of flavored alcoholic beverages among millennials has emerged as one of the key trends in the ready to drink cocktail market.

North America dominated the Ready to drink cocktail market by contributing over 70% to market in 2021. Wherein, the US and Canada are the leading consumer of ready to drink cocktails because of the busy lifestyles that many people lead. They don't have time to mix their own drinks, so they rely on pre-mixed cocktails. This trend is especially popular among millennials who want to enjoy a night out without having to worry about making drinks. Ready to drink cocktails are also convenient for parties and other events where people want to enjoy a drink without having to wait for a bartender.