RTD Alcoholic Beverages Market to Exceed USD 39,428.9 Mn by 2027 | Exclusive Report by The Insight Partners

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, December 7, 2022 /EINPresswire.com/ -- The RTD alcoholic beverages market accounted for US$ 26,447.9 Mn in 2018 and is expected to grow at a CAGR of 4.6% during the forecast period 2019 - 2027, to account for US$ 39,428.9 Mn by 2027.

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.

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The market for global RTD alcoholic beverages is concentrated with some very well-established players. Some of the key players in the global RTD alcoholic beverages market include 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 among others among others.

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.

Under the base type segment, the vodka segment accounted for the largest share in the global RTD alcoholic beverages market. Vodka is called a neutral grain spirit because the standard method for making it is by fermenting and distilling grain. The grains used for vodka production are corn, rye, wheat, or any other grain. Vodka is the most commonly distilled spirit found in cocktails and mixed drinks. Increasing demand for vodka as a cocktails ingredient in restaurants and bars is expected to boost the market growth of vodka over the forecast period. Moreover, millennials are shifting from binge drinking habits and adoring drinking by making their own cocktail with liqueurs such as vodka. Packaging plays a crucial role in the vodka market. A study conducted by Affinnova, Inc. shows that package design in the vodka market plays a vital role in shelf impact and consumer perception.

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In 2018, Asia Pacific held the largest share of the global RTD Alcoholic Beverages market is expected to hold the largest share in 2027. The Asia Pacific region is expected to garner a significant share in the global RTD alcoholic beverages market owing to the large production and consumer base in the area. Countries such as India, China and Japan are among the largest consumers of RTD alcoholic beverages in the Asia Pacific region. Asia-Pacific is also among the largest global producer of alcoholic beverages. Changing consumer lifestyles, rising disposable income and variation in tastes & preferences and social & cultural factors in these countries are stimulating the growth of RTD alcoholic beverages market in this region. The population of Asia-Pacific represents diversified tastes and preferences and fond of experimenting with food & beverages varieties. This fact has forced manufacturers to innovate and widen their product portfolio to meet the dynamic consumer demand.

The key players in the RTD alcoholic beverage market are experimenting with new and innovative flavors. As flavor options increase, consumers may turn to RTD products as a convenient way to cart drinks along on their summertime adventures, from barbecues and beaches to road trips and vacations. Companies in the RTD alcohol beverage have greatly expanded their product lines over the past few years and have heavily emphasized their marketing toward young consumers. For instance, in February 2018, the largest drinks group Diageo introduced a ready-to-drink (RTD) version of Tanqueray and Tonin. The company hopes the RTD will entice new gin drinkers to the second fastest-growing spirits category with its new pre-mixed offering. Various flavors such as Elderflower, Red Berry, Orange, Ginger, Lime, Coffee Crème, English Tea, Creamy Toffee, Maple, Lemongrass, Vanilla, and Cardamom & Tonic are used in the production of RTD alcoholic beverage.

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RTD Alcoholic Beverages Market is expected to reach US$ 39,428.9 Mn by 2027