The ready-to-serve cocktails market is estimated to secure a valuation of US$ 11.5 Billion in 2023 and is estimated to rise to US$ 23.9 Billion by 2033. The market is anticipated at a CAGR of 7.6% during the forecast period. The factors accelerating the demand for ready-to-serve cocktails are as follows-
The convenient and instant nature of read to serve cocktails are some of the key drivers for ready to serve the cocktail market. The ready-to-serve cocktails are the best option for house parties, barbeque nights, outings, and other events like music concerts, mega invents for serving a large crowd.
Increasing consumer inclination towards ready-to-drink and ready-to-serve products owing to the busy lifestyle and hectic work schedule is driving the demand for ready-to-serve cocktails. The increasing working population and increased number of working women are anticipated to drive market growth. Furthermore, the increase in demand is driven by consumers who prefer serving cocktails at house parties and social gatherings
North America dominates the market for ready-to-serve cocktails and is expected to maintain its lead during the forecast period owing to the increasing number of flavored alcohol beverage consumers.
Similar to North America European countries are also keen on ready-to-serve cocktail consumption, the increased demand from the countries like United Kingdom and Germany is due to the growing demand for convenience drinks in the region.
Asia Pacific is anticipated to witness a high growth rate in ready to serve cocktail market during the forecast period owing to the high population growth rate and increasing disposable income and high consumption of ready-to-serve cocktails in the region.
Some of the key players operating in ready to serve cocktail market are Austin Cocktails, Bamboozolers, Edwin+ Sons Cocktail.co, On the Rocks, Plain Spoke Cocktail co., Koloa rum, Malibu, Coco21, Bacardi Limited, Artista Cocktail.co, among others. The market is characterized by the presence of a few well-established players and several small and large players.
All these players are launching new products across the globe owing to the rising demand. The companies are focusing on the sustainability of the product and continuously engaged in acquisition, mergers, collaboration, and new product development to strengthen their market footprints. Other marketing strategies used by players include smart marketing and advertisement activities coupled with new product launches with functional benefits.
For instance, in September 2020 - Austin cocktails released a new line of sparkling and canned cocktails made with natural ingredients and seltzer water. Austin cocktails enter the canned cocktail category with three ready-to-drink offering Cucumber Vodka sparkling Mojito, Fred ruby red sparkling grapefruit cocktail, and Bergamot Orange Sparling Margarita.
The growing number of hotels, restaurants, and cafes globally is primarily leading to the increasing demand for ready-to-serve cocktails. With increasing awareness, manufacturers are introducing more natural and organic flavors to ready-to-serve cocktails. The market is expected to flourish in coming years with new market players entering the market with some innovative products.
For instance, founded in 2020 Sophisticated cocktails is the platform offering ready-to-drink cocktails with multiple flavored cocktails bagged in eco-friendly 1.5 ltr and 750 ml pouches with a tap. All these cocktails are made from locally grown fresh pressed food, premium alcohol brands, and locally costed cold brew coffee.
| Data Point | Key statistics |
|---|---|
| Expected Market value in 2023 | US$ 11.5 Billion |
| Projected Market Value in 2033 | US$ 23.9 Billion |
| Growth Rate (2023 to 2033) | CAGR of 7.6% |
There is a quite fine line between the ready to drink (RTD) and ready to serve (RTS) as both the terms are often used in collocation. But when it comes to alcoholic drinks, the definition is quite clear. RTD cocktails come in small sized packaging typically of the size 330 ml, thereby making it convenient for direct drinking whereas RTS cocktails are packed in a typical size of 1 litre container (mostly bottled glass) deeming it functional for serving.
Furthermore, the RTS cocktails have a high ABV (alcohol by volume) than that of the RTD cocktails. The introduction of RTS cocktails have helped in cutting down preparation time of cocktails by the bartenders, thus reducing lead time by enhancing customer service.
The product was launched to reduce the hassle of preparing cocktails at house parties, barbeque nights, outings, and at large scale events such as music festivals, concerts, and other mega events to cater to larger crowds more aptly.
The ability of ready to serve cocktails to provide economies of scale in service sectors such as the HoReCa is quite impressive and therefore, the global ready to serve cocktails market is expected to register a strong positive growth rate over the forecast period.
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With the health and wellness trend gaining popularity worldwide, it is important for market players to come up with products that are appealing to the health conscious consumers. A product packed with high quality ingredients and delivers on taste and function would showcase a perfect spirit mix to compliment the healthy lifestyle.
For Instance, Coco21 is a premium, ready-to-serve cocktail, made with pure coconut water and premium vodka distilled five times. It is also pasteurized allowing it to stay fresh for 2 years when unopened. The concept of gluten-free vodka that mixes smoothly with coconut water for clean, natural taste is surely expected to turn the consumer’s eyeballs.
Some of the key players manufacturing ready to serve cocktails are as follows -
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North America and Europe regions dominate the global ready to serve cocktail market registering a combined market share of nearly 80%. The market is also bound to register the highest growth rates at these regions over the forecast period. Oceania is also expected to show growing demand for RST cocktails, a potential market for emerging players.
The South Asian and East Asian markets are expected to catch up soon with the West owing to the rapid urbanization and growing party culture. Looking at the optimistic scenario, the whole of Asian market could overtake the other leading regions in terms of market volume share within the span of 20 years, indicating potential returns on investments for market players investing in the Asian region.
Latin American consumers are primarily known for being rigid drinkers but with the millennials showing interests towards sophisticated drinks, the market is bound to show a moderate growth arte over the forecast period. The MEA region is estimated to grow at the slowest growth rate owing to cultural aspects.
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The ready to serve cocktails market report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases).
The report also features a complete qualitative and quantitative assessment by analysing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the ready to serve cocktails market report projects the attractiveness of each major segment over the forecast period.
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