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Introduction / Market Synopsis:Ready to drink (RTD) spirits are packaged drinks; they contain diluted concentration of hard liquor with fruit flavors and other drinks and which are packed for direct consumption.
Increase in health consciousness among consumers is escalating the demand for low liquor content drinks, and driving the market growth. The global RTD sprit/ alcoholic beverages market is expected to register a growth rate of 3% during the forecast period, to garner a value of approximately USD 32 billion by 2024 end. Change in drinking lifestyles of consumers across the world and an upsurge in the popularity of cocktails has boosted sales for various RTD spirits in the alcoholic beverages. Alcoholic spirits are widely consumed by youth, a significant driver of the market in developed economies. Also, cocktail RTD drinks have gained popularity among consumers and are driving the market. Growing demand for flavoured spirits from the female population of urban countries is contributing in the growth of RTD market globally. In Jan 2014, Diageo introduced “Nola” which target female consumers.
Moreover, high expenditure on packaging solutions of RTD spirits drink has also fascinated buyers to spend, which, in turn, is supporting the market to grow at a steady pace.
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Market Segmentation:
The Global RTD spirit market is broadly classified by Product Type, Application, Packaging Type, Distribution Type and Top Players / Brands. By product type, the market is broadly classified into Whiskey, Rum, Vodka, Tequila, Gin and Others.
By application, the market is split into On-Trade and Off-Trade.
By packaging Type, the market is split into Bottles and Cans.
By distribution Channel, the market is split into Store-Based and Non-Store-Based.
To determine the market segment, the report covers the following 7 key players (along with key players’ basic information, product category, sales volume, revenue, price and gross margin (%)):
Diageo Plc
Asahi Breweries, Ltd
Suntory Holdings Limited
Bacardi Limited
Pernod Ricard SA
Halewood International Limited
The Brown-Forman Corporation
Wise Guy Reports’ report on global RTD Spirit market covers 2014-2025 production, consumption, revenue, gross margin, cost, gross, market share, CAGR / growth rate, future trends, drivers, opportunities and challenges.
Regional Analysis:
In the report, by region, the global market is divided into United States, Europe, Asia Pacific (Japan, China, India, South East Asia), South America (Brazil), South Africa, and Others.
Conclusion:
According to the National Institute on Alcohol Abuse and Alcoholism (NIAAA), Americans consumed an average of 2.32 gallons of alcoholic beverages in 2015. The rising demand for the flavoured alcoholic beverages is expected to create an opportunity in the global RTD market. Europe has dominant market share followed by North America.
Recently, consumption of alcohol premixes among consumers has impacted the attitudes of manufacturers as they are bringing expensive products to market. This is affecting the market significantly.
Increase in non-alcoholic beverages market due to rising health concerns, increased taxation, and growing awareness among the consumers is estimated to hinder the market growth during the forecast period.
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