The Global Canned Alcoholic Beverages Market is estimated to be valued at US$6.11 billion in 2023 and is expected to exhibit a CAGR of 13.8% over the forecast period 2023-2030, according to a new report published by Coherent Market Insights.
Market Overview:
Canned alcoholic beverages refer to alcoholic beverages that are packaged in cans for easy transportation and consumption. These products offer convenience and are popular among consumers who are looking for portable alcohol options. They are lightweight, easy to carry, and have a longer shelf life compared to bottled alcoholic beverages. Additionally, canned alcoholic beverages are considered more environmentally friendly as they are recyclable. The increasing demand for convenient and on-the-go alcohol products is expected to drive the growth of the canned alcoholic beverages market.
Market Key Trends:
One key trend in the canned alcoholic beverages market is the rising popularity of ready-to-drink (RTD) canned cocktails. RTD cocktails are pre-mixed alcoholic beverages that are conveniently packaged in cans. These products eliminate the need for measuring and mixing ingredients and provide consumers with a hassle-free drinking experience. The demand for RTD canned cocktails is increasing among consumers who prefer convenience and variety in their alcoholic beverages. Manufacturers are introducing innovative flavors and ingredients to cater to changing consumer preferences and expand their product offerings in the market. The growing popularity of RTD canned cocktails is expected to contribute significantly to the growth of the canned alcoholic beverages market.
Porter’s Analysis
Threat of new entrants: The canned alcoholic beverages market faces a moderate threat of new entrants. While there are low entry barriers in terms of capital requirements and distribution networks, established companies have strong brand recognition and loyal customer bases, making it challenging for new entrants to gain market share.
Bargaining power of buyers: The bargaining power of buyers in the canned alcoholic beverages market is moderate. Buyers have the option to choose from various brands and products, giving them some power to negotiate on price and quality. However, certain premium brands may have a stronger position and attract more customer loyalty, reducing the bargaining power of buyers.
Bargaining power of suppliers: The bargaining power of suppliers in the canned alcoholic beverages market is relatively low. The market is dominated by large multinational companies that have established relationships with suppliers and can leverage economies of scale to negotiate favorable terms. Additionally, some key inputs such as alcohol and packaging materials have multiple suppliers, reducing the reliance on any single supplier.
Threat of new substitutes: The threat of new substitutes in the canned alcoholic beverages market is moderate. While there are various alternatives such as bottled alcoholic beverages and ready-to-drink cocktails, canned alcoholic beverages offer convenience and portability, which can be appealing to consumers. However, the availability and acceptance of substitutes can vary across different regions and consumer preferences.
Competitive rivalry: The competitive rivalry in the canned alcoholic beverages market is high. There are numerous key players operating in the market, each vying for market share and striving to differentiate their products through branding, flavors, and packaging. This intense competition leads to frequent product launches, marketing campaigns, and pricing strategies to attract and retain customers.
Key Takeaways
The Global Canned Alcoholic Beverages Market Size is expected to witness high growth, exhibiting a CAGR of 13.8% over the forecast period of 2023-2030. The market is driven by several factors, including the increasing popularity of ready-to-drink beverages, the growing demand for convenience and portability, and the rising preference for innovative flavors and packaging.
In terms of regional analysis, North America is anticipated to be the fastest-growing and dominating region in the canned alcoholic beverages market. This can be attributed to the presence of key players, changing consumer lifestyles, and the rising demand for flavored and craft alcoholic beverages in the region.
Key players operating in the canned alcoholic beverages market include Diageo plc, Brown-Forman, Pernod Ricard, Bacardi Limited, Suntory Holdings Limited, Asahi Group Holdings, Ltd., Anheuser-Busch InBev, E. & J. Gallo Winery, Constellation Brands, Inc., Treasury Wine Estates, Barefoot Cellars, and Kona Brewing Co. These players are actively involved in product innovation, marketing strategies, and mergers and acquisitions to maintain their competitive edge in the market.
Overall, the canned alcoholic beverages market is poised for significant growth, driven by changing consumer preferences, convenience factors, and the continuous efforts of key players to provide unique offerings and enhance customer experiences.
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