Canned Alcoholic Beverages Global Market Report 2024

The canned alcoholic beverages market size has grown rapidly in recent years. It will grow from $7.01 billion in 2023 to $7.94 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. Historical growth can be attributed to several factors, including the rise in outdoor and recreational consumption, shifts in consumer preferences, effective marketing and branding strategies, the introduction of innovative flavors and varieties, the expansion of retail outlets, and the emergence of craft canned drinks.

The canned alcoholic beverages market size is expected to see rapid growth in the next few years. It will grow to $13.37 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. Anticipated growth in the upcoming period is linked to premiumization efforts, broadening demographic reach, the increasing demand for hard seltzers, regulatory shifts, societal acceptance, and global economic influences. Major trends expected in this forecast period encompass the rise of ready-to-drink (RTD) cocktails, emphasis on sustainability with eco-friendly packaging, innovations in flavor combinations, the introduction of low-calorie and low-sugar options, collaborations and limited editions, and the surge in online retail and direct-to-consumer (DTC) sales.

The burgeoning demand for ready-to-eat food and beverages is poised to drive the expansion of the canned alcoholic beverages market. Ready-to-eat food and beverages encompass pre-prepared items that require no prior cooking before consumption. This surge in demand for convenient, easily consumable food and beverage options also fuels the increased interest in canned alcoholic beverages. A study conducted by the Distilled Spirits Council in 2021 revealed a substantial surge in global consumption of ready-to-drink (RTD) cocktails, marking a notable 42.3% increase. This trend underscores the growing consumer preference for convenient, on-the-go beverage choices, contributing significantly to the burgeoning demand for canned alcoholic beverages. As the demand for hassle-free, ready-to-consume food and beverage options continues to rise, the canned alcoholic beverages market is expected to witness substantial growth, propelled by evolving consumer preferences and lifestyles favoring convenience and accessibility.

The burgeoning inclination towards craft alcoholic beverages is poised to be a significant driving force behind the growth of the canned alcoholic beverages market. Craft alcoholic beverages, renowned for their small-batch production, artisanal craftsmanship, and distinctive flavors, are often associated with independent producers. Canned alcoholic beverages align seamlessly with this trend, offering a convenient and portable format that complements the unique flavors of artisanal drinks. An indicative snapshot from April 2023, sourced from the Brewers Association (BA), a US-based trade association representing small and independent craft brewers, highlighted that small and independent brewers collectively produced 24.3 million barrels of beer in 2022, mirroring the production figures of the previous year. Moreover, the craft beer market's overall share by volume expanded to 13.2%, up from 13.1% in the previous year, underscoring the steady growth and consumer preference for craft beverages. This rising trend towards craft alcoholic beverages, marked by consumers' appreciation for distinct flavors and artisanal quality, is instrumental in propelling the growth trajectory of the canned alcoholic beverages market. The compatibility between canned formats and the unique offerings of craft beverages positions canned options as a favorable choice for consumers seeking convenience without compromising on quality or flavor experience.

Strategic partnerships and collaborations have emerged as significant trends gaining traction within the canned alcoholic beverages market. Manufacturers in this sector are increasingly leveraging partnerships and collaborations to expand their range of offerings and services. For instance, in January 2021, Diageo, a UK-based beverage company renowned for its canned alcoholic beverages and diverse wine, beer, and spirits, forged a global partnership with 12 prominent e-commerce platforms and online retailers. This collaboration aimed to establish a robust online sales platform for alcohol, catering to evolving consumer preferences for online purchasing channels. Similarly, in November 2021, Bacardi, a Bermuda-based spirits company, engaged in a strategic partnership with Thirstie, a US-based technology firm facilitating connections between beverage alcohol brands and consumers. This collaboration led to the introduction of Bacardi e-gift cards featuring its premium spirit brands in the market, demonstrating the industry's commitment to innovative and convenient ways of engaging consumers. These partnerships and collaborations exemplify the industry's proactive approach in adapting to changing consumer behaviors and preferences, particularly in embracing e-commerce and technology-driven solutions to enhance accessibility and consumer engagement within the canned alcoholic beverages market.

Major players in the canned alcoholic beverages market are strategically focusing on the development of pre-mixed canned cocktails, such as the iconic Jack and Coke, to cater to the growing demand for cocktails and secure a competitive advantage. The classic Jack & Coke cocktail, renowned for its blend of Tennessee Whiskey and Cola, has become a focal point for innovation. In a notable move in March 2023, Jack Daniel, a prominent US-based Tennessee whiskey brand, joined forces with Coca-Cola, a leading US-based carbonated soft drink company, to introduce the Jack Daniel’s & Coca‑Cola RTD (ready-to-drink) beverage in the United States. This pre-mixed canned cocktail presents the timeless Jack & Coke concoction in a convenient 12-ounce can format, boasting a 7% alcohol by volume (ABV). This innovative offering caters to consumer preferences for easy-to-enjoy cocktails, leveraging the familiarity and popularity of the classic Jack and Coke blend while offering convenience and portability in a ready-to-drink format. Such strategic introductions underscore the industry's commitment to meeting consumer demands for convenient and premium-quality canned alcoholic beverages, thereby strengthening their foothold in the competitive market landscape.

In April 2021, Diageo, a prominent UK-based beverage alcohol company, completed the acquisition of Loyal 9 Cocktail for an undisclosed sum. This strategic acquisition was geared towards broadening and diversifying Diageo's portfolio, particularly in the realm of ready-to-drink (RTD) products. Loyal 9 Cocktail, a US-based company, specializes in offering vodka-based ready-to-drink cocktails. Diageo's acquisition of Loyal 9 Cocktail aligns with its strategic objective to expand its presence and offerings within the rapidly growing RTD segment. This move allows Diageo to leverage Loyal 9 Cocktail's expertise and product offerings in vodka-based RTD cocktails, enhancing its portfolio to cater to evolving consumer preferences for convenient, high-quality, and diverse ready-to-drink beverage options.

Major companies operating in the canned alcoholic beverages market report are Anheuser-Busch Companies LLC, Heineken N.V., Asahi Group Holdings Ltd., Suntory Holdings Limited, Diageo plc, Ball Corporation, Kirin Holdings Company Limited, Crown Holdings Inc., Pernod Ricard, Carlsberg Group, Molson Coors Beverage Company, Constellation Brands, Ardagh Group, Rexam PLC, Bacardi Limited, Brown-Forman Corporation, The Boston Beer Company, Treasury Wine Estates, Stone Brewing Co., CANarchy Craft Brewery Collective, Kona Brewing Co., Brooklyn Brewery, Avery Brewing Company, 21st Amendment Brewery, E. & J. Gallo Winery, Union Wine Company, Integrated Beverage Group LLC, Cigar City Brewing, Barefoot Cellars, Oskar Blues Brewery.

North America was the largest region in the canned alcoholic beverages market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the canned alcoholic beverages market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the canned alcoholic beverages market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Canned alcoholic beverages primarily consist of wine, ready-to-drink (RTD) cocktails, and hard seltzers. Wine is produced through the fermentation of grape juice. These canned alcoholic options come in varying alcoholic strengths such as high, medium, and low and are distributed through on-trade venues, liquor stores, online platforms, and other distribution channels.

The canned alcoholic beverages market research report is one of a series of new reports that provides canned alcoholic beverages market statistics, including canned alcoholic beverages industry global market size, regional shares, competitors with a canned alcoholic beverages market share, detailed canned alcoholic beverages market segments, market trends, and opportunities, and any further data you may need to thrive in the canned alcoholic beverages industry. This canned alcoholic beverages market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The canned alcoholic beverages market consists of sales of waters and carbonated waters, fruit and vegetable juices and nectars, water-based flavored carbonated and non-carbonated drinks. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.