The global canned alcoholic beverages market is experiencing substantial growth. Introduced briefly is the market for canned alcoholic drinks, which has seen increasing popularity in recent years given preferences for convenience and portability.
The global Canned Alcoholic Beverages Market is estimated to be valued at US$ 7.94 Billion in 2024 and is expected to exhibit a CAGR of 14.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Canned alcoholic beverages offer advantages of resealability and portability favoring increased consumption at parties, picnics, and recreational activities. Major players operating in this 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.
There are a few notable trends driving the canned alcoholic beverages market. Firstly, millennials and Gen Z consumers continue boosting demand for canned beverages as they favor convenience and ease-of-carrying products. These younger demographic segments also tend to experiment with a variety of flavors, leading to new product innovation. Secondly, there is rising availability of premium and flavor-infused canned cocktails as players aim to upsell consumers to higher-margin offerings. Major players are regularly launching diverse and premium cans tailored to changing preferences. Lastly, the market benefits from growing social acceptance of public alcohol consumption, as cans allow discreet drinking in appropriate settings compared to glass bottles.
Market Drivers
One of the key drivers fueling the growth of the canned alcoholic beverages market is the increasing preference for convenience and on-the-go consumption among millennials and generation Z consumers. Canned beverages are easy to carry and consume as compared to bottles or glass containers. Their portability and re-sealable feature make them very convenient for outdoor activities and social gatherings.
Secondly, the rising culture of social media influencer marketing and digital native consumers is positively impacting the canned alcoholic beverages market. Many brands are partnering with popular Instagram and YouTube influencers to promote their canned products. Promotional campaigns highlighting the lifestyle imagery and on-the-trend attribute of canned drinks are resonating well with younger demographic.
Opportunities
The canned alcoholic beverages market has strong potential opportunities in the emerging economies across Asia Pacific and Latin America. With rising disposable incomes and expansion of middle-class population, these developing regions are witnessing increased consumption of premium alcoholic brands. The global players can gain significant market share by customizing their canned product portfolio according to regional tastes and preferences. They can also consider strategic partnerships with local breweries to swiftly set up manufacturing and distribution infrastructure in high growth markets. This will help them capitalize on the fast growing demand for convenience alcoholic beverages in developing nations over the next decade.
Key Takeaways
The canned alcoholic beverages market is anticipated to witness steady growth owing to rising demand for premium and high-quality canned drinks among young consumers globally.
The market is also benefitting from continuing global expansion strategies by large industry players. Major brands are investing in overseas distribution networks and acquisitions to establish footprint across Asia Pacific, Middle East, Africa and Latin America. As awareness increases in emerging economies regarding foreign premium brands, the international sales portion of leading conglomerates is estimated to rise substantially over the forecast period.
Lastly, technological modernization will play a pivotal role in shaping future market trends. Advancements in can decorating, filling and closing equipment allows crafting of more customized packs with vibrant graphics and convenient features. Meanwhile, incorporation of intelligent packaging solutions like smart labels with QR codes provides engaging digital experiences. Adoption of innovative technologies will augment production efficiencies while elevating the overall consumer proposition over the long run.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
