Canned beverages refer to alcoholic drinks that are prepackaged, sealed, and distributed in metal containers. These products offer ease, portability, and an extended shelf life. This extensive category includes beer, wine, cocktails, hard seltzers, and spirits. The canning process shields the drink from oxygen and light, which can compromise its quality over time, thereby maintaining its flavor, carbonation, and alcohol content. Initially, cans gained traction in the beer industry, but as consumer preferences shifted towards portable, portion-sized, and eco-friendly packaging, they have gained popularity across various alcoholic beverages. The rise in demand has been significantly driven by Generation Z and Millennials, who prioritize sustainability and convenience.
According to SPER Market Research, ‘Global Canned Alcoholic Beverages Market Size – By Product, By Distribution Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2034’ state that the Global Canned Alcoholic Beverages Market is predicted to reach 174.78 billion by 2034 with a CAGR of 19.39%.
Drivers:
The popularity of canned alcoholic beverages is swiftly rising due to multiple factors. The canned format is perfect for outdoor events and easy consumption while on the go, thanks to its lightweight, portable, and robust nature. This trend aligns particularly with younger consumers, notably Millennials and Gen Z, who prefer ready-to-drink (RTD) beverages that fit their hectic schedules. Furthermore, the market is being affected by a transition towards health-oriented preferences. Drinks made with natural ingredients, reduced sugar content, and fewer calories are becoming increasingly popular. This change has led to the rise of light beers and hard seltzers as healthier substitutes for conventional alcoholic beverages.
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Restraints:
The market for canned alcoholic drinks faces several challenges that could influence its rate of growth. One significant issue is the high cost of producing steel and aluminum cans, which tend to be more expensive than plastic options. This financial aspect might limit the participation of smaller manufacturers and affect pricing strategies. Regulatory challenges also pose a problem, as different countries have varying laws governing the distribution and sale of alcoholic beverages, including those related to licensing, taxation, and labeling. These complexities can increase compliance costs for producers and hinder market growth. Moreover, the industry encounters intense competition from popular ready-to-drink (RTD) products such as traditional beers and bottled beverages.
North America leads the market for canned alcoholic beverages thanks to its dynamic lifestyle, robust distribution systems, and consumer inclination towards convenient, ready-to-drink choices. Some of its key players are Anheuser-Busch InBev, Asahi Group Holdings, Ltd., Bacardi Limited, Barefoot Cellars, Brown-Forman.
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Canned Alcoholic Beverages Market Forecast
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