PUBLISHER: Market Research Future | PRODUCT CODE: 1532339
PUBLISHER: Market Research Future | PRODUCT CODE: 1532339
Global RTD Spirit Market Research Report Information by Type (Rum, Whiskey, Vodka, Tequila, and Others), End-User (Residential/Retail, and Commercial), Category (Organic, and Regular), By Demographics (Gen Z, Millennials, Gen X, and Baby Boomers), By Packaging (Bottles and Cans), By Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, Online, and Others) and By Region (North America, Europe, Asia-Pacific, South America, and Middle East and Africa) - Forecast Till 2032
During the forecast period (2024-2032), the RTD Spirit market industry is expected to experience a compound annual growth rate (CAGR) of 36.49%, increasing from USD 3,446.85 million in 2024 to USD 41,515.64 million. The increasing demand for high-quality intoxicating beverages, versatility, and convenience among consumers.
The increasing consumption of RTD spirits, including rum, whiskey, and vodka, among a variety of consumer groups, including Gen X, Gen Z, millennials, and baby boomers, has compelled manufacturers to develop a diverse selection of products. This, in turn, will drive the market's growth in the years ahead. Salud, an urban lifestyle brand, plans to introduce new spirit-based ready-to-drink (RTD) products in ten additional Indian locations in May 2023. This will be achieved through a USD 1.5 million investment. Karnataka, Goa, Telangana, Maharashtra, Orissa, Pondicherry, Kerala, Punjab, Uttar Pradesh, and Chandigarh are among the primary Indian states in which the brand aspires to establish a powerful presence. Salud is targeting a wide range of consumers by emphasizing both main and smaller states, thereby providing its upscale lifestyle and products to a substantial audience. Additionally, the organization intends to introduce premium gin and Salud Bitters to the Indian market in the future months. The company asserts that it exclusively sold 30,000 cases of 24 bottles to the RTD market in the previous fiscal year. Furthermore, the organization is introducing three new SKUs that are derived from a variety of spirits in order to expand its product line and cater to a broader range of consumer preferences. Double Dutch, in partnership with John Paul Jones Rum (JPJ), introduced its inaugural ready-to-drink (RTD) tinned cocktail in August 2023. The RTD cocktail is a 250ml container of a light, energizing rum-based concoction that is made with JPJ's dark and dry Lowland Rum and Double Dutch's Cucumber and Watermelon mixer. It is a low-calorie, citrus beverage that is ideal for picnics, barbecues, and social gatherings, with an alcohol by volume (ABV) of 4.5%. Therefore, the demand for RTD spirits is expected to rise in the future years as a result of the increasing innovation by key players to accommodate the diverse consumer groups.
Rum, whiskey, vodka, tequila, and other spirits comprise the RTD Spirit Market segmentation. Organic and regular comprise the market segmentation, which is determined by category.
Gen Z, Millennials, Gen X, and Baby Boomers comprise the RTD Spirit Market segmentation, which is based on demographics. Supermarkets and hypermarkets, specialty stores, online retailers, and other entities comprise the market segmentation, which is determined by distribution channels.
Depending on the packaging, the market is segmented into two categories: bottles and cans.
Regional Perspectives
In 2022, the North American RTD Spirit market is expected to have the largest market share at 40.45% and a compound annual growth rate (CAGR) of 33.80%. This is primarily due to the rapid adoption of convenience-oriented alcoholic beverages and the robust cocktail culture, which is particularly prevalent among younger consumers. The second highest market share in the RTD Spirit Market is held by Europe. This is the result of a burgeoning interest in ready-to-eat beverages with a reduced alcohol content, in addition to a rich tradition of alcohol consumption.
The Asia-Pacific RTD Spirit market is anticipated to experience the most significant annual growth rate (CAGR) of 38.12% from 2022 to 2032. The Asia-Pacific RTD (Ready-to-Drink) Spirits market is characterized by rapid change and unique trends, which are driven by a plethora of opportunities. Individuals desire events that are both immersive and unforgettable, rather than merely a beverage.
The European RTD Spirit market is undergoing rapid transformation as a result of the increasing popularity of new brands and the evolution of consumer preferences. The appearance of this market, which is perpetually evolving, is being altered by a number of significant trends. The RTD Spirit market in Europe is experiencing a significant trend of increasing emphasis on health and fitness.
Diageo Plc (United Kingdom), Brown-Forman Corporation (United States), Pernod Ricard (France), Constellation Brands, Inc. (United States), Bacardi Limited (North Atlantic), Suntory Holdings Limited (Japan), Anheuser Busch InBev (Belgium), Heineken N.V. (Netherlands), Asahi Group Holdings, Ltd. (Japan), and J. Gallo Winery (United States) are among the key companies in the RTD Spirit market.