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 from 2024 to 2031, according to a new report. Canned alcoholic drinks combine the convenience of cans with diverse beverage options like beer, hard seltzers, cocktails and more.
The canned alcoholic beverages market is witnessing strong growth driven by rising product innovation and global consumer preference for convenient and portable drinking options. Major players dominating the market include Diageo plc, Brown-Forman, Pernod Ricard, Bacardi Limited and Suntory Holdings Limited, among others.
The market is characterized by fierce competition with major companies and craft brewers launching new canned products to attract health-conscious millennials and Gen Z consumers. Lightweight and recyclable cans have made alcoholic drinks more portable and sustainable. Moreover, the growing popularity of ready-to-drink cocktails and flavored malt beverages in cans is fueling market expansion.
Rising demand for healthy and low-calorie drinking options and changing lifestyles are some of the key drivers propelling the canned alcoholic beverages market growth. Hard seltzers, considered a healthier alternative to beer, have gained immense traction among young consumers in recent years. Additionally, the growing social acceptance of public drinking is positively impacting the sale of canned beverages.
The canned alcoholic beverages market faces challenges such as health concerns related to binge drinking from cans, increasing marketing regulations by governments across regions, and continuous fluctuations in commodity prices.
- Political: Governments across regions are increasing regulations related to marketing and sales of canned alcoholic beverages especially targeting underage consumers.
- Economic: Factors such as fluctuating commodity prices of raw materials including aluminum and malt can impact manufacturing costs.
- Social: Issues around binge drinking from cans and related health risks is a concern especially among younger consumers.
- Technological: Players are investing in new packaging technologies and designs to make cans more sustainable and aesthetically appealing to attract new consumers.
North America has the highest market share currently due to large consumer base and high consumption rates in countries like the United States. Asia Pacific region is expected to witness the highest growth during the forecast period owing to rising disposable incomes, urbanization, and expanding youth population in countries like China and India.
Growing demand from Millennial and Gen Z consumer groups: Canned alcoholic beverages are becoming popular among younger consumers drawn by convenience, portability, and premiumization of offerings. Players are launching variety of flavors, new brands, and better formulations targeting these consumer cohorts.
Global expansion plans of leading players: Major players are expanding their global footprints by entering new markets, acquiring local manufacturers, or setting up local production facilities. This allows them to cater to diverse and evolving local consumer preferences.
Technological advancements in production: Manufacturers are focusing on developing more sustainable and lightweight cans made of alternative materials such as glass and Tetra Pak cartons. New production technologies help improve efficiencies, minimize waste, and reduce overall environmental footprint.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it