RTD Spirits Market Regional Analysis, Key Players, Industry Segments, Development, Opportunities, And Forecast To 2024
RTD Spirit Market Overview
RTD spirit Market is the dilution of hard liquor with fruit flavors and other drinks and packed for direct consumption. Cocktail has gained much popularity among the consumers which has influenced the manufacturers to come up with innovative RTD spirits in the market. Various flavorings are added to make the liquor flavored. In some cases, sugar or honey is also added to the alcohol to enhance its flavor. RTD spirits majorly have a base of vodka, tequila, whiskey, rum and others.
Alcoholic spirits are popularly consumed by the youth generations which is a significant driver of the RTD spirits market. Changing lifestyle and adoption of the modern trends has influenced the high sale of RTD spirits in the alcoholic beverages market. Increase in disposable income is having a positive impact on this market. Rising demands for fortified and refreshing flavored alcoholic beverages is anticipated to further have a positive effect in this market across the globe.
Consumption of RTD spirits is gaining its popularity as mass consumers prefer to experiment with refreshing and new flavors in their drinks. Higher demand for flavored liquors from female population of urban countries has also influenced the increased share of RTD spirits. All these factors are projected to contribute to the estimated CAGR of 3.1% of RTD spirit market during the forecast period, 2017-2023.
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By type, RTD Spirits Market is segmented into whiskey, rum, vodka, tequila, gin, and others. Among all, vodka is found to hold major share based on high consumer preference. However, whiskey and rum are anticipated to have steady growth over the forecast period.
Based on the packaging material, RTD Spirits Market is segmented into glass, metal, and others. Among them, glass segment is projected to dominate the market and have substantial growth over the forecast period.
By distribution channel, RTD Spirits Market is segmented into on-trade and off-trade distribution channel. Among them, off-trade distribution channel is dominating the market and is witnessed to continue its dominance over the estimated period. However, on-trade distribution channel segment is also seen to grow eventually.
The major players in the RTD Spirit Market
- Diageo Plc. (U.K.)
- Asahi Breweries, Ltd. (Japan)
- Suntory Holdings Limited (Japan)
- Bacardi Limited (Bermuda)
- Pernod Ricard SA (France)
- Halewood International Limited (U.K)
- The Brown-Forman Corporation (U.S.)
The global RTD Spirit Market is segmented into North America, Europe, Asia Pacific and rest of the world (RoW). Europe is dominating the market followed by North America. U.K., Germany, Spain, and the Netherlands are major contributors to the growth of RTD spirit market in this region. Growing demand for premium alcoholic beverages in the U.S. is driving the growth of RTD spirits in North America.
Asia Pacific is witnessed to grow substantially owing to increasing disposable income and high inclination of youth population towards alcoholic beverages. Innovative product launch by the key manufacturers in the market will grow the RTD spirits market in the rest of the world.
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