Hard seltzer market to reach $49.4bn by 2028
The global hard seltzer market size is expected to reach $49.4 billion by 2028, according to a new report by Grand View Research, Inc.
The market is expected to expand at a CAGR of 31.4% from 2021 to 2028. Shifting consumer preference for low alcohol content beverages especially among millennials and the working-class population is expected to be a key factor contributing to the growth of the market.
Hard seltzers are gaining popularity as low-calorie and low-sugar alternative alcoholic drinks to traditional alcoholic beverages among the health-conscious demographics across the world.
Hard seltzer flavours such as citrus and other fruity flavours are gaining rapid traction among consumers. The rising adoption of new flavours among consumers is likely to provide opportunities to the players operating in this market.
Key Insights & Findings from the report:
- The hard seltzer with 1.0% to 4.9% ABV content is projected to register the fastest growth rate over the forecast period owing to increasing demand for low-alcoholic beverages among millennials and Gen Z
- The on-trade channel segment is anticipated to register a CAGR of 34.0% from 2021 to 2028 due to the rising demand for it instead of beer and cocktails in pubs and bars
- The Rest of the World (RoW) is expected to register the fastest growth during the forecast period. Countries such as China, Australia, New Zealand, India, and UAE among others are expected to see a rapid surge in the consumption of hard seltzer.