Hard seltzer market predicted to reach $4.36bn by 2028
The hard seltzer market is projected to reach $4.36 billion by 2028 from $2.5 billion in 2021, according to a new report on Reportlinker.com.
The market is expected to grow at a CAGR of 8. 2% from 2021 to 2028.
The alcohol content in hard seltzers is low and is generally 5% by volume. Moreover, hard seltzers are low-calorie and low-sugar content beverages.
They are gaining popularity owing to the rising concerns about obesity, health, and fitness among consumers across the world.
Based on distribution channel, the hard seltzer market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others.
The supermarkets and hypermarkets segment accounted for the largest market share in 2020, and the online retail segment is expected to register the highest CAGR in the market during the forecast period.
Online retail offers convenience in terms of shopping and product delivery.Online retail stores offer a wide range of products and heavy discounts.
Additionally, home delivery service attracts a large group of consumers to shop through e-commerce portals.Moreover, these websites offer comprehensive product information, along with user reviews, which help buyers compare products and make informed decisions.
During the COVID-19 pandemic, online retail channels gained huge popularity due to the home delivery options offered by these service providers.
Based on region, the hard seltzer market is segmented into North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South America (SAM).
In 2020, North America held the largest share of the global hard seltzer market, and Asia-Pacific is estimated to register the fastest CAGR in the market over the forecast period.
The North America hard seltzer market is witnessing massive growth owing to the factors such as the presence of robust food and beverage industry, modern retail landscape, and potential customer base, and the availability of a wide range of products in the regional market.
Moreover, Truly and White Claw are among the prominent hard seltzer brands operating in the region.
A few players operating in the hard seltzer market include Anheuser-Busch INBEV; Constellation Brands, Inc; Heineken N.V.; Kona Brewing Co.; Kopparberg; Lift Bridge Brewing Co.; Mark Anthony Brands International; Molson Coors Beverage Company; Oskar Blues; and The Boston Beer Company; among others.
The overall hard seltzer market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.