Canned alcoholic beverage market to reach $17.19bn by 2031
The Canned Alcoholic Beverages Market is projected to grow from $ 6.11 billion in 2023 and is estimated to reach $17.19 billion by 2031; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 13.8% from 2024 to 2031 according to a new report by Coherent Market Insights.
Canned alcoholic beverages provide convenience of consumption of beers, ciders, wines, and cocktails in a portable aluminium can format. They are gaining popularity among young adults and millennials for outdoor activities and social gatherings.
The market for canned alcoholic beverages is expected to experience high growth due to the convenience they offer. Canned alcoholic beverages are easy to carry and store, making them a popular choice among consumers.
Moreover, the trend of convenience-oriented products is on the rise, especially among millennials who prefer on-the-go options. Canned alcoholic beverages provide a convenient option for consumers to enjoy their favourite drinks without the need for additional mixers or glassware. This convenience factor is expected to drive the demand for canned alcoholic beverages in the market.
Canned Alcoholic Beverages Report Scope:
Another driver for the growth of the canned alcoholic beverages market is the increasing number of outdoor events and activities. Canned alcoholic beverages are suitable for outdoor activities such as picnics, camping, and beach parties as they are lightweight, easy to transport, and do not require additional equipment for consumption. T
he growing popularity of outdoor events and the desire for hassle-free consumption are expected to boost the demand for canned alcoholic beverages.
One of the key trends observed in the canned alcoholic beverages market is the increasing demand for low-alcohol or no-alcohol variants. With changing consumer preferences and the growing trend of health-consciousness, consumers are seeking alternatives to traditional alcoholic beverages.
Low-alcohol or no-alcohol canned options provide consumers with the opportunity to enjoy the taste and experience of alcoholic beverages without the high alcoholic content. This trend is driven by the increasing number of individuals adopting a moderate or no-alcohol lifestyle.
Another trend in the market is the rising popularity of cocktail-inspired ready-to-drink canned alcoholic beverages. These canned beverages offer the convenience of enjoying mixed drinks without the need for bartending skills or elaborate ingredients.
Ready-to-drink canned cocktails provide consumers with a quick and hassle-free option to enjoy their favourite cocktails at home or on-the-go. The combination of convenience and variety offered by these cocktail