Flavored Alcohol Market Growth Projections & Global Analysis 2024

"The Business Research Company recently released a comprehensive report on the Global Flavored Alcohol Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The flavored alcohol market size has grown strongly in recent years. It will grow from $1,157.07 billion in 2023 to $1,215.43 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to increasing demand for low-calorie options, rise of ready-to-drink (RTD) beverages, growing interest in natural ingredients, shift to better-for-you beverages, and increasing focus on flavor variety.

The flavored alcohol market size is expected to see strong growth in the next few years. It will grow to $1,488.62 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to changing consumer preferences, demand for convenience drinks, premiumization trends, innovative flavor profiles, and health-conscious consumers. Major trends in the forecast period include introduction of unique and exotic flavor combinations, growing preference for premium and craft-flavored spirits, the popularity of cocktail culture, incorporation of functional ingredients, emphasis on heritage brands, and traditional recipes with modern twists.

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Market Drivers and Trends:

Growing demand for ready-to-drink beverages is expected to propel the growth of the flavored alcohol market going forward. Ready-to-drink (RTD) beverages are pre-mixed, pre-packaged drinks that are consumed immediately and do not require any additional preparation by the consumer. The demand is increasing as a result of factors such as convenience, changing consumer preferences, and innovations in flavor profiles. Ready-to-drink (RTD) beverages provide a ready-to-consume format that caters to busy lifestyles and social settings, appealing to consumers who prefer quick serving flexibility. It also provides a diverse selection of flavors, attracting a wide range of consumers seeking fresh taste experiences. For instance, in February 2023, according to Monster Beverage Corporation, a US-based beverage company that manufactures energy drinks, net sales for the company's Monster Energy Drinks sector rose 2.6% to $1.39 billion in the fourth quarter of 2022, up from $1.35 billion in the fourth quarter of 2021. Therefore, the growing demand for ready-to-drink beverages is expected to propel the growth of the flavored alcohol market going forward.

Major companies operating in the flavored alcohol market are focused on developing next-generation innovative products, such as ready-to-drink (RTD) cocktail-style beverages, to provide consumers with an easy way to enjoy a stronger cocktail on the go. Ready-to-drink (RTD) cocktail-style beverages are pre-mixed alcoholic drinks that provide the convenience of premium cocktails in easy-to-consume packaging. For instance, in April 2023, The Boston Beer Company, a US-based provider of the highest-quality product to U.S. beer drinkers, launched Slingers Signature Cocktails. They are malt-based and have an ABV of 8.0%, which is greater than many other ready-to-drink cocktails. Slingers is introducing three popular cocktail flavors: Bahama Mama, Peach Screwdriver, and Pineapple Punch. The company intends to sell Slingers at a reasonable price, delivering a ""bang-for-your-buck"" experience. The drinks are packaged in 24-ounce cans, making them convenient for busy consumers.

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Major Key Players of the Market:

The Archer-Daniels-Midland Company, AB InBev, Diageo, Pernod Ricard, Molson Coors Beverage Company, Constellation Brands Inc., Kerry Group plc, Givaudan, Bacardi Limited, Brown-Forman, SAZERAC CO INC., Campari Group, Boston Beer Company, Edrington, Jack Daniel's Properties Inc., Heaven Hill Distillery, LUXCO INC., Beam Suntory Inc., Toshev Ltd., White Claw Seltzer Work, Hard Seltzer Beverage Company LLC

Flavored Alcohol Market 2024 Key Insights:

• The flavored alcohol market size is expected to see strong growth in the next few years. It will grow to $1,488.62 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
• Growing Demand For Ready-To-Drink Beverages Driving The Flavored Alcohol Market Growth
• Innovative RTD Cocktail-Style Beverages Redefining On-The-Go Drinking Experiences
• North America was the largest region in the flavored alcohol market in 2023

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