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Premix Cocktails Market Trends, Size & Forecast 2024-2033
Premix Cocktails Market Trends
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According to The Business Research Company's, The premix cocktails market size has grown steadily in recent years. It will grow from $23.65 billion in 2023 to $24.78 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to changing consumer lifestyles, marketing and branding strategies, urbanization and on-the-go culture, innovations in packaging, rise of cocktail culture.
The premix cocktails market size is expected to see steady growth in the next few years. It will grow to $29.02 billion in 2028 at a compound annual growth rate (CAGR) of 4.0%. The growth in the forecast period can be attributed to health and wellness trends, premiumization and craft offerings, e-commerce growth, global flavor exploration, alcohol regulations and licensing. Major trends in the forecast period include diversity in flavor profiles, rising popularity of low- and no-alcohol variants, focus on premium ingredients, digital marketing and e-commerce growth, collaborations and limited edition releases.
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Market Drivers and Trends:
Increasing consumer preferences for healthy drinks with low alcohol content is projected to boost the demand for premix cocktails over the forthcoming years. According to the Department for Environment Food & Rural Affairs in October 2022, the Uk-based government agency for environmental protection, food production, agriculture, and fisheries, the spending on food and non-alcoholic drinks accounted for 49% in 2021. Therefore, increasing consumer preferences for healthy or low-alcohol drinks is predicted to propel the demand for the premix cocktails market over the forthcoming years.
The bars are increasingly preparing premixes of cocktails and are refrigerating them to serve customers on request. The bartenders are mixing the cocktails ahead of the order and are prebatching them, giving them time to interact with the customers and make sure they have the best experience. For instance, Mister Paradise, a bar and restaurant in Manhattan, premixes a cocktail called Café Disco and serves it to its clients when ordered. Moreover, bartenders are increasingly selling their premixes outside of the bar as well.
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Major Key Players of the Market:
Anheuser-Busch InBev SA/NV, The Coca-Cola Company, Heineken NV, Diageo plc, Suntory Holdings Ltd., Asahi Group Holdings Ltd., Kirin Holdings Co. Ltd., Ball Corporation, Molson Coors Beverage Company, Pernod Ricard SA, Carlsberg A/S, Constellation Brands Inc., Castel Group, The Absolut Company, Bacardi & Company Limited, Brown Forman Corp., Davide Campari-Milano NV, William Grant & Sons Ltd., Mark Anthony Brands Inc., Edrington Group Ltd., Mike's Hard Lemonade Co., Luxco Inc., Altia Oyj, Shanghai Baccus Liquor Co. Ltd., Patron Spirits International AG, Beam Suntory Inc., Phision Projects LLC, Halewood Artisanal Spirits plc, Belvedere SA, Elixir House Limited, Stock Spirits Group plc
Premix Cocktails Market 2024 Key Insights:
• The premix cocktails market size is expected to see steady growth in the next few years. It will grow to $29.02 billion in 2028 at a compound annual growth rate (CAGR) of 4.0%.
• Rising Consumer Preference For Healthy Low-Alcohol Drinks Driving The Premix Cocktails Market
• Growing Trend Of Premixed Cocktails In Bars And Beyond
• Asia-Pacific was the largest region in the premix cocktails market in 2023
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