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Hard Seltzer, Global Market Insights, Growth, Trends 2024
Global Hard Seltzer, Business Growth, Market Trends, Insights 2024
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According to The Business Research Company's, The hard seltzer market size has grown rapidly in recent years. It will grow from $14.37 billion in 2023 to $16.83 billion in 2024 at a compound annual growth rate (CAGR) of 17.1%. The growth in the historic period can be attributed to rise in disposable income, the increased online sales of beverages, the growth in the tourism industry, and the advancements in brewing technology.
The hard seltzer market size is expected to see rapid growth in the next few years. It will grow to $32.53 billion in 2028 at a compound annual growth rate (CAGR) of 17.9%. The growth in the forecast period can be attributed to the rapid urbanization, the rising consumption of alcoholic drinks, the rising demand for gluten-free beverages, and the growing demand for ke*to and vegan diet. Major trends in the forecast period include offering natural ingredient-based hard seltzers, providing multiple flavor hard seltzers, a focus on expansion of stores or increasing product availability, a focus on product innovations, launch of innovative marketing campaigns, and a focus on strategic partnerships.
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Market Drivers and Trends:
The rising consumer preference for carbonated beverages with reduced alcoholic content is expected to propel the growth of the hard seltzer market going forward. Carbonated beverages are drinks that include carbon dioxide dissolved in water, resulting in fizzing and bubbling. Carbonated water is mixed with alcohol and fruit flavors to make hard seltzer. For instance, according to PepsiCo, a US-based carbonated beverages company, India's annual per-capita bottle consumption in beverages increased by 84 bottles in 2021. In India, carbonated drinks account for 51% of PepsiCo's total sales. Therefore, the rising consumer preference for carbonated beverages drives the growth of the hard seltzer market.
Product innovations are a key trend in the hard seltzer market as companies look to stay competitive and meet the evolving needs of their consumers. Innovation in a product can generate buzz and excitement, which can increase brand awareness and drive sales. Major companies in the hard seltzer market are focusing on product innovations and developing new product solutions to strengthen their position in the market. For instance, in October 2022, Truly Hard Seltzer, a US-based innovator of hard seltzers, launched its innovative spirits-based hard seltzer, Truly Vodka Seltzer. It is made up of six-times-distilled premium vodka and real fruit juice, and it was made available in four unique flavors, including Blackberry and lemon, Pineapple and cranberry, Cherry and lime, and Peach and tangerine. Truly Vodka Seltzer becomes a perfect way to level up the drinking experience of customers as it has 5% ABV, 110 calories, 2 grams of sugar, and is gluten-free.
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Major Key Players of the Market:
Textron Inc, Yamaha Motor Co., Ltd, Club Car LLC, Marshell Green Power Co. Ltd, Guangdong Lvtong New Energy Electric Vehicle Technology Co Ltd, Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd, HDK Electric Vehicle, JH Global Services Inc, Dongguan Excar Electric Vehicle Co., Ltd, STAR EV Corporation, Xebio Group, Kandi Technolgies Corporation, Borcart, HillBilly Australia, Garia Luxury Golf Car, Stewart Golf Limited, EZ-GO, Melex, Icon Golf Cart, CCE Golf Cars, Mission Golf Cars, Inland Hobbs Material Handling, Ness Turf Equipment, King of Carts , LLC, Nivel Parts, Motor Appliance Corp, Golf Cart Parts Company, Sol Patch International, Inc, Bugle Forklift Sales & Rentals LTD, Royal Impex, Neuron Energy, First International Specialized Vehicles Trading LLC, H I C Battery FZCO, Eazytech, Royal Elite Valet Parking Company, Smith Power Equipment, Golf Car Worx, Evo Motors
Hard Seltzer Market 2024 Key Insights:
• The hard seltzer market size is expected to see rapid growth in the next few years. It will grow to $32.53 billion in 2028 at a compound annual growth rate (CAGR) of 17.9%.
• Growing Demand For Low-Alcohol Carbonated Beverages Boosts Hard Seltzer Market
• Innovative Offerings Propel Growth In The Hard Seltzer Market
• North America was the largest region in the hard seltzer market in 2022
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Learn More About The Business Research Company
The Business Research Company ( https://www.thebusinessresearchcompany.com ) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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