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The global canned cocktails market is progressing at breakneck speed and anticipated to surpass a valuation of US$ 146 billion in 2030. The introduction of novel features such as interlocking cans and threaded cans is boding well for market growth. However, the spread of COVID-19 is compelling for consumers to stay indoors, which eventually diminishes the demand for canned cocktails. Shutdown of hotels, restaurants, and eateries combined with a decrease in production capacity is also adversely affecting the canned cocktails market. However, the market will bounce back with the resuming of food establishments around the world.
Key Takeaways from Canned Cocktails Market Study
Europe dominates the global canned cocktails market with a projected share of over 40% in 2020. In particular, ready-to-drink canned cocktails are capturing customer attention and fuelling growth in the region.
The canned cocktails market in South Asia and Oceania is likely to experience high growth in the future, owing to increasing demand for alcoholic beverages in the region.
Regional cocktails with primary ingredients other than spirits, wine, and malts are likely to experience high growth in the future, owing to increasing demand for regional alcoholic beverages across the world.
Non-alcoholic additive ingredients hold a major share of over 70% in the global market and are likely to continue to maintain their dominating position throughout the forecast period as well.
Canned cocktails sold through retail stores hold a major share in the global canned cocktails market but are likely to lose their dominating position to hypermarkets/ supermarkets during the forecast period.
“The ongoing COVID-19 pandemic will slightly affect the growth of the canned cocktails market in the near term, which is otherwise set to expand at an impressive CAGR of 20% through 2030,” says a Fact.MR analyst.