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Premix Cocktails Global Market Report 2022
Major players in the market are Bacardi & Company Limited, Diageo Plc, Heineken NV, Altia Oyj, Carlsberg A/S, Belvedere SA, Ball Corporation, The Whisky Exchange, Suntory Holdings, Mark Anthony Brands.
New York, July 15, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Premix Cocktails Global Market Report 2022" - https://www.reportlinker.com/p06284494/?utm_source=GNW
The global premix cocktails market is expected to grow from $19.42 billion in 2021 to $20.29 billion in 2022 at a compound annual growth rate (CAGR) of 4.5%. The market is expected to grow to $24.2 billion in 2026 at a compound annual growth rate (CAGR) of 4.5%.
The market for premix cocktails consists of sales of premix cocktails and its related products.Premixed cocktails are also known as flavored alcoholic beverages, ready-to-drink (RTD) alcohol-based beverages, pre-packaged spirits, or premixed beverages.
These are prepared from alcohol mix with fruit juice, contains healthy amount of carbonation, and is a packed form of alcoholic beverages for direct consumption.Premix cocktails categories can be wine-based, spirit-based, or malt-based drinks.
These flavored drinks with low alcohol content are available for purchase generally through online channels, small retail shops, and convenience stores.
The main product types are rum, whiskey, vodka, wine, and Other Product Types.Rum is a liquor made by fermenting and distilling sugarcane molasses or sugarcane juice.
The various type of flavors used in premix cocktails are fruits, spiced, and Other Product Types. The premix cocktails are distributed using hyper/supermarket, departmental stores, specialty stores, and online retailers.
Asia Pacific was the largest region in the premix cocktail market in 2021.Western Europe was the second-largest region in the premix cocktail market.
The regions covered in the premix cocktails market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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 a report published by Forbes in February 2019, 65% of the UK alcohol consumers aged 25 to 34 are trying or have tried to cut back their alcohol intake.
Additionally, according to The International Wine and Spirit Research (IWSR)’s low/no-alcohol report published in February 2019, 52% of the USA consumers are trying to reduce their alcohol consumption. Moreover, low/non-alcohol products are projected to record healthy growth in the UK, led by spirits recording a CAGR of 81.1% from 2018 to 2022, and ready-to-drinks products growing a CAGR of 44.3% during the period. 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 stringent regulations and the government imposing high taxes on premix drinks are expected to limit the growth of the market.The foreign brands are being imposed high import duties owing to the high competition in the market.
The government regulations are one of the major factors restraining the growth of the premix cocktails market.For instance, in July 2019, the Philippines government announced plans to increase taxes on alcopops to discourage binge drinking and generate additional revenues.
The government of the Philippines currently imposes a tax of 20% Valorem tax on the net retail price per proof of distilled spirits. Therefore, the increasing taxes on premix cocktails are have a negative impact on the growth of the premix cocktails market.
The bars are increasingly preparing premixes of cocktails and are refrigerating to serve the 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 best experience.
For instance, Mister Paradise, a bar and restaurant in Manhattan premixes a cocktail Café Disco and serves to its clients when ordered. Moreover, bartenders are increasingly selling their premixes outside the bar as well.
In December 2019, Diageo, Smirnoff vodka maker announced the acquisition of Tipplesworth, UK-based pre-mix cocktails specialist for an undisclosed amount.The acquisition is expected to bring great innovation in the product portfolio of the Diageo Company and seek to drive the expansion of the brand’s draught system in the UK on trade.
Tipplesworth cocktail maker was founded in 2013 and is engaged in selling its passion fruit martini and espresso martini in 100 outlets across Great Britain.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06284494/?utm_source=GNW
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