Worldwide RTD Spirit Market is projected to grow at a CAGR of 3.1% during 2018 – 2023 | Asserts MRFR

“RTD Spirit Market Research Report”
RTD Spirit Market Research Report: Type (Whiskey, Rum, Vodka, Tequila, Gin and others), Packaging Material (Glass, Metal and others), Distribution Channel (On-Trade and Off-Trade) and Region (North America, Europe, Asia Pacific and RoW) – Forecast till 2023

Market Overview:

RTD spirit is the dilution of hard liquor with fruit flavors and other drinks and packed for direct consumption. Cocktail has gained much popularity among the consumers which has influenced the manufacturers to come up with innovative RTD spirits in the market. Various flavorings are added to make the liquor flavored. In some cases, sugar or honey is also added to the alcohol to enhance its flavor. RTD spirits majorly have a base of vodka, tequila, whiskey, rum and others. Growing popularity of unique characters in liquors is increasing the share of RTD spirits in the liquor market.

Europe is dominating the RTD spirit market and is expected to be the fastest growing region over the forecast period, 2017-2023. U.K., Germany, Spain, and the Netherlands are the major contributors to the RTD spirit market in this region. Increasing disposable income followed by the high inclination of consumers towards premium alcoholic beverages is driving the growth of the market. Growing demand from youth population for RTD spirits is propelling the growth of the market.

Continuous product developments with new innovative flavors by the manufacturers are adding fuel to the growth of the market. All these factors are projected to grow the Europe market at a CAGR of 3.5% during the forecast period, 2017-2023.

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Major Key Players:

This report includes a study of strategies such as mergers, acquisitions, and product launches by the significant RTD spirit players. It further includes product portfolios, developments of leading players, which includes

  • Suntory Holdings Limited (Japan)
  • Bacardi Limited (Bermuda)
  • Pernod Ricard SA (France)
  • Diageo Plc. (U.K.)
  • Asahi Breweries, Ltd. (Japan)
  • Halewood International Limited (U.K.) and
  • The Brown-Forman Corporation (U.S.)

Key Findings:

Among the flavors, fruit flavors are gaining popularity among the consumers

Top exporters of RTD spirits include Germany, Spain, U.S., Jamaica and Netherlands

Segments:

By type, RTD spirits market is segmented into whiskey, rum, vodka, tequila, gin, and others. Among all, vodka is found to hold significant share based on high consumer preference. However, whiskey and rum are anticipated to have steady growth over the forecast period.

Based on the packaging material, RTD spirits market is segmented into glass, metal, and others. Among them, glass segment is projected to dominate the market and have substantial growth over the forecast period.

By distribution channel, RTD spirits market is segmented into on-trade and off-trade distribution channel. Among them, off-trade distribution channel is dominating the market and is witnessed to continue its dominance over the estimated period. However, on-trade distribution channel segment is also observed to grow eventually.  

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Regional Analysis:

The global RTD spirit market is segmented into North America, Europe, Asia Pacific and rest of the world (RoW). Europe has the dominant market share followed by North America. Developing economy has led to increase in disposable income due to which Europe is projected to generate a high revenue during the given forecast period. Changing consumer’s preferences amongst the alcoholic beverages will support the sale of RTD spirits in various regions during the forecast period. The major importers of flavored spirits include U.S., Spain, Germany, U.K, and the Netherlands. Based on the higher demand for alcoholic beverages especially amongst the population of youth, the import and export of RTD spirits in the developed countries is found to rise at a steady growth rate.

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