The rise of the global canned alcohol market is continuing to dominate headlines, with projections showing it could grow to over $76 billion by 2033.
A report from Future Market Insights (FMI) estimates the current market to be worth US$17.35 billion, predicting it will achieve a CAGR (compound annual growth rate) of 16 percent during the next decade.
According to FMI, North America is by far the largest player, holding a share of just over 94 percent of the global canned alcohol market. Consumption in the United States has grown substantially in recent years, helping to fuel the current growth, but we are also seeing consumer preferences changing elsewhere.
In Europe, the canned alcoholic beverage sector has also grown quite substantially. In Germany for example, ready-to-drink (RTD) cocktail and craft beer sales have had an unexpected rise, with several German spirit and craft beer producers having introduced new canned alcoholic beverages to the market.
Shopgrok’s own data shows a similar pattern has followed suit in Australia. We found that the proportion of canned alcoholic beverages on the market has increased by around 8 percent during the past 24 months, with the category now making up 22.5 percent of the market.
RTD’s –the newest entrant to Australia– have experienced a tremendous uptick in popularity during and following the pandemic. Roy Morgan’s recent Alcohol Consumption Report found a record high 20 percent of Australians now drink RTDs over an average four weeks, almost doubling pre-pandemic consumption levels. This is in part thanks to the recent introduction of hard seltzer brands such as White Claw and Hard Fizz, which offer customers a relatively low calorie and convenient alternative to traditional alcohol offerings.
Tracking the range of a major Australian liquor retailer, ShopGrok found the number of unique hard seltzer brands carried had increased from an average of 19 (Q3 2021) to 48 (Q3 2023) over 24 months, signifying a 153% jump.
If you are a retailer, marketplace or brand looking for more data-driven insights like these to better navigate your pricing, promotions or ranging strategy, reach out to us to see the tailored solutions ShopGrok offers to your retail vertical.