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Canned alcoholic beverages market size worth $13.4 billion by 2028

The global canned alcoholic beverages market size is expected to reach USD 13.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 13.3% from 2021 to 2028. Canned alcoholic beverages are gaining popularity among consumers since cans are more convenient, portable, and travel-friendly. Moreover, these metal cans are less expensive as compared to glass bottles and have a considerably higher recycling rate than glass.

In Asia Pacific, the market is expected to witness a CAGR of 13.9% from 2021 to 2028. The major factor driving the market in the region is the presence of young consumers and rapidly growing economies.
The wine segment is projected to register the fastest CAGR of 13.7% from 2021 to 2028. The rising awareness among consumers for more eco-friendly alternatives to plastic bottles coupled with the growing taste for convenient products is propelling the demand for canned wine.


The online segment is expected to register the fastest CAGR of 13.6% from 2021 to 2028. The hassle-free shopping experience offered by various online platforms is expected to drive the growth of the segment.


The hand seltzers segment held the largest revenue share in 2020 and is expected to maintain its dominance over the forecast period. Hard seltzers are carbonated water-based drinks, which are usually infused with fruits and spirits. These have become quite popular among millennials due to their low alcohol content. Low prices of hard seltzer, easy availability across supermarkets and convenience stores are factors anticipated to boost their sales in the upcoming years.


The liquor stores segment contributed a majority of the share to become the largest division in the global revenue in 2020. These stores have been a widespread and well-established distribution channel for canned alcoholic beverages. The wide availability of both premium and private label brands at these stores attract consumers to purchase products through these channels.


In addition, a report published by Fior Markets claims the global functional beverages market is expected to grow from $125.39 billion in 2020 to $216.7 billion by 2028, growing at a CAGR of 7.08% during the forecast period 2021-2028.


Functional beverages are liquids that often contain a health claim and are used to hydrate the body and maintain nutritional balance. On the basis of type, the global functional beverages market is segmented into drinks, energy drinks, fruit and vegetable juices, herbal and fruit teas, fortified water, rehydration solutions, dairy beverages, non-dairy beverages and others.


The energy drinks segment dominated the market and held the largest market share of 20.9% in the year 2020. This growth is attributed to the rising adoption of energy drinks and the increase in reliance on them for instant energy amongst an increasingly busy population.


The market is booming and there’s already a large number of brands. Some popular drinks include Tequila Cazadores RTDs, Onda Sparkling Tequila, Miami Cocktail Co., Dogfish Head RTDs, St. Agrestis Spritz, and Lunar Tamarind & Rice Paddy Herb.

Tequila Cazadores RTDs
These ready-to-drink (RTD) tequila cocktails are available in Margarita, Spicy Margarita and Paloma flavours and continue the trend of tequila RTDs outshining almost all other canned drinks.


Onda Sparkling Tequila
The best designed of the tequila RTDs, this sparkling beverage (which features actress Shay Mitchell as the “Chief Brand Officer”) just launched two new flavours, Watermelon and an incredibly refreshing Blood Orange. Fizzy, light and citrusy.

Miami Cocktail Co.
While this RTD brand flashes a lot of healthy catchphrases (vegan, gluten-free, non-GMO, “clean calorie”) their organic spritzes should appeal to anyone. Ridiculously great in hot weather, the brand offers everything from Rosé Bellini Spritz to a Grapefruit & Hibiscus Paloma Spritz.

Dogfish Head RTDs
It turns out it takes a brewery (and distillery) to finally make a good vodka soda. The Blueberry Shrub RTD here is light but flavourful. And brown spirits fans: The Cherry Bergamot Whiskey Sour is the rare summer-ready whiskey drink.

 

St. Agrestis Spritz

The Spritz however, is a refreshing, herbal/citrus combo of the St. Agrestis Paradiso Aperitivo, sparkling Italian wine and sparkling water.

Lunar Tamarind & Rice Paddy Herb
Described as the “first and only Asian American craft hard seltzer made with real, premium fruits and ingredients from Asia,” the brand just launched a limited-edition “Heritage” line that pays tribute to well-known Asian foods and is co-developed with New York-based chefs and owners of popular local restaurants. The Tamarind & Rice Paddy Herb release will be unlike any canned drink you’ll try now … and portends a promising and innovative future for the category.


Beverage Cans Market size is estimated to reach $17.24bn by 2025, growing at a CAGR of 4.9% during the forecast period 2020-2025. Beverage cans are the metal containers that are used to store liquid drinks like alcoholic beverages, carbonated soft drinks, fruit and vegetable juices, energy or sports drinks and others. These cans are usually made of aluminum and steel. The increased demand for the alcohol beverage which is to be stored at low temperatures is driving the usage of this beverage cans as they help in storing the drinks at low temperatures which helps to hold the taste and properties of drinks. The rise in health concerns among the people to avoid plastic containers as they are harmful and non-bio-degradable is driving the usage of beverage cans market during the forecast period 2020-2025.


The global Beverage Cans Market based on Material type has Aluminum and Steel. The Aluminum segment registers for the highest market share in 2019 and is set to continue for the forecast period 2020-2025, owing to the increased usage of aluminum in making beverages cans. Overs 70% of beverage cans are made of aluminum globally. Aluminum cans are easily recycled with properties like lightweight and easy to manufacture, transport and are economical. Having many advantages over other materials is driving the market of aluminum beverage cans during the forecast period 2020-2025. The steel beverage cans are having below-average growth as they are heavy and is set to react with beverages in those cans, however, cans made with a composition of steel and other material are being introduced into the market to decrease the cost of beverage cans.
Based on geography the global Beverage Cans Market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America had a dominant share in terms of revenue in 2019 and it holds the largest market share during the forecast period 2020-2025, owing to the availability of the high number of consumers of aluminum can stored beverages. The Asia-Pacific region is also set to have healthy growth during the forecast period 2020-2025, owing to the availability of a large population and increased consumption of beverages. The availability of large raw materials like aluminum and steel are also factors that are supporting the growth of the market in the Asia-Pacific region.

Beverage Cans Market Drivers
Increased consumption of beverages
The increase in the consumption of beverages globally is driving the demand for beverage cans. Increased promotional activities by different manufacturers of beverages to increase demand for drinks are driving the usage of beverage cans owing to increased sales of beverages. Beverage cans being eco-friendly, recyclable and lightweight are driving the market growth during the forecast period 2020-2025.

Beverage Cans Market Challenges
Fluctuation in the cost of raw materials
The fluctuations in the cost of raw material are challenging the production of the beverage cans. The defects in three-piece type cans, such as leaks, inability to withstand high pressures and temperatures are challenging the market during the forecast period 2020-2025.

Brexit deal scrutiny begins as trade document published

Commenting as the UK and EU agreed a free trade deal, Scotch Whisky Association Chief Executive Karen Betts said: “It’s very good news that the UK and EU have agreed a free trade deal, providing Scotch Whisky producers with more certainty about how we continue to export to our largest regional market. “We will now need a common-sense approach to the application of new rules and new border procedures from 1 January to help businesses manage the transition smoothly. The UK Government and EU Member States will need to be flexible with producers, logistics companies and importers as they get to grips with the significant changes that will take effect in just 7 days’ time.” Legal experts and MPs were poring over the 1,246-page document published on the morning of Boxing Day, as Boris Johnson worked to persuade Eurosceptic Tories to back it as the “right deal” for the country.

The Prime Minister acknowledged to Conservative MPs that “the devil is in the detail” but insisted it would stand up to inspection from the European Research Group (ERG) of Brexiteers, who will assemble a panel of lawyers to examine the full text ahead of a Commons vote. But the chief executive of the National Federation of Fishermen’s Organisation, Barrie Deas, accused Mr Johnson of having “bottled it” on fishing quotas to secure only “a fraction of what the UK has a right to under international law”.

The share of fish in British waters that the UK can catch will rise from about half now to two-thirds by the end of the five-and-a-half-year transition. The EU’s 27 member states indicated they will formally back the deal agreed by the UK with Brussels’ officials within days. It covers trade worth about £660 billion and means goods can be sold without tariffs or quotas in the EU market. EU ambassadors were briefed on the contents of the deal by Michel Barnier, who led Brussels’ negotiating team in the talks with the UK.

After a highly unusual meeting on Christmas Day – with at least one diplomat wearing a Santa hat and another in a festive jumper – they agreed to write to the European Parliament to say they intend to take a decision on the provisional application of the deal. The timing of the Christmas Eve deal forced politicians and officials in the UK and Brussels to tear up their plans. MPs and peers will be called back to Westminster on December 30 to vote on the deal, but MEPs are not expected to approve it until the new year, meaning it will have to apply provisionally until they give it the green light. The agreement will almost certainly be passed by Parliament, with Labour supporting it, as the alternative would be a chaotic no-deal situation on January 1.

But Mr Johnson is keen to retain the support of the Eurosceptics on his benches who helped him reach No 10. Mr Johnson had earlier messaged Tory MPs on WhatsApp as he tried to get them all on side. “I truly believe this is the right deal for the UK and the EU,” he wrote, in a message seen by the PA news agency. “We have delivered on every one of our manifesto commitments: control of money, borders, laws, fish and all the rest. “But even more important, I believe we now have a basis for long-term friendship and partnership with the EU as sovereign equals.” He added that “I know the devil is in the detail” but the deal will survive “ruthless” scrutiny from the “star chamber legal eagles” The “star chamber” is the nickname given to the panel assembled by the ERG, including veteran Eurosceptic Sir Bill Cash. Officials in Brussels and the capitals of EU states are also beginning to scrutinise the deal, with another meeting of ambassadors expected before the new year, possibly on December 28.

The European Commission has also announced a £4.5 billion fund to help regions and industries within the bloc which will be hit by the UK’s withdrawal from the single market and customs union – including fishing communities who face losing out as the UK takes a greater share of stock in British waters. French Europe minister Clement Beaune said it was a “good agreement” and stressed the EU had not accepted a deal “at all costs”. Mr Beaune said that British food and industrial products entering the European single market after January 1 will not pay customs duties “but will have to meet all our standards”.