Hard alcohol or hard liquor fortified with additional flavors is gaining acceptance globally. RTD spirits are nothing but the pre-mixed or prepared and packed form of flavored spirits for direct consumption. Flavored liquors majorly have a base of vodka, tequila, whiskey, rum, and others. Growing popularity of unique flavors in liquors is increasing the share of RTD spirits in the liquor market.
Developing economy and increasing disposable income have a significant impact on the RTD spirits market. The increased demand for alcoholic beverages imparting unique and refreshing flavors is also driving the market of RTD spirits globally. Various flavors available in hard liquors are found to support the growth of this market. High focus on research and development has led to innovations and fortifications in multiple spirit varieties which have aided in fueling up the market share of RTD spirits in global alcoholic beverages market.
Among the various type of RTD spirits, vodka is evaluated to hold a significant share. A variety of flavors available in vodka is attracting a mass population of consumers towards the product thereby increasing its market share. Increasing youth population and their high inclination towards premium alcoholic beverages are adding advantage to the growth of RTD Spirits market.
Some of the key players profiled in the global RTD spirit market are Diageo Plc. (U.K.), Asahi Breweries, Ltd. (Japan), Suntory Holdings Limited (Japan), Bacardi Limited (Bermuda), Pernod Ricard SA (France), 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.
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.
