Market Overview:
The Ready-To-Drink Market size is expected to grow from USD 1.22 Billion in 2022 to USD 2.85 Billion by 2030, at a CAGR of 11.19% during the forecast period.
Ready-to-drink beverages, commonly known as RTDs, refer to single-use packaged beverages that are conveniently prepared and ready for immediate consumption upon purchase. These beverages do not require any additional processing and can be directly consumed from the packaging. RTDs have garnered significant popularity, particularly during the summer months, due to their convenient functionality. Consumers appreciate RTDs for their enjoyable fortified drinks and alcoholic options, making them a favored choice for those seeking refreshment and convenience.
Top Key Players in Ready-To-Drink Market:
PepsiCo Inc. (US), Fuze Beverage (US), Nestle S.A. (Switzerland), The Coca-Cola Company (US), Jack Daniel's (US), Suntory Beverages & Food Ltd. (Japan), Kirin Brewery Company, Limited (Japan), Red Bull GmbH (Austria), Monster Beverage Corporation (US), NZMP (New Zealand), Zevia (US), White Claw Hard Seltzer (US), Southeast Bottling & Beverage (US), Gehl Foods LLC (US), Tropical Bottling Corporation (US) and Other Major Players.
Market Dynamics and Factors for Ready-To-Drink Market:
Drivers:
Introduction of Creative New Packaging Options
Unique and visually appealing packaging stands out on store shelves, catching the consumers' eye amidst a sea of products. Creative packaging designs can evoke emotions and create a strong first impression, leading to increased brand recognition and recall.
In a highly competitive market, creative packaging sets brands apart from their competitors. Unconventional shapes, colors, and materials help brands establish a distinct identity, making it easier for consumers to identify and remember their products.
Opportunities:
Creation of Innovative RTD Beverages with New Flavors and Ingredients
The RTD beverage category has experienced rapid growth in recent years. To fully capitalize on this trend, brands need to focus on effective product development and marketing strategies to differentiate themselves from competitors and establish a strong and meaningful presence in the market, ultimately leading to substantial profits.
In today's ever-changing world, consumers present an opportunity for brands to innovate and cater to their evolving needs and preferences. Many brands worldwide have the chance to reinvent themselves and approach innovation in unique ways to capture the attention of the market.
Segmentation Analysis of the Ready-To-Drink Market:
By Packaging Type, the Bottles segment had the largest market share. In the Packaging of RTDs, Bottles made from glass or polyethylene terephthalate (PET) bottle holds the largest share of the market.
By Type, Sports & Energy Drinks are likely to dominate in this area. Sports and energy drinks are a significant segment within the Ready-To-Drink (RTD) market, representing a category that caters to consumers seeking beverages to boost energy levels and enhance athletic performance.
Regional Analysis of the Ready-To-Drink Market:
The North American region stands as the largest market for functional foods and beverages, creating a promising prospect for market growth in the area. Within North America, countries like the United States and Canada boast a wide consumer base interested in nutritious and functional products. This presents a favorable opportunity for RTD beverage manufacturers, as consumers in these countries seek beverages that promote health and well-being.
For instance, a consumer survey conducted by FMCG Gurus in early 2021 revealed that 58% of US consumers expressed their intention to continue consuming beverages that support immune health even after the pandemic. This growing demand for beverages with health benefits has led consumers to seek custom nutrient premixes that can offer such utility.
Key Industry Development:
In April 2022, Alcohol giant Kirin launched its first hard seltzers in Japan as well as a new whiskey in response to rising trends surrounding ready-to-drink (RTD) consumption and sustained interest in the country’s whiskey sector. The product benefitted from the widespread enjoyment of soda as a soft drink in combination with heightened demand for ‘better-for-you’ products provided by hard seltzers.
In May 2022, Malibu a global Rum brand, extended its ready-to-drink line with two new flavors - Pineapple Bay Breeze Cocktail in a Can and Watermelon Mojito Cocktail in a Can. Malibu with its launches in summer is tapping into seasonal flavors and offering fans even more convenient ways to enjoy their favorite summer.
