— Allied Market Research
WILMINGTON, NEW CASTLE, DELAWARE 19801 USA, UNITED STATES, November 10, 2023 /EINPresswire.com/ — Hard seltzer, spiked seltzer, or hard sparkling water is a type of highball drink containing carbonated water, alcohol, and fruit flavoring. The fruit-flavored sparkling hard seltzer can or bottle is with just 100 calories, one gram of sugar, and 5% alcohol by volume (ABV). This has made it massively appealing among health-conscious consumers.
Rise in disposable income and increase in expenditure on alcoholic beverages drive the growth of the product market. Furthermore, rise in consumption rate of alcoholic drinks and increase in trend of hard seltzer among the young population are some of the other factors that fuel the demand for hard seltzer in the market.
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According to a new report published by Allied Market Research, titled, “Hard Seltzer Market by ABV Content, Packaging, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2020–2027,”
The global hard seltzer market size is expected to reach $10,921.9 million by 2027 at a CAGR of 12.7% from 2021 to 2027.
The development of new innovative & fruity flavors and introduction of new ingredients along with the introduction of new fermenting processes by various companies are the major factors that are expected to expand the global hard seltzer market growth. Moreover, young generation and millennials have found increased appeal in flavored hard seltzer beverages, which further drives the growth of the hard seltzer industry during the forecast period.
According the hard seltzer market trends, the product market is segmented into ABV content, packaging, and distribution channel, and region. By ABV content, it is categorized into ABV less than 5% and ABV more than 5%. Depending on packaging, it is fragmented into metal cans, glass bottles, and plastic bottles. On the basis of distribution channel, it is differentiated into off-trade and on-trade. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, Ireland, the Netherland, Sweden, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
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On the basis of ABV content, the ABV less than 5% segment was valued at $2,092.7 million in 2019, and is projected to reach $ 5,622.2 million by 2027, registering a CAGR of 11.9 % from 2021 to 2027. This is majorly attributed to growing health concerns and increasing fad of flavored alcoholic beverages and ciders. Furthermore, casual or irregular alcohol drinkers are majorly attracted toward the hard seltzers, owing to low ABV content and increased consumption in family parties.
On the basis of packaging, the glass bottles segment was valued at $1,194.0 million in 2019, and is expected to reach $3,673.0 million by 2027, registering a CAGR of 13.8 % from 2021 to 2027. Glass bottles has gained significant popularity in the beverage industry and is expected sustain its popularity throughout the hard seltzer market forecast period. Glass container is popular in alcohol beverage industry, owing to the aesthetic appearance and transparent nature, which allows the manufacturer to showcase the premium quality of the product inside. Furthermore, glass is 100% recyclable without the loss of quality and sturdiness. The majority of utilized glass bottles are used for the production of new glass bottles.
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On the basis of distribution channel, the on-trade segment is estimated to reach $4,371.8 million by 2027, at a CAGR of 13.2%. The on-trade segment includes outlets like bars, restaurants, coffee shops, clubs, pubs, and hotels. Growth in the tourism & hospitality industry and young population is likely to surge the demand for hard seltzer through on-trade channels. People majorly prefer to have alcoholic beverages in hotels, restaurants, bars, and pubs, owing to privacy, hospitality, and premium services, which further adds to the growth of the on-trade hard seltzer market.
Region wise, North America dominated the Hard Seltzer market in 2019, and is projected to sustain its dominance during the forecast period. North America hard seltzer market is driven by increase in young‐adult demographic and rise in consumer demand for premium/super premium alcoholic beverages. Furthermore, the leading alcoholic beverage manufacturers are investing in the product market and coming up with hard seltzer under their well-known alcohol brand, which is likely to get major popularity in short period of time, which in turn, boost the demand for hard seltzer during the forecast period.
The players operating in the product market have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Truly, White claw, Barefoot Cellars, Future Proof Brands LLC, Bon & Viv, Ficks & Co, Nude, Kona Brewing Co., Lift Bridge Brewing Co., and Bud Light Seltzer.
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Key findings of the study
The hard seltzer market was valued at $3,831.9 million in 2019, and is estimated to reach $1 0,921.9 million by 2027, growing at a CAGR of 12.7 % during the forecast period.
By ABV content, the ABV content less than 5% segment is estimated to witness the fastest growth, registering a CAGR of 13.6 % during the forecast period.
In 2019, depending packaging, the metal cans segment was valued at $1,975.6 million, accounting for 51.5 % of the global Hard Seltzer market share.
In 2019, the U.S. was the most prominent market in North America, and is projected to reach $7,441.3 million by 2027, growing at a CAGR of 11.5 % during the forecast period.
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