Hard Seltzer Market on Target to reach $10,921.9 Million by 2027
Pune, Maharashtra, India, September 22 2020 (Wiredrelease) Allied Analytics : Hard Seltzer Market by ABV Content(ABV Less Than 5% and ABV More Than 5%), Packaging (Metal Cans, Glass Bottles, and Plastic Bottles), and Distribution Channel (Off-trade and On-trade): Global Opportunity Analysis and Industry Forecast 20212027. As per the report, the global hard seltzer industry was pegged at $3.83 billion in 2019, and is expected to garner $10.92 billion by 2027, growing at a CAGR of 12.7% from 2021 to 2027.
Majority of the producers have suspended their product launches and assembling activities in developing countries from regions such as Asia-Pacific and LAMEA.
Even after six months of the pandemic, many countries are practicing complete lockdown to curb the spread of coronavirus, which has created a challenge for hard seltzer manufacturers to expand their businesses in untapped regions.
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Increase in prevalence of AIDs/HIV and STIs, rise in the millennial population, and surge in influence of social media drive the growth of the global hard seltzer market. However, availability of substitute products hampers the market growth. On the contrary, untapped potential in developing countries is expected to create lucrative opportunities for the market players in the future.
By packaging, the metal cans segment held the largest share in 2019, accounting for more than half of the global hard seltzer market, as it is lightweight, impermeable, and has high flexibility properties which make it ideal for the packaging of hard seltzer beverages.However, the glass bottles segment is expected to manifest the highest CAGR of 13.6% during the forecast period, due tobenefits associated such as maintain flavor brilliance and freshness, display appeal, and sustainable.
By distribution channel, the on-trade segment is expected to register the highest CAGR of 13.6% during the study period, owing toincreasing number of consumers drinking hard seltzers in bars and restaurants as it has a high standard of services, privacy, and community involvement. However, the off-trade segment held the largest share in 2019, contributing to more than two-thirds of the global hard seltzer market, due tothe growing retail industry, urbanization, and expansions of the cities.
By region, the global hard seltzer market across North America held the largest share in 2019, accounting for more than four-fifths of the market, due togrowing preferences of flavored malt and alcoholic beverages and high preferences for low alcohol content, calories, and gluten-free beverages.However, the market across Asia-Pacific is expected to portray the highest CAGR of 16.9% during the forecast period, owing to growing popularity of the flavored beverages, growing disposable income, and rising millennial population.
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Top Key Players: 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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