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Global Cocktail Market by Type (Short Drink and Long Drink), By Application (Wedding Ceremonies, Backyard BBQ, Cocktail Party and Others), By Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Bars and Restaurants, and Online Retail) and by Regional Analysis (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast (2022 – 2027)

Published: January, 2022
ID: 3837
Pages: 175
Formats: report pdf report excel report power bi report ppt

Cocktail Market Size, Growth, Forecast (2022-2027)

The Global Cocktail Market size was worth US$ 86 million in 2021, and it is estimated that it will reach US$ 1.4 billion by 2027 with an annual development rate of 6% between 2022 and 2027.

Market Overview:

Cocktail refers to an alcoholic beverage that comprises of gin, brandy, vodka, whiskey, tequila, or rum that is combined products like fruit crush, cream, honey, milk, sugar, herbs, or other flavorings. The cocktail market has seen a steady increase among consumers in recent years, because the product can be seen as a form of alcohol consumption. Cocktails increased due to the increase in drinking beverages. Since then, the cocktail market has seen many innovations and varieties of products to meet the needs of consumers.

Recent Developments in Cocktail Industry:

  • Bacardi has recently started selling cocktail ingredients through their Amazon UK store.
  • Jack Daniels, a well renowned alcohol company recently started making canned ready to drink cocktails instead of bottles making them cheaper and more preservable.

Cocktail Market Growth:

Increase in cocktail consumption is due to rise in income and alter in lifestyle drives the expansion of the market. Besides, availability of vegetable & botanical cocktails is likely to act as a catalyst in the growth of global cocktail business.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 – 2027

Base Year

2021

Forecast Period

2022 - 2027

CAGR

6%

Segments Covered

By Type, Application, Distribution Channel and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

Captain Morgan, Bols, Snobar Cocktails, Cointreau, Kold Cocktails, Manchester Drinks Co. Ltd, Bodega Co. de Siam Ltd, Rio Wine, Cocktail Natives, Miami Cocktail Co, Harvest Hill Beverage Company, Arbor Mist Winery, Snake Oil Cocktail Company, N1CE Company Ltd, Four Blue Palms, Inc, Belvedere, Bombay Sapphire, The Absolut Company and Others.

Drivers:

Rising demand for cocktails drinks can be credited to the improving lifestyle of people, increasing per capita incomes in developing countries. Also, holiday seasons provide an even more boosted demand for cocktails further contributing to the growth of the market. The cocktail market has increased significantly in the last decade, but the growth of the cocktail industry has been very slow in the last five years. Also, introduction of new products such as frozen cocktails, canned cocktails has made it easier for people to enjoy them at home and have also made them cheaper and more available to consumers of all classes. The global cocktail market has been growing immensely due to many factors such as the increasing per capita income in developing countries and the easy availability of botanical and vegetable cocktails. Cocktails refer to drinks which involve mixing of two beverages, one of them being alcohol based. The cocktail market is largely driven by the weather and seasonal holidays of consumers, such as those who enjoy picnics and parties. The global cocktail market has seen significant gains over the past decade, but market growth has been very slow for the past five years. The main driving force of the cocktail is the pleasant and convenient use that can be used directly without the effort of mixing the ingredients of the cocktail. This product also offers the benefits of using it while traveling. The cocktail market has opportunities to expand in hot regions like the dry tropics, and by building more distribution channels, sales can increase. The global cocktail market has stagnated due to limited product innovation. This product is less popular with people over 40 and the younger generation is a major contributor to the growth of the cocktail market.

The increase in alcohol consumption around the world and the willingness of consumers to try innovative products are also expected to drive the growth of the global cocktail market. The cocktail culture initially begun in North America and soon after European countries and the Asia Pacific region caught up with the culture. The cocktail market is fueled by consumer climate and seasonal vacations like picnics and parties. This product also offers the benefits of using it while traveling. The main driving force behind the cocktail is its pleasant and convenient use, so you can use the cocktail ingredients directly without mixing them. The cocktail market is stagnant with limited product innovation. This product is unpopular with people over 40, and the younger generation is one of the main contributors to the growth of the cocktail market. The global cocktail market has opportunities to expand in areas with high temperatures, such as arid and tropical areas, and more distribution channels can be built to increase sales. Consumption of alcohol is increasing worldwide and consumers' readiness to use innovative products is also expected to fuel the growth of the worldwide cocktail market.

Restraints:

Despite the growing demand for cocktails, Alcohol is medically proven to be harmful to health causing depression, alcoholism, liver problems etc. With improvement in people's lifestyles also comes people becoming more self-aware about their health and giving up alcohol. Additionally, cocktails come with a high amount of sugar usually, further pushing away the health conscious. Moreover, the demand of cocktails is usually limited to the youth and is very less from consumers over the age of forty.  Thus, even though the market is growing, the growth rate hasn’t grown much through the years.

Impact of COVID-19 on Cocktail Market

The COVID-19 pandemic has affected nearly every market in the world due to travel restrictions, store closings, and permanent small business closures. The main demand for cocktails was based on the catering and bar businesses, which consisted mainly of small businesses. Unfortunately, due to the imposition of foreclosures in many countries, small businesses have closed their doors to cut losses. Moreover, people across many countries have become more conscious about their dietary intake and have decided to opt for a healthy lifestyle to the ill-impact of alcohol and high sugar levels. This has led to a decreased consumption of alcohol-based products, especially in the Asia Pacific region.  Since supermarkets and convenience stores was also a major contributor to the cocktails market, this factor also leads to a major blow in the demand for Cocktails.

Cocktail Market Segmentation Analysis:

By Type, Cocktail market is divided into Long Drink and Short Drink. Long drink type cocktails are the major shareholder of the market and this trend is expected to continue in the future.

By application, the cocktail industry is divided into Backyard BBQ, Wedding Ceremonies, Cocktail Party and Others.

By distribution, the cocktail market is divided into Bars and Restaurants, Supermarkets and Hypermarkets, Convenience Stores and Online Retail. Currently, bars and restaurants are the major shareholders, but convenience stores and supermarkets are catching up as well.

Geographical Segmentation Analysis:

  • North America - the United States and Canada
  • Europe - United Kingdom, Spain, Germany, Italy, and France
  • The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
  • Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
  • The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

Regional Analysis:

The global Cocktail market is mainly situated in North America, Latin America, Europe and the Asia Pacific regions.  North America is the largest producer and consumer of cocktails followed by Europe where the demand is growing due to the association of cocktails with the booming food and fine dining industry. The fastest-growing region right now is the Asia Pacific which consists mainly of developing countries. In other regions of the Asia Pacific, the global cocktail market is in its infancy, consumer awareness is very low, and only the upper-class population is expected to contribute to a relatively small market. The improving lifestyle of people in developing countries is leading to the growth of the cocktail market in this region. The European cocktail market is very popular and is a popular product in the UK. Germany and the Netherlands are also areas where the cocktail market is growing. The cocktail market can see growth in Latin America due to its high consumer awareness and product awareness, its proximity to North America. North America closely follows Europe with consumer awareness and trends favoring the growth of the cocktail market.

Key Players in the Market:

Major Key Players in the Global Cocktail Market are

  • Captain Morgan
  • Bols
  • Snobar Cocktails
  • Cointreau
  • Kold Cocktails
  • Manchester Drinks Co. Ltd
  • Bodega Co. de Siam Ltd
  • Rio Wine
  • Cocktail Natives
  • Miami Cocktail Co
  • Harvest Hill Beverage Company
  • Arbor Mist Winery
  • Snake Oil Cocktail Company
  • N1CE Company Ltd
  • Four Blue Palms, Inc
  • Belvedere
  • Bombay Sapphire
  • The Absolut Company

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FAQ's

What is the growth rate of the Global Cocktail Market?

The Cocktail Market is predicted to register a CAGR of 6% during 2022-2027.

What is the study period of this market?

The cocktail market is studied from 2022-2027.

Name any three global cocktail market key players?

Bacardi, Jack Daniels & Absolut Company are some of the key market players.

What are the key drivers of the cocktail market in the world?

The improving lifestyle of people across the world and the increasing per capita income of people which push people into a life of revelry are the major drivers of the cocktail market.

Which region demands the largest share of cocktails?

North American region stands out as the region with the highest demand for cocktails.

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