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What is the current trajectory of the hard seltzer market?
The hard seltzer market size has grown rapidly in recent years. It will grow from $14.37 billion in 2023 to $16.83 billion in 2024 at a compound annual growth rate CAGR of 17.1%. The growth in the historic period can be attributed to a rise in disposable income, increased online sales of beverages, growth in the tourism industry, and advancements in brewing technology.
How will the hard seltzer market evolve in the forecast period?
The hard seltzer market size is expected to see rapid growth in the next few years. It will grow to $32.53 billion in 2028 at a compound annual growth rate CAGR of 17.9%. The growth in the forecast period can be attributed to rapid urbanization, the rising consumption of alcoholic drinks, the rising demand for gluten-free beverages, and the growing demand for a keto and vegan diet. Major trends in the forecast period include offering natural ingredient-based hard seltzers, providing multiple flavor hard seltzers, focusing on expansion of stores or increasing product availability, a focus on product innovations, launching innovative marketing campaigns, and focusing on strategic partnerships.
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What are the major factors driving the growth of the hard seltzer market?
The rising consumer preference for carbonated beverages with reduced alcoholic content is expected to propel the growth of the hard seltzer market going forward. Carbonated beverages are drinks that include carbon dioxide dissolved in water, resulting in fizzing and bubbling. Carbonated water is mixed with alcohol and fruit flavors to make hard seltzer. For instance, according to PepsiCo, a US-based carbonated beverages company, India’s annual per-capita bottle consumption in beverages increased by 84 bottles in 2021. In India, carbonated drinks account for 51% of PepsiCo’s total sales. Therefore, the rising consumer preference for carbonated beverages drives the growth of the hard seltzer market.
Who are the key industry players in the hard seltzer market?
Major companies operating in the hard seltzer market include Mark Anthony Group, Anheuser-Busch InBev, The Boston Beer Company, Diageo plc, E. & J. Gallo Winery, Heineken N.V., Molson Coors Beverage Company, Constellation Brands Inc., Kona Brewing Company, San Juan Seltzer Inc., and many others. Notably, these companies are focusing on product innovations and strategic partnerships to strengthen their position in the market.
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What are some emerging trends in the hard seltzer market?
Innovative product offerings are a key trend in the hard seltzer market as companies look to stay competitive and meet the evolving needs of their consumers. For instance, in October 2022, Truly Hard Seltzer launched its innovative spirits-based hard seltzer, Truly Vodka Seltzer. It is made up of six-times-distilled premium vodka and real fruit juice, and it was made available in four unique flavors.
How is the hard seltzer market segmented?
The hard seltzer market covered in this report is segmented by:
1 By Type: Abv More Than 5%, Abv Less Than 5%
2 By Packaging: Cans, Glass, Other Packaging
3 By Distribution Channel: Off-Trade, On-Trade
4 By Flavors: Cherry, Grapefruit, Mango, Lime, Other Flavors
What is the geographical coverage of the hard seltzer market?
North America was the largest region in the hard seltzer market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hard seltzer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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