Categories: Food & Beverages

Hard Seltzer Market Research Analysis 2024-2033: Growth, Size, Demand, Analysis, Insights

The Hard Seltzer by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Hard Seltzer, 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 rise in disposable income, the increased online sales of beverages, the growth in the tourism industry, and the advancements in brewing technology.

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 the rapid urbanization, the rising consumption of alcoholic drinks, the rising demand for gluten-free beverages, and the growing demand for keto and vegan diet. Major trends in the forecast period include offering natural ingredient-based hard seltzers, providing multiple flavor hard seltzers, a focus on expansion of stores or increasing product availability, a focus on product innovations, launch of innovative marketing campaigns, and a focus on strategic partnerships.

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.

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The hard seltzer market covered in this report is segmented –

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

Product innovations are a key trend in the hard seltzer market as companies look to stay competitive and meet the evolving needs of their consumers. Innovation in a product can generate buzz and excitement, which can increase brand awareness and drive sales. Major companies in the hard seltzer market are focusing on product innovations and developing new product solutions to strengthen their position in the market. For instance, in October 2022, Truly Hard Seltzer, a US-based innovator of hard seltzers, 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, including Blackberry and lemon, Pineapple and cranberry, Cherry and lime, and Peach and tangerine. Truly Vodka Seltzer becomes a perfect way to level up the drinking experience of customers as it has 5% ABV, 110 calories, 2 grams of sugar, and is gluten-free.

The hard seltzer market report table of contents includes: