Canned cocktails are growing at a faster rate than the wider RTD category, with four main flavours accounting for nearly 60% of this growth, according to a new report driven by NIQ data.
The RTD Canned Cocktails Category Report 2024, put together by Global Brands, shows the total ready-to-drink category has more than doubled since 2014, and is now worth £543m [NIQ 52 we 24 February 2024].
Key to this growth has been the explosion in canned RTDs, which have grown from £89m in 2014 to £411m in 2024. In the last year alone, cans have added £44m in category value.
Canned cocktails, meanwhile, have added £16.6m in the last year and are now worth £94m.
Four main flavours – Passion Fruit Martini, Piña Colada, Mojito and Daiquiri – have added £9.9m, accounting for 59.6% of the growth in canned cocktails in the past 12 months [NIQ].
Leading the way are Piña Colada and Daiquiri cocktails, which have added £3.5m (+27%) and £3.4m (+30%) in value respectively.
These flavours had been successful as they were easy to drink, easy to access and met consumer expectations for taste and flavour, according to Global Brands.
Meanwhile, cocktails like the Margarita and Espresso Martini are also increasing in popularity, adding £4m and £2.3m in category value respectively.
Palomas, driven by the growing popularity of tequila, are now worth £1.1m.
“As the RTD landscape continues to evolve, we anticipate further growth in the RTD space, driven by premiumisation, convenience, and consumer demand for diverse flavours,” said Global Brands MD Julian Atkins. “Brands that offer innovative solutions, engaging experiences, and high-quality products will be well positioned to capture the evolving market and achieve significant business success.”
The report also highlighted the key consumption behaviours of canned cocktail shoppers, namely that 77% of consumers prioritise taste as the most important factor when making purchasing decisions, and that younger shoppers were more likely to be swayed than their older peers by a celebrity endorsement: 42.2% of consumers aged 18 to 30 said a celebrity partnership was likely to encourage them to purchase the product at least once, compared with 25.3% of those aged 31 to 60.
Meanwhile, despite the rise of the can format, most category shoppers preferred to drinks cocktails from a glass, with 43% stating they sometimes decant their purchases, and 31% stating they always do.
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