New York, March 16, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hard Seltzer Global Market Report 2023" - https://www.reportlinker.com/p06233739/?utm_source=GNW
, Smirnoff, Nauti Seltzer, White Claw, NÜTRL, Vizzy Hard Selter, Boston Beer Company, and Mother Earth Brewing Company.
The global hard seltzer market grew from $12.45 billion in 2022 to $14.65 billion in 2023 at a compound annual growth rate (CAGR) of 17.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The hard seltzer market is expected to grow to $28.5 billion in 2027 at a CAGR of 18.1%.
The hard seltzer market consists of sales of cherry, grapefruit, mango, lime.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Hard seltzer is an alcoholic beverage created from fermented grapes that are considered a better alternative to soda because it is gluten-free, low in calories, low alcohol, and low in sugar. It is a type of highball drink containing seltzer, alcohol, and often fruit flavorings.
North 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, and Africa.
The main types of hard seltzer are ABV more than 5% and ABV less than 5%.Hard seltzers such as Barefoot uses ABV content of less than 5% that have several flavors such as peach and nectarine, cherry and cranberry, pineapple and passion fruit, strawberry, and guava, watermelon, and lime.
The different flavors include cherry, grapefruit, mango, lime, and others and are packed in various modes such as cans, glass, and others. It is available in hypermarkets and supermarkets, convenience stores, and others.
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.
Rising investment by market players in their R&D to launch innovative products is a key trend gaining popularity in the hard seltzer market.Major companies in the hard seltzer sector are focusing on R&D investments to develop new products with distinctive qualities and enhance their position.
For Instance, in 2021, Anheuser-Busch, a US-based brewing company announced that it will invest more than $1 billion in hard seltzer plants in the United States during the next two years. Furthermore, brewing giant Molson Coors Beverage Company is expected to invest $100 million by early 2022 to boost the production of spirit and malt-based hard seltzers.
In March 2021, Diageo, a UK-based alcohol beverage company acquired Far West Spirits LLC for an undisclosed amount.The company expects to build and expand its portfolio in the hard seltzer industry as a result of this acquisition.
Far West Spirits LLC is a US-based company that produces hard seltzer beverages.
The countries covered in the hard seltzer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The hard seltzer market research report is one of a series of new reports that provides hard seltzer market statistics, including hard seltzer industry global market size, regional shares, competitors with a hard seltzer market share, detailed hard seltzer market segments, market trends and opportunities, and any further data you may need to thrive in the hard seltzer industry. This hard seltzer market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06233739/?utm_source=GNW
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