“Global Cocktail Mixers Market to reach a market value of USD 18.9 Billion by 2031 growing at a CAGR of 7.8%”
The Global Cocktail Mixers Market size is expected to reach $18.9 billion by 2031, rising at a market growth of 7.8% CAGR during the forecast period.
The growth of the food and beverage industry, particularly in the on-trade sector (bars, restaurants, and hotels), has contributed to the demand for cocktail mixers. Thus, the Europe segment acquired $3,803.2 million revenue in 2023. This suggests a strong demand for cocktail mixers in these countries as consumers look for ways to enhance their drinking experience.
Product innovation and variety in the market are global trends, with companies around the world striving to meet consumers' evolving preferences. One example of this trend can be seen in the growing popularity of unique and exotic flavors in Asia. This variety attracts a broader range of consumers and hence aids in the market's growth. Additionally, the rising popularity of cocktail culture is a global phenomenon driven by a growing interest in diverse and innovative drink options, particularly among younger demographics. In countries like the United States, the United Kingdom, and Australia, a significant surge in cocktail consumption has been fueled by a desire for unique and experiential beverages. As a result, the increasing prevalence of cocktail culture is propelling worldwide consumer demand for an extensive selection of mixers and fostering the expansion of the market.
However, the market is characterized by intense competition, with numerous brands competing for consumer attention and market share. Several factors, including the growing popularity of cocktails, the proliferation of new brands and products, and the increasing demand for innovative and unique mixers, drive this high level of competition. As a result, companies in the market must constantly innovate and differentiate their products to stand out in a crowded marketplace.
On the basis of distribution channel, the market is classified into on-trade and off-trade. The off-trade segment recorded a 32% revenue share in the market in 2023. Supermarkets and liquor stores are expanding their selections of cocktail mixers, offering consumers a wide range of options. This increased availability makes it more convenient for consumers to purchase mixers and other ingredients, such as spirits and garnishes, in a single location. Furthermore, the proliferation of electronic commerce has facilitated consumers' online acquisition of cocktail mixers, thereby bolstering the expansion of the off-trade channel.
Based on product, the market is characterized by tonic water, club soda, ginger, and others. The club soda segment garnered a 32% revenue share in the market in 2023. In recent years, club soda, frequently referred to as soda water or carbonated water, has experienced an increase in demand. Club soda does not contain calories or added sugars, which makes it a popular option among health-conscious individuals seeking a refreshing beverage without feeling guilty. Club soda is a fundamental component in numerous cocktails, including mojito and Tom Collins classics. As more people experiment with making cocktails at home, the demand for club soda as a mixer has risen. Its effervescence adds a refreshing fizz to drinks, enhancing the overall drinking experience.
By packaging type, the market is divided into 1L PET, cans, glass, 10 Oz, and others. The 1L PET segment held a 42% revenue share in the market in 2023. PET packaging is generally cost-effective, especially for larger volumes like 1L. It is also easier to label and brand, offering more opportunities for customization and marketing. Additionally, PET packaging can convey a premium or upscale image, depending on the design and labeling. This can be appealing to consumers looking for high-quality cocktail mixers. These benefits are expediting the growth of the segment.
Free Valuable Insights: Global Cocktail Mixers Market size to reach USD 18.9 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment witnessed a 30% revenue share in the market in 2023. The market is experiencing growth as consumers seek out new and convenient ways to enjoy high-quality cocktails at home. There has been a growing interest in craft cocktails and premium ingredients, including cocktail mixers. Consumers are looking for products that can help them easily create professional-quality cocktails, leading to a surge in demand for various mixers such as tonic water, ginger beer, and flavored syrups.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 10.4 Billion |
| Market size forecast in 2031 | USD 18.9 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 7.8% from 2024 to 2031 |
| Number of Pages | 338 |
| Number of Tables | 380 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Packaging Type, Product, Distribution Channel, Region |
| Country scope |
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| Companies Included | Fever-Tree Drinks PLC, The Coca Cola Company, Keurig Dr Pepper, Inc., Britvic PLC, Fentimans Ltd., White Rock Products Corporation, Zevia, LLC, Thomas Henry GmbH, East Imperial Beverages Corporation |
By Distribution Channel
By Product
By Packaging Type
By Geography
This Market size is expected to reach $18.9 billion by 2031.
Expanding product innovation and variety are driving the Market in coming years, however, High level of competition in the market restraints the growth of the Market.
Fever-Tree Drinks PLC, The Coca Cola Company, Keurig Dr Pepper, Inc., Britvic PLC, Fentimans Ltd., White Rock Products Corporation, Zevia, LLC, Thomas Henry GmbH, East Imperial Beverages Corporation
The expected CAGR of this Market is 7.8% from 2024 to 2031.
The Tonic Water segment is leading the Market by Product in 2023; thereby, achieving a market value of $7.6 billion by 2031.
The Europe region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $6.6 billion by 2031.
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