Global Hard Seltzer Market to Witness a CAGR of over 22% until 2028
Published | 29 April 2022
The global hard seltzer market is growing at a high CAGR on account of the rising health consciousness among consumers and increasing number of launches of new flavors and easy availability of hard seltzer…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global hard seltzer market was worth USD 9 billion in the year 2021. The market is projected to grow at a CAGR of 22.40%, reaching revenues of around USD 37.1 billion by the end of 2028. The market is flourishing at a high rate owing to the increasing health consciousness among consumers and their willingness to decrease their alcohol consumption, due to which the hard seltzer is emerging as an effective option. Furthermore, increasing launches of new flavors and easy availability of hard seltzer in convenience stores and supermarkets/hypermarkets are also emerging as major driving factors for the growth of the market.
Rising Launches of New Products is Driving Global Hard Seltzer Market
With rising demand for hard seltzer among consumers, the market players are also launching new products with different flavors to attract consumers. For instance, Vizzy recently announced the launch of its first canned mimosa, the Mimosa Hard Seltzer with 5% ABV. They are also significantly investing in research and development activities to test new products. Modelo Especial, for instance, recently announced the launch of new test products. Such launches are anticipated to present lucrative growth opportunities to the global hard seltzer market.
Global Hard Seltzer Market - By Alcohol by Volume Content
Based on alcohol by volume content, the global hard seltzer market is segmented into 1.0% to 4.9%, 5.0% to 6.9%, and others. The 5.0% to 6.9% segment holds the largest share in the global hard seltzer market. The demand for low-content alcohol is gaining huge popularity among consumers. Due to this, several alcohol brands are launching hard seltzer in this ABV range to tap into the growing market opportunities. The availability of a wide range of products is anticipated to drive the growth of this segment in the forecast period.
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Global Hard Seltzer Market - Regional Insights
Geographically, the global hard seltzer market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America dominates the global hard seltzer market. However, the Asia-Pacific region is anticipated to register the highest growth rate during the forecast period. The global hard seltzer brands are increasingly launching products in this region to expand their consumer base and establish themselves as leading brands in new brands. Furthermore, rising disposable income and changing consumption patterns with the influence of the west are also influencing the growth of the hard seltzer market in this region.
Impact of COVID-19 on Global Hard Seltzer Market
The global hard seltzer market registered a negative impact post the COVID-19 pandemic outbreak. The lockdown imposed by several countries to mitigate the virus spread directly influenced the people’s mobility. Furthermore, several stores were out of stock for hard seltzer due to hindrance in the distribution channels and panic buying of several products from convenience stores and supermarkets/hypermarkets. The demand for hard seltzer also registered a sharp decline from the on-trade channels since the bars, hotels and other channels were closed due to lockdown restrictions.
The leading market players of the global hard seltzer market are Briggs Hard Seltzer, Henry's Hard Sparkling Water, Bon & Viv Spiked Seltzer, Truly Hard Seltzer, White Claw Hard Seltzer, Nauti Hard Seltzer, Willie's Superbrew, Smirnoff Seltzer Red, White and Berry, High Noon Hard Seltzer, JuneShine Hard Kombucha Acai Berry, Màkku Passionfruit, Two Robbers Hard Seltzer, Amass Hard Seltzer, and other prominent players.
The global hard seltzer market is highly fragmented with the presence of several alcohol companies. The companies constantly launch new products with new flavors and significantly focus on improving their distribution channel to boost their sales. They also focus on attractive packaging to garner consumers’ attention. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global hard seltzer market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global hard seltzer market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Hard Seltzer Market- Global Industry Size, Share, Trend Analysis and Forecast Report, 2018-2028, Segmented By Alcohol by Volume Content (1.0% to 4.9%, 5.0% to 6.9%, Others), By Distribution Channel (Off-Trade, On-Trade), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)
Publish Date: April 2022
The global hard seltzer market is growing at a high rate owing to the rising demand for low sugar carbonated drinks among consumers along with increasing health consciousness which is influencing this shift along with increasing launches and availability of hard seltzer in different flavors to boost their appeal...
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