Cocktail Premix Market to Reach $29.0 Billion, Globally, by 2032 at 4.2% CAGR: Allied Market Research

The growth of the cocktail premix market is driven by premiumization and creation of craft cocktails, along with increasing demand for ready-to-drink (RTD) drinks owing to its convenience and time-saving factor.

PORTLAND, Ore., Oct. 27, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Cocktail Premix Market by Type (Margarita mix, Mojito mix, Cosmopolitan mix, Other), by Application (Residential, Commercial), By Distribution Channel (Offline Channels, Online Channels): Global Opportunity Analysis and Industry Forecast, 2022–2032.” According to the report, the global cocktail premix industry was valued at $19.4 billion in 2022 and is projected to reach $29.0 billion by 2032, exhibiting at a CAGR of 4.2% from 2023 to 2032.

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Cocktail premixes are pre-mixed cocktails that are packaged and ready to use. Cocktail premixes usually contain a variety of spirits and mixers, as well as flavorings, to create a specific type of cocktail. Some cocktail premixes may also contain garnish or cocktail accessories.
Prime Determinants of Growth:   

The growth of the cocktail premix market is driven by premiumization and creation of craft cocktails, along with increasing demand for ready-to-drink (RTD) drinks owing to its convenience and time-saving factor. On the other hand, the concerns regarding quality of products, health, and dietary restrain the market growth. Moreover, the creation of healthier premixes along with the increase in online sales of cocktail premixes have created ample opportunities for cocktail premix market growth.   

Report Coverage & Details:   

The margarita mix segment to maintain its leadership status throughout the forecast period- 

Based on type, the margarita mix segment held the highest market share in 2022, accounting for more than three-fifths of the global cocktail premix market revenue, and is estimated to maintain its leadership status throughout the forecast period. The simplicity and uniformity of margarita mix are what make it so appealing. Customers may rapidly make margaritas without having to measure and combine individual components by utilizing a readymade mix. It is especially well-liked for entertainment and parties at home since it enables hosts to give visitors margaritas without having to go through the trouble of making them from scratch. Thus, the demand for margarita mix is growing significantly boosting the market growth. On the other hand, the mojito mix segment would cite the fastest CAGR of 4.8% from 2023 to 2032.

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The residential segment to maintain its lead position during the forecast period- 

Based on application, the residential segment held the highest market share in 2022, accounting for more than half of the global cocktail premix market and is expected to maintain its lead position during the forecast period. The ease of use that cocktail premixes provide is one of the key factors contributing to their appeal in residential settings. Cocktails must be made from scratch, which can take some time and requires specific ingredients and experience. Homeowners may quickly and conveniently prepare their favorite drinks using premixes instead of laborious mixing or measuring. Cocktail premixes are available in a variety of flavors to suit a variety of palates. Due to this diversity, homeowners may provide a wide range of drinks to their guests during gatherings and parties, which improves the overall entertaining experience. However, the commercial segment would display the fastest CAGR of 4.5% from 2023 to 2032.

North America to maintain its dominance by 2032- 

Based on region, North America held the highest market share in terms of revenue in 2022, contributing to nearly three-fifths of the global cocktail premix market, and is expected to maintain its dominance throughout the forecast period. Cocktail premixes provide a handy method for North American customers to indulge in their favorite cocktails without additionally having to spend a lot of time making them or having to be an expert mixologist. People searching for quick and hassle-free methods to enjoy beverages at home or during social events will find this appealing. Many customers in North America take pleasure in hosting events in their homes. They can provide a range of cocktails to visitors without a fully stocked bar or a trained bartender thanks to cocktail premixes. The cocktail premix industry responds to the different interests of North American customers by providing a wide selection of flavors and alternatives. There is a premix available to fit a variety of preferences, from traditional cocktails to innovative and fashionable flavors. However, the Asia-Pacific region would portray the fastest CAGR of 5.2% from 2023 to 2032.

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Leading Market Players: –   

• CP Powell and Mahoney
• Curatif Operations Pty
• Hella Cocktail Company
• Bacardi Limited
• Anheuser-Busch InBev SA/NV
• PepsiCo, Inc.
• Funkin Limited
• The Cocktail Box Co.
• Bartesian Inc.
• American Beverage Marketers

The report offers a detailed overview of the leading players in the global cocktail premix market. These players have employed various strategies, including the launch of new products, geographical expansion, partnerships, collaborations, and agreements, to expand their market presence and remain dominant in various regions. The report represents the top segments, product portfolio, business performance, and strategic actions of market participants to emphasize the competitive landscapes.

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