The global frozen cocktails market size is anticipated to expand on account of the rising demand for refreshing and palatable drinks, shares Fortune Business Insights™ in its report, titled “Frozen Cocktails Market, 2021-2028”.
Frozen cocktails are gaining wide popularity owing to the form they come in, such as popsicles and squeeze packages. They are a quick, fun, and serviceable way to consume alcohol. Moreover, vending machines dispensing these products use minimal energy and in return offer high profitable outcomes, making them famous among the youth. This is expected to fuel market growth. In addition, the increased alcohol consumption among adults will also help to spur the market’s growth. For example, according to an article by Rand Corporation, a national survey conducted in the year 2020 found that the consumption of alcohol increased by 14% among adults over age 30. The consumption among women was nearly 17% and 10% among non-Hispanic white adults. This is anticipated to stimulate market growth.
Get Sample PDF:
Based on type, the market is divided into cosmopolitan, martini, mojito, margarita, and sangria. By form, the market is segmented into ice popsicles and freezer pouch drinks. On the basis of distribution channel, the global market is segregated into HoReCa, specialty stores, liquor stores, retailers, and online retail. Geographically, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The COVID-19 pandemic bestowed upon the world has affected a majority of industries financially, which has resulted in the shutting down of a few companies, reducing production and manufacturing operations across factories and plants. The stringent government norms imposed on traveling and transportation have disrupted the supply-chain cycle, hampering the distribution of packaged beverages, thus impacting the frozen cocktails market growth. For example, according to a survey report by IWSR, COVID-19 has led to a global reduction of alcohol consumption by 8% in 2020, despite consumers buying alcohol in bulk quantities, as governments closed down places where alcohol is normally consumed.
Highlights of the Report
The report offers a holistic evaluation based on thorough research of the market. The report further provides an in-depth analysis of the current market trends and future opportunities. The report sheds light on the market drivers and restraints. Moreover, the key players and their growth strategies to prosper in the market and dominate are shared in the report. A detailed study of the regional dynamics and how they shape the market is also observed in the report.
Get Customized PDF:
Booming Demand for Trending and Innovative Beverages to Boost Market Growth
The global rise in alcohol consumption has resulted in an increased demand for innovative variations in alcoholic beverages. The growing trend of frozen slushes, smoothies, and cocktails among millennials is encouraging vendors and manufacturers to set up and implement innovative ideas in the beverage industry. For instance, Nicevend created Quinzee™, the first global complete automatic vending machine for frozen beverages made on the user’s demand. The Quinzee is an automated dispenser machine designed to dispense a large variety of flavored frozen drink servings, such as frozen cocktails, prepared instantly on-demand via a totally automated process.
On the other hand, the consumption of alcohol is proven to be harmful to health. The overconsumption alcohol may cause heart failure, liver dysfunction, swollen body, kidney failure, etc. The proven health hazards of alcohol may hamper the market’s growth.
North America to Bag the Leading Shareholder Title in the Market
North America is expected to dominate the frozen cocktails market share during the forecast period. This growth is owing to bars and pubs across the US and Canada serving novel cocktail offerings on consumers’ demand. Moreover, keeping the rising health-conscious lifestyles of people in mind, manufacturers have begun producing low-calorie and low-sugar products, which may boost the market growth in this region.
Europe is anticipated to witness notable progress in the forthcoming years on account of the surging demand for authentic flavors of alcoholic beverages in frozen form. Furthermore, the on-the-go lifestyles demand quick as well as tasty products, such as frozen cocktails, which are cheaper compared to those offered in restaurants and bars. The Asia Pacific market is poised to showcase significant growth due to the growing youth population, who are always on the lookout for new beverages to try.
Key Players Focus on Partnerships to Enhance their Market Position
The market for frozen cocktails is experiencing healthy competition among major companies that are focusing on partnering up with other companies to expand their product portfolio in the market. Moreover, prominent players are planning and executing different strategies, such as launching new products, entering partnerships, and acquiring other companies, to gain a decisive lead in the market and maintain their dominance.
July 2020: Manchester Drinks Company launched a new addition to their beverage segment, Watermelon Crush Gin Liqueur. This is anticipated to boost the company’s sales and help maintain its stronghold in the market.
List of Key Players Covered in the Frozen Cocktails Market Report
- Manchester Drinks Co. Ltd.
- Harvest Hill Beverage Company
- LIC Frozen Cocktails
- SMART ICE TRADING B.V
- Frozun Spirits Infusion
- Kold Frozen Cocktails
- Snobar Cocktails
- Constellation Brands, Inc.
- J Marr & Sons
- The Absolut Company
Order Sample PDF:
Read More Related News:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Fortune Business Insights Pvt. Ltd.9th Floor, Icon Tower, Baner –
Mahalunge Road, Baner, Pune-411045,
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: [email protected]
LinkedIn Facebook Twitter