In 2019, the alcohol beverage industry experienced the summer of the hard seltzer, with the category transcending beyond beer to steal shares from wine and spirits. In 2020, hard seltzers have far outpaced the growth of all other beverage alcohol categories, becoming a lifestyle movement that resonates year round. Volumes for the category are expected to grow by 72% in the US and almost 42% globally between 2019 and 2024, according to IWSR.
Even Coca-Cola is getting in on the game through its Topo Chico brand. It joins the list of international players tapping into the growing market, including Constellation Brands and AB InBev. But IWSR also estimates 30% of US craft distillers currently have a prepared cocktail or ready-to-drink on the market, and another 20% are currently researching or developing one.
Source: IWSR, August 2020