Hard Seltzer Market Seen Soaring 13% Growth to Reach USD 16 Billion by 2030, Projects UnivDatos Market Insights
- Himanshu Patni
- January 27, 2024
- CONSUMER GOODS, NEWS
- Hard Seltzer Market, Hard Seltzer Market Forecast, Hard Seltzer Market Growth, Hard Seltzer Market Share, Hard Seltzer Market Size
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Key Highlights of the Report:
Ø The main factors anticipated to drive demand for the global alcoholic beverage segment are the rising trend of consumption of alcoholic beverages among the young generation and millennials as a result of changing consumer choices, rising disposable income, and peer influence among consumers. Beer companies introducing hard seltzer to expand its market among millennial drinkers.
Ø According to NIQ, 60 % to 70% of millennial drinkers who are of legal drinking age (over 21) categorize hard seltzers as a separate category, which is probably why beer manufacturers developed their own hard seltzer products, such as Bud Light Seltzer and Corona Seltzer.
Ø North America dominant market share in 2020. The main drivers of the expansion of the North American hard seltzer market are the rising young populations in countries with economies like the United States, Canada, and Mexico.
Ø For Instance, in March 2021, Stewarts Enterprises introduced Stewart’s Spiked Seltzer, a brand of low-calorie hard seltzers in three flavors—Root Beer, Orange Cream, and Black Cherry to grow in the northeastern United States.
According to a new report by UnivDatos Market Insights, the Hard seltzer Market, is expected to reach USD 16 billion in 2030 by growing at a CAGR of 13%. Hard seltzer, also referred to as spiked seltzer or hard sparkling alcohol water, is a beverage that typically contains carbonated water, alcohol, and open fruit flavoring. Cane sugar or malted barley fermentation may also produce hard seltzer. Hard seltzer is the best alcohol substitute because it has the least amount of calories and only contains about 5% alcohol. Hard seltzer is a low-calorie, low-carb, sugar-free alcoholic beverage with a 5% or slightly higher alcohol content that is clear, bubbly, and lightly flavored. Based on ABV type, the market is segmented into ABV less than 5% and ABV more than 5%. Based on sales channel type, the market is segmented into on-trade and off-trade. Based on packaging type, the market is segmented into metal cans and bottles. North America hard seltzer market is expected to continue to grow in the coming years.
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The report suggests that the Increasing Consumer Trends Towards Health Consciousness are the major factors driving the growth of the hard seltzer market during the forthcoming years. The landscape of consumer preferences is continually evolving, with a noticeable shift towards health consciousness in recent years. This trend has permeated various industries, and the alcoholic beverage sector is no exception. One notable beneficiary of this shift is the hard seltzer market, where an increasing number of consumers are gravitating towards healthier beverage options. In this exploration, we will delve into the multifaceted ways in which the rising tide of health consciousness is significantly boosting the hard seltzer market.
Caloric Consciousness: A primary driver of the surge in hard seltzer popularity is the heightened awareness of calorie intake among consumers. Traditional alcoholic beverages often come laden with sugars and high calorie counts, posing a dilemma for those seeking a healthier lifestyle. Hard seltzers, on the other hand, are typically lower in calories, appealing to individuals mindful of their dietary choices. The market has responded by offering a variety of low-calorie and even zero-calorie hard seltzer options, catering to the growing demand for beverages that align with caloric-conscious consumer preferences.
Reduced Sugar Appeal: The negative health effects associated with excessive sugar consumption have become well-documented, prompting consumers to scrutinize the sugar content in their beverage choices. Hard seltzers, known for their crisp and refreshing taste, often contain lower sugar levels compared to traditional cocktails or beers. This reduction in sugar content not only addresses health concerns but also positions hard seltzers as an attractive option for those looking to enjoy alcoholic beverages without the associated guilt of consuming excessive sugars.
Carb Count Consideration: In tandem with the popularity of low-carb diets, consumers are increasingly factoring carbohydrate content into their beverage choices. Hard seltzers, with their relatively low carbohydrate profiles, have gained favor among individuals adhering to diets such as keto or low-carb lifestyles. This aligns with the broader health-conscious trend of making mindful food and beverage choices to support specific dietary goals, contributing to the sustained growth of the hard seltzer market.
Functional Ingredients and Nutritional Transparency: Health-conscious consumers are not only focused on avoiding certain ingredients but are also actively seeking functional and beneficial components in their beverages. Hard seltzer brands have responded by incorporating natural flavors, botanical extracts, and vitamins into their products, capitalizing on the trend towards functional and nutritional transparency. This approach not only enhances the perceived health benefits of hard seltzers but also caters to a consumer base that values holistic well-being.
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Shift Towards Moderation: The health-conscious trend extends beyond merely scrutinizing the nutritional content of beverages; it also encompasses a broader lifestyle shift towards moderation in alcohol consumption. Hard seltzers, with their moderate alcohol content, align well with this cultural shift. Consumers, particularly the younger demographic, are increasingly opting for lighter, session able drinks that allow them to enjoy social occasions without the heaviness associated with higher-alcohol options. The emphasis on moderation complements the health-conscious narrative, positioning hard seltzers as a socially acceptable and responsible choice.
Conclusion:
In conclusion, the hard seltzer market’s remarkable growth is intricately tied to the increasing consumer trend towards health consciousness. The demand for beverages that align with dietary preferences, provide transparency in nutritional information, and support a broader shift towards moderation has propelled hard seltzers into the spotlight. The appeal of reduced calories, lower sugar content, and moderate alcohol levels has positioned hard seltzers as a versatile and attractive option for a diverse consumer base. As health-consciousness continues to shape consumer choices, the hard seltzer market is poised for sustained expansion, with innovation and adaptability key to meeting evolving preferences in the ever-dynamic landscape of consumer behavior.
