by The Hard Seltzer Market is estimated to be valued at US$ 6.64 Bn or billion in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hard seltzer is a type of alcoholic beverage that is made from seltzer water, ethanol, and natural flavors. It contains around 5% alcohol by volume. Hard seltzers are gaining popularity due to their low-calorie and low-sugar content as compared to beer. The increasing demand for low-calorie beverages among health-conscious consumers is a major factor fueling the growth of the hard seltzer market.
Market Dynamics:
Increasing health awareness among consumers is a major driver for the Hard Seltzer Market Growth. Consumers are increasingly becoming aware about the health risks associated with excess consumption of beer and sugary drinks. Hard seltzer contains significantly lower calories and carbohydrates as compared to beer as it is made from seltzer water rather than malt. It does not contain gluten and has no carbs which appeals to a large consumer base that watches their calorie and carb intake. Furthermore, rise in social events and outdoor activities are also driving the demand for hard seltzers as they provide refreshment along with low alcohol content. However, the market still faces challenges due to lack of awareness in developing regions. Product innovation in terms of new flavors is expected to provide opportunities for market growth over the forecast period.
Segment Analysis
The global hard seltzer market is dominated by the flavored hard seltzer sub-segment. Flavored hard seltzers have gained immense popularity owing to their lower alcohol and calorie content as compared to beer. Additionally, the wide range of fruity flavors in hard seltzers such as black cherry, lime, lemon, strawberry appeal greatly to health-conscious consumers.
PEST Analysis
Political: Regulations regarding the production and marketing of alcoholic beverages vary across countries and states. Favorable regulations boost the growth of the hard seltzer market.
Economic: Rising disposable incomes and spending capabilities of consumers have increased the demand for premium alcoholic beverages such as hard seltzers.
Social: The emergence of new drinking trends among millennials and Gen Z consumers favoring low-calorie and low-sugar beverages is driving the adoption of hard seltzers.
Technological: Introduction of innovative flavors, addition of functional ingredients, and development of slim cans by manufacturers are helping expand the category’s appeal.
Key Takeaways
The global hard seltzer market is expected to witness high growth, exhibiting CAGR of 13% over the forecast period 2023 to 2030, due to increasing health awareness among consumers. The market size is projected to reach US$ 10.78 Bn by 2030 from US$ 6.64 Bn in 2023.
The North America hard seltzer market dominates currently due to significant consumption in the US. The region accounted for over 80% share of the global market in 2023 and is expected to continue its dominance over the forecast period.
Key players operating in the hard seltzer market include Barefoot, Bon V!V Spiked Seltzer, Bud Light, Ficks Beverage Co, Future Proof Brands Llc, Hard Seltzer Beverage Company Llc, Kona, Lift Bridge Brewing Co, Nude Beverages, And White Claw. Among these, White Claw continues to be the dominant player owing to its wide distribution network and variety of flavors.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
