– Indian RtD segment is growing at a CAGR of 10.3%
– The RtD market is growing in popularity; 78% of survey respondents consume this beverage
– Men and women both enjoy its consumption, contrary to popular perception
– 65% say low availability is a challenge
– 35% cite limited variety to be a challenge
– Bacardi Breezer wins in popularity & consumption, accounting for 81% of user awareness
GURUGRAM, India, July 21, 2022 /PRNewswire/ — As the third largest alcoholic beverage market, India represents one of the most compelling spirits opportunities in the world. Within this, the alcoholic ready to drink (RtD) segment is experiencing high growth, and is expected to grow at a CAGR of 10.3% between 2021 and 2026. It’s popularity can be attributed to the convenience it offers, and it being a lower-strength alternative to spirits that is being driven by consumer desire for healthier alternatives, but is stymied by low availability, finds a Benori Knowledge report and survey with users.
In a survey with more than 1000 alcohol consumers, Benori Knowledge, a new-age provider of custom research and analytics solutions, finds that the RtD category has sparked mass appeal, with 78% of survey respondents reporting having consumed the pre-mixed beverages. Nearly 55% say they prefer RtDs over spirits owing to its lower alcohol strength that makes it the ideal beverage to consume in social settings. Contrary to popular perception, 79% of RtD consumers are male and 21% are female. Interestingly, among the 22% non drinkers there is high awareness of RtD cocktails and they also expressed their desire to try them in the future. Awareness of RtD cocktails is primarily driven by word of mouth for most. 66% of survey respondents say that they learnt about it from friends and family, while 19% say they heard about them from social media.
84% of the men surveyed confirmed drinking an RtD cocktail at least once a week while the same frequency was confirmed by 61% of the women.
However, survey respondents cite the challenges of low availability – 65% and limited variety – 35% in their ability to get their hands on these beverages.
Unlike the usual consumer buying behaviour in India, price is given the least amount of consideration when purchasing RtDs. Benori’s research finds that brand image, taste and flavour and the percentage of alcohol (5% or less is preferred) are the key factors that influence and drive purchase in this category.
The report also highlights the most popular brands in this category. Bacardi emerges as the most popular brand in preference, consumption and enjoys high awareness, followed by Magic Moments Electra and Bombay Sapphire Gin & Tonic.
Commenting on the report, Ashish Gupta, Co-founder and CEO of Benori said, “Indian consumers today are ready to experiment and go beyond traditional alcoholic beverages and the RtD category especially is becoming quite popular across the board. Among young drinkers there are those who are just beginning to consume alcohol and prefer the lower alcohol content and the variety in flavours of RtD over beer, while there are others that are more seasoned yet willing to explore and try new things. Among older drinkers, many choose RtDs over traditional drinks for a convenient drinking experience or when they are looking for beverages to enjoy casually and not consume hard liquor. The popularity of RtDs clearly demonstrates a need for low-alcohol beverages that offer innovative products and flavours and are readily available. Alcohol companies would benefit tremendously by riding on this trend.”
Survey methodology –
Benori conducted an online survey of 1000+ alcoholic beverage consumers that had 70% male and 30% female respondents. The survey was conducted to understand the growing RTD cocktail market in India, current awareness, consumption, and the RTD preferences. Of these 62% of survey respondents were in Tier 1 cities and 38% from Tier 2 cities.
About Benori Knowledge
Benori Knowledge is a global provider of custom research and analytics solutions across industries, including consumer & retail, technology, media & telecom, internet & e-commerce, professional services, financial services, healthcare, industrials and education & social. They offer solutions aimed at supporting their clients’ strategic needs that are critical to accelerate their growth and value creation. Powered by technology, Benori delivers significant insights to solve challenging business questions and simplify decision-making for key stakeholders in their clients’ business.
Benori is committed to minimising the challenges faced due to high costs, poor access and low quality of knowledge processes, and transforming them to deliver best-in-class actionable insights. Headquartered in India, Benori serves clients across the world, and works for top consulting and investment firms, as well as a variety of organisations across industry segments such as Fortune 500 companies, SMEs, and high-growth startups.
To know more, visit : www.benoriknowledge.com
The content is by PR NewsWire. DKODING Media is not responsible for the content provided or any links related to this content. DKODING Media is not responsible for the correctness, topicality or the quality of the content.