Research suggests that the ongoing cost of living crisis is driving more consumers towards the nascent ready to serve cocktail category.
IRI analysis released this year has found that the category has grown by nine per cent in the past 12 months in Australia. Meanwhile, canned cocktails have seen phenomenal growth in the American market, growing by +42.3 per cent to reach USD$1.6bn last year, according to the Distilled Spirits Council of the US.
Indeed, a Bev Alc Insights report provided by American delivery service, Drizly, found during the Memorial Day long-weekend at the end of May, “the RTD cocktail category surpassed the hard seltzer category” for the first time.
According to a 2021 Euromonitor report, the relative affordability of ‘craft canned cocktails’ compared to those prepared in the on-premise is a factor driving the category’s expansion.
“The more affordable price point of craft canned cocktails, compared to the cost of a traditional cocktail freshly made at a bar, is appealing to many modern consumers,” Euromonitor wrote.
Recently, the category has seen a growth in the number of craft brands operating in the space, which was previously dominated by major brands like Aperol, Gordons and Bacardi.
One emergent producer in the ready to serve cocktail category is Moon Dog, which produces a series of canned spritzes. Chris Hysted-Adams, Moon Dog Cooler Product Manager, provides more detail.
“What we’ve been able to achieve with Moon Dog Cooler is great,” Hysted-Adams said.
“They’re super flavourful, complex and delicious cocktail spritzes with low carbs, natural flavours without any added sugar and to offer consumers something that’s never really been done before.”
Another factor in this growth is the convenience offered by rapid delivery providers, many of which now supply ready to serve cocktails through their services, as Moon Dog Cooler Brand Manager, Phoebe Murray, explains.
“With the likes of Uber Eats, Deliveroo and Providoor increasing their reach in the Australian market, consumers now expect to get bar quality products in the comfort of their own home,” Murray commented.
Ultimately, Moon Dog believes the category offers ‘a lucrative opportunity for retailers and manufacturers, with a chance to target consumers that are looking to trade up in their alcohol purchases.’