The global Hard Seltzer Market is estimated to be valued at US$ 6.64 Bn 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 flavored, alcoholic beverage containing seltzer water, alcohol, and sometimes fruit flavorings. Hard seltzers generally contain between 5-7% alcohol by volume and 100 calories or fewer per 12 fluid ounce serving. Their low alcohol and calorie contents along with enticing flavors make them an attractive alternative to beer and sugary cocktails, especially among health-conscious millennials.
Market key trends:
The growing popularity of cannabis-infused edibles in states where cannabis is legal has fueled demand for hard seltzers infused with hemp-derived cannabidiol or CBD. CBD is touted for its therapeutic properties and is known to relieve stress and anxiety. The launch of CBD-infused hard seltzer products has further expanded their target base and set the stage for the development of new product varieties. Meanwhile, innovations in flavor profiles ranging from less sugary natural fruit essences to unique blends like ginger-lime continue to capture consumer interest and drive sales volumes higher. Furthermore, the COVID-19 pandemic has accelerated the shift towards ready-to-drink beverages that offer convenience without compromising on taste, sustaining the momentum of the hard seltzer category.
Segment Analysis
The global Hard Seltzer Market Growth is dominated by the flavored seltzer segment. Flavored seltzers account for around 80% of the total market share as they offer various fruit flavors that appeal to consumers. The fruit flavors in hard seltzers make them taste not very different from other alcoholic beverages like beer, wine or cocktails but with lower sugar content which is preferred by health-conscious customers.
Key Takeaways
The global hard seltzer market is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing health consciousness among consumers. The low-calorie and low-sugar content of hard seltzers make them attractive to diet-conscious drinkers.
Regional analysis: North America currently dominates the global hard seltzer market, accounting for over 75% share. The United States, in particular, is the largest market due to growing popularity of hard seltzers among millennials and generation Z consumers. Europe is projected to be the fastest growing regional market over the forecast period owing to increasing product launches catering to local tastes in the region.
Key players: Key players operating in the hard seltzer market are 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. White Claw, in particular, dominates the US market, holding around 50% market share due to wide product range and aggressive marketing campaigns targeted at younger consumers.
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