Annual hard seltzer sales set to pass $10bn a year by 2023
Hard seltzers have become one of the fastest-growing and most promising alcoholic beverage markets, according to new research conducted by food and drink experts Zenith Global.
After rapid growth in North America, particularly in the United States, hard seltzers have also become an emerging alcoholic beverage segment in Europe and Asia Pacific.
Consumption of 777 million litres in 2020, with an overall value of $4.25bn, was almost 20 times the level of 2017. By 2023, sales are forecast to have passed $10bn, after continued growth and expansion to other regions.
Consumer demand for hard seltzers is driven by their taste and appeal, based on typically low-calorie and low-sugar content. They are especially popular amongst younger generations and university students.
Hard seltzers provide a more modern take on alcoholic beverages, coming in ready-to-drink and sustainable packaging – predominantly cans and glass bottles. For older consumers, hard seltzers provide a new drinking experience, with fruity and refreshing flavours, providing a perceived healthier alternative to traditional alcoholic beverages like beer, wine and spirits.
“There are so many opportunities in this market for both established and new brands across all regions. It is exciting to see how many traditional alcohol businesses are releasing their own line of hard seltzers to capitalise on this meteoric rise,” commented James Russell, Zenith Global Research Analyst and author of the report.
“For such a young category, there is real buzz and innovation. It is so interesting to see how the established companies are coming up with innovative products, flavours and marketing campaigns to compete in a market that is becoming more and more populated with new entrants, but is far from saturated,” he concluded.