As the mocktail industry continues to gain momentum, it's time to explore the remarkable growth, pertinent statistics, and emerging trends that are shaping this dynamic sector.
In this blog post, we’re going to dive into the fascinating realm of mocktails, providing you with a comprehensive overview of the industry's growth statistics and the latest trends to keep an eye on. Whether you're a business in the hospitality industry, a health-conscious establishment, or simply seeking to tap into the growing market of non-alcoholic beverages, this guide is your gateway to understanding the thriving mocktail scene.
Current Market Size and Growth
The mocktail market is witnessing a robust growth trend, fueled by the rising health consciousness among consumers. Globally, more and more individuals are embracing the idea of living a healthier lifestyle and exploring low and non-alcoholic beverage options. Here’s a list of mocktail current market size and growth trends according to Statista reports:
- In 2023, the revenue generated in the Non-Alcoholic Drinks market is projected to reach a substantial amount of US$1.45 trillion.
- According to forecasts, the market is anticipated to experience an annual growth rate of 4.56% between 2023 and 2027 (CAGR 2023-2027).
- In 2023, the largest segment within the market is Soft Drinks, which is projected to have a market volume of US$0.85 trillion.
- The United States takes the lead in global revenue generation, with an estimated US$496.50 billion expected in 2023.
- In 2023, the per-person revenues generated in relation to the total population amount to US$189.20.
- By the end of 2023, online sales are projected to contribute 3.8% of the total revenue in the Non-Alcoholic Drinks market.
- Out-of-home consumption, including establishments like bars and restaurants, is expected to account for 40% of spending and 10% of volume consumption in the Non-Alcoholic Drinks market by 2027.
- The volume of the Non-Alcoholic Drinks market is projected to reach 944.60 billion liters by 2027.
- In 2024, the Non-Alcoholic Drinks market is anticipated to experience a volume growth of 2.3%.
- By 2023, it is projected that the average volume per person in the Non-Alcoholic Drinks market will reach 114.40 liters.
Consumer Preferences and Demographics
When it comes to consumer preferences and demographics in the world of mocktails, a study conducted by Veylinx provides fascinating insights into the evolving trends and consumer preferences. Understanding these trends is crucial for industry players looking to cater to specific demographics and capitalize on emerging preferences. Let's explore some key findings from the study, shedding light on consumer demand, age demographics, and shifting attitudes towards alcohol consumption.
- Among the age groups of 21-35 and over 35, there is a significant difference in demand for non-alcoholic canned cocktails, with the former group showing a 48% higher preference.
- Introducing CBD into the drinks increases demand by 18% among individuals aged 21-35.
- The mood-boosting version of mocktails, infused with natural adaptogens and nootropics, generates 29% higher demand among individuals over 35, surpassing the standard non-alcoholic version.
- Individuals who have participated in Dry January previously exhibit a 65% higher purchase interest compared to those who haven't taken part in the initiative before.
- By November 2022, over 75% of Americans reported having voluntarily abstained from alcohol for a minimum of one month in the past.
- Almost half (46%) of drinkers are actively trying to reduce their alcohol consumption.
- Among those who are trying to cut back on alcohol, 52% are substituting alcoholic beverages with non-alcoholic alternatives.
- Additionally, a significant 75% of consumers have abstained from drinking alcohol for at least a month.
- The demand for non-alcoholic canned cocktails surpasses the demand for their alcoholic counterparts by 13%.
Influencing Factors and Industry Challenges
The mocktail industry is not only thriving but also evolving at a rapid pace. To better understand the factors influencing its growth and the challenges it faces, we turn to valuable data provided by Datassential. From the rise in beverage sales to shifting consumer preferences, these findings shed light on the dynamic nature of the mocktail industry.
- Almost 50% of operators reported a rise in beverage sales in 2022 driven by increasing foot traffic after pandemic restrictions have been lifted.
- Approximately 20% of operators have made brand switches for at least one beverage, primarily driven by factors such as improved pricing and enhanced availability.
- According to statistical data, taste remains the leading factor for both consumers and operators when choosing a non-alcoholic beverage.
- Statistical data reveals that over a third of consumers, including half of Gen Zers, eagerly anticipate a specific beverage limited time offer (LTO) from a particular restaurant each year.
- Seasonal beverages hold a strong appeal among women, with more than 25% expressing a higher inclination to try a new beverage if it is a seasonal variety or incorporates seasonal flavors.
- 50% of Millennials express interest in beverages featuring experimental flavors such as yuzu, guava, and dragon fruit.
- Over 33% of consumers consider it highly significant to have plant-based milk alternatives available when purchasing non-alcoholic beverages.
- More than 50% of operators offering cold coffee beverages, including iced and frozen coffee drinks, reported an increase in sales for this category.
- According to Datassential’s MenuTrends , the presence of mocktails on menus has experienced a remarkable growth of 233% over the past four years.
The Future of Mocktails
Overall, this data clearly shows that the mocktail industry is in robust growth and has immense potential for further expansion. As consumers become more health-conscious, alcoholic beverages are being substituted by an ever-growing range of non-alcoholic options.
The popularity of mocktails is expected to soar as they become increasingly integrated into restaurant menus, bars, and social gatherings. With the emergence of fresh flavors, functional ingredients, and innovative production techniques, it is evident that the mocktail industry will continue to grow in leaps and bounds for many years to come.