Move over hard seltzer, canned cocktails are ready to make a splash. Companies are gearing up for the rise of the canned cocktail, a.k.a. ready-to-drink beverages made from real spirits (unlike the sugar and malt in hard seltzer). Bank of America Securities is forecasting that the category will reach $3 to $4 billion in revenue in the coming years, and E. & J. Gallo’s High Noon, Monaco, AB InBev’s Cutwater Spirits and Beam Suntory’s On The Rocks are already standout brands in the canned cocktail category. AB InBev’s entrance into the canned alcohol industry started with Cutwater, the second-best selling canned cocktail brand, and the Budweiser brewer has been moving into new categories to appeal to non-beer drinkers who crave the cocktail taste in a ready-to-go-drink. Millennials 21+ have rallied over hard seltzer the past few summers for its healthier appeal, and now canned cocktails are expected to be another fan favorite drink as more young people look for convenience and quality taste in alcoholic beverages. (CNBC)
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