Diageo and Pernod Ricard have missed the booming cocktails-in-a-can trend, costing them market share and investor confidence. While beer companies like Molson Coors and Constellation Brands rapidly expanded their hard seltzer and canned cocktail portfolios, the two spirits giants hesitated. The shift toward convenient, portable alcoholic beverages—especially among younger consumers—has reshaped the U.S. alcohol market. Canned cocktails now account for over 15% of new product launches in the category, up from just 3% five years ago.
Diageo’s Smirnoff and Pernod Ricard’s Absolut brands launched canned drinks late, missing peak demand. Meanwhile, beer firms captured $2.3B in canned cocktail sales in 2023 alone. Analysts warn that without agile innovation, spirits makers risk being sidelined in the fastest-growing segment of the alcohol industry.
Source: Wall Street Journal Markets · Summarized by HeadlinesBriefing