Coca-Cola and Bacardi canned beverage.
Courtesy: Coca-Cola
Coca-Cola just ordered another round in the booming canned cocktail market. It is going with another classic, launching a canned rum and coke in collaboration with Bacardi Limited.
The two brands on Tuesday announced plans to release the ready-to-drink cocktail in several international markets, starting with an initial launch in Mexico and select European markets in 2025. The company is also evaluating a U.S. launch of the drink for 2025, a spokesperson confirmed with CNBC.
The Coca-Cola Company‘s latest move reflects continued explosive growth in the canned cocktails market. Premixed cocktails were the fastest-growing spirit category in the U.S. in 2023, growing 26.7% to $2.8 billion in revenue, according to the Distilled Spirits Council of the U.S.‘ annual economic report.
Spirit sales in the U.S. have remained at the top of the alcoholic market, beating out wine and beer for the second straight year in 2023, according to the Spirits Council report. Vodka brought in the most revenue out of all spirits with about $7.2 billion.
The new drink is not Coke’s first entry into the premixed cocktail market. The company joined with beer giant Molson Coors to debut Topo Chico Hard Seltzer in 2021, and joined with Brown-Forman‘s Jack Daniels whiskey to can another popular bar drink, Jack and Coke. Those cans hit the U.S. market in 2023. Later that same year, Coca-Cola brand Sprite partnered with Pernod Ricard‘s Absolut Vodka for two versions of a premixed cocktail, one with Sprite and the other with Sprite Zero Sugar.
“We are continuing to develop our portfolio as a total beverage company, including in the growing alcohol ready-to-drink market,” said James Quincey, CEO of Coca-Cola, in a press release.
The entire ready-to-drink alcohol market is showing heady signs for the future. Hard seltzers, which often contain malt-based alcohol, showed signs of falling off in 2022 as category-wide sales lagged, leading Boston Beer to throw away excess supply of its hard seltzer brand Truly. But the U.S. hard seltzer market grew from $13.2 billion to $18.97 billion in 2023 and is expected to grow steadily into 2030, according to Grand View Research.
