Companies from Coca-Cola to Anheuser-Busch are getting in on the canned cocktail market. Here's why

Americans consumed over 62 million cases of ready-to-drink spirits in 2023, an increase of almost 25% from 2022.

and took the U.S. by storm. The malt-based drink provided an alternative to light beer, and sales soared over the next five year — but the market quickly became saturated.

"You had a plethora of new brands coming in, an oversaturation of new flavor sophistication initiatives, so many flavors that it essentially started devaluing the core proposition of the brands. Consumers started getting confused, and they started taking a step back," said Spiros Malandrakis, head of alcoholic drinks research at Euromonitor International.

Still, the beyond-beer segment, which includes both malt- and spirits-based beverages, represents less than 5% of U.S. sales for AB InBev. It represents about 7% for"You have a 5-year, 6-year, 7-year trend of beyond beer growth, which has been pretty exponential. But these companies' stock prices have done very little during that timeframe. So you know there's they're not participating in it," said TD Cowen Managing Director Robert Moskow.

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