So just how far and how fast have hard seltzer's fortunes changed? IWSR Drinks Market Analysis has just come out with its Hard Seltzer Report and many of the stats are mindboggling. "The meteoric rise of the hard seltzer category across the US beverage alcohol industry has been nothing short of phenomenal," the company begins, before forecasting that "consumer interest in these products will only continue to grow.
Speaking of which, IWSR writes, "Hard seltzer and other 'seltzer-like' products command a market share of 2.6 percent of all beverage alcohol in the US, up from only 0.85 percent a year ago"—meaning hard seltzer sales have tripled in the past year. In total, IWSR pegs the current hard seltzer market at about 82.5 million cases.
Of course, the question now is whether this is all a fad or whether hard seltzer is here to stay. IWSR believes there's still plenty of growth left to be had, writing that their analysis shows hard seltzer sales will triple again by 2023. "Hard seltzers are far from a fad, they're, and increasingly, hard seltzer producers are pulling consumers from other beverage alcohol categories, not just beer," Brandy Rand, COO of the Americas at IWSR Drinks Market Analysis, explained.
So why do people like hard seltzer? IWSR sums that up in one word—"refreshment"—which the survey found was the top attribute drinkers cited when asked why the beverage appealed to them. "The rise of hard seltzers shows there was a segment of consumers underserved by the current beverage alcohol market who were looking for alternatives that were refreshing and flavorful, but also low-calorie and low-sugar," Rand continued.
Wow!
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