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Pernod Ricard and Coca-Cola are merging their iconic products—Absolut Vodka and Sprite—into a new pre-mixed canned cocktail. The partnership aims to tap into the growing market for ready-to-drink alcoholic beverages.
According to Reuters, this new product aims to cater to the growing demand for pre-mixed cocktails in key European markets. Pernod and Coke affirmed that the Absolut & Sprite canned cocktail will debut in several European markets, including Britain, the Netherlands, and Spain, beginning in early 2024.
CNBC noted that these cans will feature the iconic trademarks of both brands, ensuring immediate recognition among consumers.
Growing Trend of Beverage Companies Venturing into the Alcohol Market
Soft drink manufacturers like Coca-Cola have expanded their presence in the alcohol industry. With previous partnerships, such as the Jack Daniels whiskey collaboration, beverage companies have capitalized on pre-mixed cocktails' rising popularity.
Spirits makers, conversely, are seeking to tap into a forecasted $11.6 billion growth in the pre-mixed cocktail category between 2022 and 2026. The potential for expansion is accompanied by an anticipated 24% increase in volumes during the same period, according to market estimates by IWSR.
Spirits-Based Products Driving Growth
Pernod CEO Alexandre Ricard expressed confidence in the collaboration, acknowledging the strong synergy between Absolut Vodka and Sprite. Combining these two beloved beverages is expected to elevate the entire alcohol-ready-to-drink category, offering consumers a new and enjoyable experience.
Pernod highlighted that vodka is among alcohol-ready-to-drink products' popular base spirits. Additionally, lemon-lime soft drinks are favored mixers in the pre-mixed cocktail market. These preferences reinforce the appeal of the forthcoming Absolut & Sprite canned cocktail.
Research conducted by IWSR in 2022 revealed that spirits-based products, particularly those featuring vodka, hold a significant 45% share in the top 10 ready-to-drink markets. Cocktail or long drink products are expected to stimulate growth in this sector further.
Influence of Well-Known Brands
The study by IWSR emphasized that over 50% of consumers in these markets are inclined to purchase ready-to-drink products when produced by renowned spirits, beer, or soft drink brands. Brand recognition plays a crucial role in consumer decision-making.
With the collaborative efforts of Pernod Ricard and Coca-Cola, the upcoming Absolut & Sprite canned cocktail is poised to make a significant impact. This enticing product showcases the innovation and dedication of these industry leaders in providing consumers with high-quality pre-mixed cocktails.
Photo: Derrick Payton/Unsplash
