Drinks giants Pernod Ricard and Coca-Cola (NYSE:KO) are joining forces to introduce a pre-mixed cocktail in a can, featuring Absolut Vodka and Sprite. This collaborative venture aims to cater to the preferences of Absolut Vodka and lemonade enthusiasts and provide them with a convenient and ready-to-enjoy cocktail option. Here are the key highlights of this partnership:
The Absolut & Sprite Canned Cocktail
Pernod Ricard and Coca-Cola, in a joint effort, are set to launch the Absolut & Sprite canned cocktail in select European markets, including Britain, the Netherlands, and Spain, starting in early 2024. This pre-mixed cocktail combines Absolut Vodka with Sprite, offering a refreshing and iconic cocktail experience in a convenient, ready-to-consume format.
Two Iconic Brands
The collaboration between Absolut Vodka and Sprite brings together two globally recognized and beloved trademarks, ensuring the cocktail is instantly recognizable and appealing to consumers.
The Growth of Pre-Mixed Cocktails
The partnership between Pernod Ricard and Coca-Cola is part of a broader trend in the beverage industry, where both soft drinks and spirits manufacturers are increasingly venturing into the alcohol segment, particularly through partnerships. Pre-mixed cocktails have gained popularity in key markets, reflecting the evolving preferences of consumers.
Expanding the Alcohol-Ready-to-Drink Category
The combination of Absolut Vodka with Sprite is expected to elevate the alcohol-ready-to-drink (RTD) category, catering to consumer demands for convenient and high-quality cocktail options. The global RTD category is experiencing significant growth, with an estimated value expansion of $11.6 billion between 2022 and 2026, along with a projected 24% increase in volumes during the same period.
Vodka’s Role in the RTD Category
Vodka serves as one of the most popular bases for alcohol RTD products, and lemon-lime soft drinks, such as Sprite, are among the favored mixers in pre-mixed cocktails. This combination is expected to resonate with consumers seeking a delightful and accessible cocktail experience.
Brand Influence in the RTD Market
According to research by IWSR in 2022, spirits-based products, particularly those featuring vodka, hold a significant 45% share in the top ten RTD markets. Consumers are often influenced to choose RTD products produced by well-known brands in the spirits, beer, or soft drink categories.
The collaboration between Pernod Ricard and Coca-Cola reflects the beverage industry’s response to evolving consumer preferences and the demand for innovative and convenient beverage options. The Absolut & Sprite canned cocktail aims to provide a memorable and enjoyable drinking experience for consumers across select European markets.
Featured Image: Unsplash @ Tim Rüßmann