Japan's Suntory aims for greater US canned cocktail market share, bets on spirits expertise

TOKYO - Japan's Suntory Holdings is betting on its spirits expertise to boost its share in the U.S. canned cocktails market, said a senior official from the drinks giant that aims to become the global leader in the sector by 2030.

"We believe right now in the U.S., spirits-based canned RTDs as well as spirits-based cocktails are an important platform for us to set the foundation for our growth," said Kay Oh, Suntory's Sydney-based senior general manager for RTDs. "We understand and realize where consumer needs and trends are going. So the strength or that, if you will, hedonist impression is not what we stand for," Oh saidThe global RTD market saw double-digit sales growth during the pandemic as health concerns prompted a switch from higher calorie drinks like beer, but that slowed to just 2% annual volume growth in 2023, according to industry watcher IWSR.

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Japan stocks rebound 8% after Japan's historic losses; other Asia markets also open higherThe rebound follows a sharp sell-off in the U.S. with the Dow and the S&P 500 notching their worst sessions since September 2022.
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