European Beverages: RTDs: A fad, or a fundamental shift in consumption?

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European Beverages: RTDs: A fad, or a fundamental shift in consumption?

Equity Research

29 May 2026

European Beverages

RTDs: A fad, or a fundamental shift

in consumption?

We view the growth of the US RTD category over the past European Consumer Staples

decade as a structural addition to TBA and believe the NEUTRAL

category has more room for growth. While category dynamics European Consumer Staples

Laurence Whyatt

remain tricky, our analysis suggests ABI is clearly well +44 (0)20 7773 5324

positioned, with Diageo offering the largest potential upside. laurence.whyatt@barclays.com

Barclays, UK

Ashutosh Jain

The ready to drink (RTD) category remains the only part of US total beverage alcohol (TBA)

+91 (0)22 6175 1452

delivering sustained growth, with high double-digit expansion in recent years even as ashutosh.jain@barclays.com

beer, wine and spirits volumes stagnate amid a tough alcobev environment. With category Barclays, UK

share now at c.7% of TBA and growing, we believe this category is now established and is

likely to sustain, rather than being a cyclical spike. However, its growth is not uniform and

outcomes diverge materially depending on product base, regulatory classification, route-

to-market, and branding, making it critical to distinguish between sub-segments when

identifying winning brands.

While RTDs are not a new concept, the current cycle appears more durable. Improvements

in liquid quality have narrowed the gap versus bar-quality cocktails, enabling the category

to move beyond a convenience-led niche into a broader set of occasions, from at-home

consumption to outdoor and event-led drinking. At the same time, lower upfront cash

outlay per occasion (vs a bar call cocktail) and strong portability continue to support