Why the list exists
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The problem it solves
If every producer chose its own volume, no shelf price would be comparable to any other and a slightly smaller bottle at a slightly lower price would be indistinguishable from a better deal.
Which is why it is closed, not capped
A maximum size would prevent one abuse. A closed list of permitted sizes prevents the whole category of abuse, at the cost of removing a degree of freedom from everybody.
The cost falls on small producers
A large brand is bottling at 750 mL regardless. A small producer who would like to differentiate on format has one of twenty-five options and most of them are commercially awkward.
So differentiation moves to the bottle itself
Shape, glass colour, closure, capsule, label stock and print finish are all unconstrained. The volume is fixed and everything visible about the package is not, which is why spirits packaging is as elaborate as it is.
It is also why the unusual sizes are interesting
475 mL and 945 mL are authorized and uncommon. A producer using one is differentiating on format while staying entirely inside the rules, which is the only route of that kind available.
And it interacts with price per unit
Because sizes are comparable, so is the arithmetic. A 475 mL bottle will be read against a 500 mL bottle by anybody paying attention, and the product has to be worth the difference rather than hiding it.
Net contents cannot be vague
The net contents statement is mandatory and the size it states has to be one of the twenty-five. There is no "approximately" available, which is the other half of making the comparison work.
It is a US list, and not the world’s
Other markets authorize other sizes, which is why 700 mL and 750 mL both appear. A producer exporting is working against two lists at once, and a size legal in both is worth more than one that is legal in either.
The list changes, slowly
Sizes have been added over the years as the trade has argued for them. It is not frozen, which is a reason to read the current text rather than a list copied from somewhere a few years ago.