By embracing a less-but-better approach to libations, younger consumers are supporting a shift toward industry premiumization, according to a new release.
Five key trends will be prevalent throughout the industry in 2024, according to the findings. Image credit: The Future Laboratory/Stephane BoubertBacardi Limited, the world’s largest privately held spirits company, is dishing in the latest consumer behaviors impacting the beverage industry., created in collaboration with U.K. think tank The Future Laboratory, identifies five key trends set to dominate the market this year.
"Cocktails, spirits and liquors that capitalize on exclusivity, quality and cultural collaborations have never been more in demand, occupying a fresh space for consumers between lifestyle and luxury libation." "The NoLo category continues to evolve, embodying 'The Sipping Spectrum,' where moderation is synonymous with choice, quality, flavor, and social connections," said Mr. Hawkins.
Introducing new spices, mix-ins and pairings in both the distillation and mixology processes is becoming the new normal. According to the report, consumers are looking to deepen their palates this year, with woody, smokey flavors and “tea-focused ingredients” both respectively garnering nearly a third of respondents’ fascination.
Flipping to coin from naturalism to the computer-generated, technology is becoming an increasingly prevalent part of the industry. AI is at the center of this trend, with 80 percent of respondents from the U.S., Germany, Singapore, Spain and South Africa planning to explore beverages with recipes generated by the software in 2024.commissioned The Future Laboratory to produce a new foresight report, anticipating the shifts that will shape the industry over the coming months.
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