The cocktail and spirits industry should pay attention to these 5 major trends in 2024!
In recent years, the cocktail and spirits industry has continued to develop to meet changing market demands. Celebrities investing in spirits, the rise of non-alcoholic spirits, internationally renowned spirits brands entering the ready-to-drink field... these phenomena have brought new possibilities to the industry.
So, what changes will occur in the cocktail and spirits industry in 2024? Let's take a look at the five major industry trend predictions for the new year from the well-known beverage business culture magazine "SevenFiftyDaily"!
Consumer interest in Asian spirits continues to grow
Asian spirits such as Chinese baijiu, Korean Soju, and Japanese Shochu have a long history and remain popular in global consumer markets (although in many other parts of the world, Asian spirits remain relatively unknown). It is predicted that more Asian spirits products will gain new development momentum in 2024.
According to a report by Datassential, a food and beverage industry information service company, consumers (especially Generation Z) have recently increased their interest in baijiu by 37%, soju by 50%, and shochu by 40%. , which will likely drive innovation in mixed drinks that include such ingredients, such as sake soda or shochu sparkling water.
Kevin Diedrich, operating partner and general manager of Pacific Cocktail Haven Bar in San Francisco, expressed optimism about the potential of these Asian spirits in bars. "Spirits distilled from rice or sorghum not only enrich cocktails, but they also bring new flavors to the mix compared to the traditional spirits bartenders have been using," he says.
Alcohol-free and low-alcohol drinks gain popularity in the mass market
Consumption of no- and low-alcoholic beverages has grown significantly in recent years. According to a Nielsen IQ report, the consumption of non-alcoholic beverages has achieved double-digit growth between 2020 and 2022. In 2023, the category will be further promoted in the market with the development of mainstream retail, tasting experience and the arrival of medium-strength spirits trend.
In October 2023, Walmart took a decisive step by launching alcohol-free spirits Ritual Zero Proof in 400 stores across the United States. Walmart co-founder Marcus Sakey said, "As alcohol sales decline, we realize that non-alcoholic beverages with a more inclusive drinking experience will become a new revenue growth point."
However, while the industry is growing rapidly, the average consumer's understanding of how non-alcoholic spirits taste, are made and how they are consumed is still limited. The emergence of wine tasting rooms solves exactly these problems. In July 2023, Wilderton, a plant-based non-alcoholic spirits brand, opened a non-alcoholic distillation tasting room in Oregon, USA. Since opening, it has offered tastings to nearly 1,750 customers and has received a positive response.
In addition, according to data provided by IWSR beverage market analysis company, most consumers who drink alcoholic beverages will also choose non-alcoholic products, which shows that the audience for non-alcoholic or low-alcoholic beverages is more diverse and extensive, and they are still in the market. There is room for development.
Coffee cocktails usher in new craze
The Espresso Martini has exploded in popularity over the past few years, ushering in a new era of coffee cocktails. According to statistics from the bar inventory management platform Backbar, more than half of the bars in North America's 50 Best Bars have added coffee cocktails to their signature wine lists.
T. Cole Newton, owner of New Orleans bar Twelve Mile Limit and current president of the United States Bartenders' Guild, said: "Coffee can provide a variety of flavors for cocktails, such as bitterness, sourness, fruity and nutty flavors, etc. etc." Coffee cocktails are also becoming a brunch choice for people because they are easier to drink and their taste is richer and more fragrant than coffee.
Other industry professionals said that other classic coffee cocktails (such as Belarusian, Irish coffee and pastis coffee Carajillo, etc.) will replace the espresso martini in the next year.
Generation Z has become the core consumer group for spirits and cocktails
A research report by the International Council of Shopping Centers (ICSC) points out that Generation Z (born between 1997 and 2012) has begun to influence the spirits industry.
Among them, 47% of the respondents said that they would make sustainable development a priority when choosing products. Therefore, traditional spirits brands that rely solely on popularity are facing unknown challenges in order to attract a new generation of consumers and remain sufficiently competitive.
The report also shows that although Generation Z's drinking volume has declined during 2023, they drink more frequently than older people, and they prefer spirits and cocktails to beer and wine.
More New World whiskeys to gain attention
In addition to the increasingly popular Taiwanese whiskey and Japanese whiskey, whiskey produced in other niche regions has also attracted the attention of many enthusiasts and promoted the continuous innovation of established production areas and brands.
In the past few years, Denmark's Stauning, Israel's Milk & Honey, Australia's Starward and Peru's Black Whiskey have won awards in multiple competitions and selections, such as the International Whiskey Competition (IWC), Whiskey Magazine Awards ( Whiskey Magazine Awards) and the San Francisco World Spirits Competition (SFWSC).
Billy Abbott, brand ambassador of The Whiskey Exchange and author of The Philosophy of Whiskey, said: "The value of South American whiskey is emerging because there is not a long history of whiskey making there, so almost anything can be made. "Because of the superior quality of South American wine, many traditional whiskey distilleries have begun to try to use different types of local wine oak barrels to age whiskey to give the wine a different flavor.
