A return to social normalcy and an appetite for emerging offerings and flavors have fueled consumer re-engagement and business growth for the beverage category. As new demand areas arise (i.e., better-for-you, ready-to-drink, no-to-low alcohol), many beverage portfolios are looking for ways to defend their core, while also supporting new brand launches.
Beverage brands will likely continue to focus on portfolio diversification and innovation as a means of future-proofing their businesses against evolving consumer preferences and mindsets.
For more information, please contact Caitlin Collins.
U.S. alcoholic & non-alcoholic beverage revenue is expected to grow +12% in 2023
Global no-to-low-alcohol consumption is predicted to increase by a third by 2026
6 in 10 U.S. adults purchase ready-to-drink alcoholic beverages