A growing drinking culture with innovative drinks is making the alcohol-beverage industry exciting and entertaining.
The alco-bev space is shaking things up in restaurants and hotels as new categories of drinks and innovations are spicing up the segment.
The F&B space, especially bars, restaurants and hotels are ever evolving but one of the key catalysts for such drivers is the Alcobev brands. Premium products and complex flavours are expected to generate sales in the coming years. Today cocktails, single malts, IMFL and many foreign brands in whiskeys have taken the fancy of the audiences. Gin and scotch are well received by the audiences today and its consumption has increased over the years.
The F&B space, especially bars, restaurants and hotels are ever evolving but one of the key catalysts for such drivers is the Alcobev brands. Alcobevs, like fashion, drives culture and the Gin revolution we have been witnessing is changing the way bars and bar tenders operate. New innovations will always create new experiences and new experiences will create new culture and fashion. You now are seeing a Hard Seltzer boom in the west and people all over the world and consumers are cherishing the new category globally. We now will be witnessing another level of growth flowing into these F&B spaces on account of the new category and product innovations.
The alcohol industry is prepared to adjust and introduce new goods when consumer tastes shift. Many beverage companies are expanding their product lines in an effort to increase sales. Globally there is a shift happening where many consumers are demanding alco beverages with lower calories and with high quality ingredients thus showing that they are cognizant of their choices. The culture of guilt-free drinking has already emerged and is currently growing. Today, drinking is no longer restricted to intoxication but acquired tastes and taste reign supreme with intriguing flavour profiles. Today’s consumer is educated and open to exploring better choices. With people now looking consciously at alternatives, whether it is driven by thoughts of clean eating/ drinking, this is the right time to offer more options for a balanced healthy lifestyle and consumers are making informed decisions, hence the huge demand for hard seltzer.
4. What kind of options are available for health-conscious customers?
Although, in general, alcoholic beverages are not usually labelled ‘healthy’, consumers look for “better-for-you” alternatives to cut down on their sugar intake. Hard seltzer boasts a crisp lightness, the perfect “guilt-free” drink that contains as much alcohol as beer but little to no added carbs/sugars, hence packing in much fewer calories (<110 cals for an entire bottle). Hard Seltzers at some level are a bridge between beer, wine, and cocktails keeping in mind the health-conscious emotion of the consumer.
Technology is driving change in operations and strategy – right from crop analysis to smartphones scanning product labels. Big data and analytics have also been major drivers for the alco-bev industry when it comes to improving insights across the supply chain. Having in place solutions to provide real-time insights can help identify the largest problems at hand and find ways to optimize production, and maintain quality. Innovative technologies have made it possible for us to use this data to better understand our customers and evaluate the brand’s position in the market monitoring the acquisition and retention of customers.
Brand loyalty is crucial to a company’s success. brands can identify areas for improvement by using customer data to better understand the customer’s needs/wants and loyalty. Through technology, we can assess how the brand is selling and doing in comparison to the competition with the correct data and insights.
Knowing your consumers’ purchasing patterns is essential when creating a sales, marketing, and promotional strategy for a certain alcohol product, whether you’re a store, bar or restaurant owner, a supplier, or a distributor. monitoring brand adherence.
Read the full story that first appeared in Hotelier India’s Dec 2022 issue here: