Review of our 2023 trends
Find out how our predictions for beverage trends in 2023 played out, and how they’ll continue to drive the beverage industry in 2024....
(Click here to take a look at our 2023 report)
McKinsey and the IMF paint a mixed economic outlook for 2024: mixed consumer confidence, easing inflation, declining trade . Selective spending remains a key trend, as consumers continue to look for ways to reduce their financial outgoing and treat themselves with affordable luxuries. We expect private label, multi-serve products and cold brew coffee concentrates to be major winners in this trend.
The ‘sober curious’ trend remains highly influential for 2024, with consumers increasingly embracing alcohol alternatives. Key developments include RTD tea brands positioned as ‘adult’ alternatives, growth in ‘alcoholic soft beverages’ such as hard teas and coffees, and botanical non-alcoholic products offering a comparable but non-toxic ‘buzz’.
In our 2023 report, we noted the rise of beverages addressing the full spectrum of mental well-being, spanning stress relief, relaxation, sleep, to energy and focus. The trend expands with growing consumer interest in functional ingredients like l-theanine and caffeine powder supplements.
The Mood Boosting trend expands with growing consumer interest in functional ingredients like l-theanine and caffeine powder supplements.
In 2024, climate change awareness propels the "Actively Green" trend, urging consumers, governments, and businesses to actively promote regeneration. Nature-based solutions gain prominence in achieving climate net-zero goals.
The 'Taskforce on Nature-related Financial Disclosures ' emphasizes integrating nature risks into operations. Beverage brands can inspire optimism by highlighting regenerative efforts and low-impact practices, counteracting recent defeatist narratives.
The surge in digital tool adoption for trend access and product discovery continues, driven by consumer preferences for convenience and value. Anticipating 2024, the trend evolves with increased AI tool adoption.
Consumers are utilizing platforms like ChatGPT for meal planning and grocery lists. Brands aim to enhance the direct-to-consumer (D2C) shopping experience by integrating AI to automate meal planning and basket additions on their websites, reducing barriers to purchase and minimizing online grocery shopping time.
Selective spending
Mindful drinking
Mood boosting beverages
Crunch time for carbon
Retail reimagined
ALL REFERENCES FROM THIS REPORT
[1] McKinsey, 2023: https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/global-economics-intelligence-executive-summary-july-2023
[2] TNFD https://tnfd.global/
[3] GlobalData Plc, 2022 – survey of 19,000+ consumers globally
[4] Euromonitor, 2023 – survey of 40,000+ consumers globally
[5] Euromonitor, 2023 – survey of 40,000+ consumers globally
[6] Euromonitor, 2023 – survey of 40,000+ consumers globally
[7] Google Trends, 2023
[8] GlobalData Plc, 2023 – survey of 21,000+ consumers globally
[9] GlobalData Plc, 2022 – survey of 13,000+ consumers globally
[10] Euromonitor, 2023 – survey of 40,000+ consumers globally
[11] Euromonitor, 2022, survey of 450 professionals from the consumer health industry
[12] Mintel GNPD, 2023
[13] Euromonitor, 2023 – survey of 40,000+ consumers globally
[14] GlobalData Plc, 2023 – survey of 21,000+ consumers globally
[15] Hubspot, 2023 ‘State of Consumer Trends in 2023’ survey of 600+ consumers in the US
[16] The Psychology of Queuing, Jan 2020, Adrian Furham, Luke Treglown & George Horne, UCL
[17] Modern Retailer, 2022 https://www.modernretail.co/retailers/amid-a-growing-starbucks-union-drive-digital-orders-increasing-play-a-role/
[18] Indigo Digital, 2023 https://www.indigo9digital.com/blog/starbucksmobileapps
[19] GlobalData Plc, 2023 – survey of 21,000+ consumers globally
[20] Hubspot, 2023 ‘State of Consumer Trends in 2023’ survey of 600+ consumers in the US
[21] Amazon, 2023 https://www.cnbc.com/2023/07/31/amazon-says-its-delivering-more-products-than-ever-in-one-day-or-less.html
[22] Harvard Business Review, 2023 https://hbr.org/2023/09/research-consumers-sustainability-demands-are-rising
[23] Harvard Business Review, 2023 https://hbr.org/2023/09/research-consumers-sustainability-demands-are-rising
[24] Euromonitor, 2023 – survey of 40,000+ consumers globally
[25] Euromonitor, 2023 – survey of 40,000+ consumers globally
[26] Kantar, 2023
[27] Harvard Business Review, 2023 https://hbr.org/2023/09/research-consumers-sustainability-demands-are-rising
[28] Hubspot, 2023 ‘State of Consumer Trends in 2023’ survey of 600+ consumers in the US
[29] Future Market Insights, 2023 https://www.futuremarketinsights.com/reports/space-tourism-market#:~:text=As%20per%20FMI%2C%20the%20space,to%20boost%20sales%20through%202033.
[30] GlobalData Plc, 2023 – survey of 21,000+ consumers globally
