Fast "fad-sion," hyper targeted health and statement spending are among the major trends the beverage industry should be preparing for in 2024, according to leading B2B tea, coffee and extracts supplier Finlays.
As part of its annual Global Beverage Trends Report, Finlays has outlined five key trends that are predicted to take the beverage industry by storm over the next twelve months and beyond.
Commenting on the report, Sian Edwards, director of strategy and insights at Finlays, said, “The beverage industry shows no sign of slowing down. Health, sustainability and the thirst for innovation continue to be driving forces behind category development and high rates of launch activity. Our top trends for this year highlight the need for beverage operators to tune into consumers and be highly reactive to their needs. More than ever, working with trusted partners who can provide support for innovation is vital to accessing these high growth opportunities.”
Per the new report, the top global beverage trends for 2024 are:
1. Fast Fad-sion
The 'fad' trend cycle in consumer behavior represents the rapid rise and fall of popular trends, often driven by social media and influencers. From viral coffee concoctions to the next big ingredient in wellness, consumers embrace and move on from these trends swiftly. This presents both opportunities and challenges for beverage companies, who must stay nimble and be ready to innovate and adapt to ever-changing consumer preferences.
2. Hyper Targeted Health
Technology and data offering customized health solutions have revolutionized consumers’ attitudes to health and personal wellbeing. Individuals now have access to precise insights and recommendations tailored to their unique needs, from personalized nutrition plans to fitness routines and optimizing mental performance.In the beverage sector, consumers can receive personalized tea blends and coffee roasts, utilizing data-driven recommendations to meet their health goals. This empowers individuals to prioritize a holistic approach to their wellbeing, incorporating healthy beverages into their routines in place of traditional tablet-based supplements.
3. Statement Spending
Within this trend, consumers’ personal identities and values influence their purchasing decisions and shoppers seek products that align with their self-image and beliefs. For example, individuals may opt for artisanal, locally sourced coffees and teas to showcase their support for sustainability and small-scale producers and local businesses. While those seeking a health-conscious image may gravitate towards organic smoothies and wellness teas. To cater to this trend, brands must focus on authenticity, sustainability and individual expression.
4. Need for Speed
In the beverage industry, simplified customer payment processes are gaining momentum. Coffee and tea shops, for example, are using mobile apps to allow customers to order and pay in advance to reduce wait times, and consumers can get craft beer and specialty coffee delivered directly to their door via subscription services.It’s no longer just the quality of a product which will win a brand the edge over its competitors, it’s also the convenience and speed of its delivery. Brands can stay ahead by adopting innovative solutions that reduce spending friction for consumers – whether that’s greater access to products online, ease of delivery or speed of preparation.
5. Actively Green
In today's consumer landscape, brands must adopt proactive sustainability strategies that reflect increasingly green customer demands. This has shifted from merely “reducing impact” to becoming “zero impact” or even promoting regeneration/carbon negative. Collaborating with suppliers that offer full supply chain transparency is crucial for understanding environmental impacts, gaining consumer trust and promoting environmental causes. Effective communication of ethical credentials, encompassing charitable initiatives and transparent metrics such as carbon output, is essential to resonate with today’s conscientious consumers.
To download the full Global Beverage Trends Report 2024, click here.
Plan to Attend or Participate in World Tea Expo, March 18-20, 2024
To learn about other key developments, trends, issues, hot topics and products within the global tea community, plan to attend World Tea Expo, March 18-20, 2024 in Las Vegas, co-located with Bar & Restaurant Expo. Visit WorldTeaExpo.com.
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