Bacardi Ltd., the world’s largest privately held international spirits company, recently released its fifth annual Bacardi Cocktail Trends Report, anticipating the key trends that will redefine cocktail culture and the spirits business in 2024.
The report, created in collaboration with The Future Laboratory (TFL), draws insights from Bacardi-led and external research, and interviews with bartenders from The Future Laboratory to share the themes that are transforming flavour preferences, drink formats, and cocktail experiences in the coming year.
Limited libations
Next-gen drinkers are embracing a ‘less but better’ approach, continuing to support the ongoing premiumisation era for key spirits, liquors, and No-Lo categories. With a conscious approach to the economic climate, consumers are seeking small luxuries, looking to elevated lifestyle products as must-have pieces.
This quality-focused shift transforms spirits into coveted collector’s items, with forward-thinking brands enhancing limited-edition bottles through crafted storytelling. Simultaneously, the No-Lo category continues to evolve, embodying the ‘Sipping Spectrum’, where moderation is synonymous with choice, quality, flavour and social connections.
Innovative aging
The year 2024 will usher in an era of innovation for dark, aged spirits, with brands embracing unique ageing methods and novel flavour combinations. Distillers are venturing into uncharted territory, discovering new sources of innovation in the expanding category.
Bold and unexpected pairings continue to lead, whereas regional experimentation yields spicy, fruity, and zesty profiles in innovative formats.
While enjoyers of dark, aged spirits are diversifying their palates, rum-based cocktails are continuing to grow in popularity, Tequila is unanimously ranked as the number one premiumization category, with Mezcal named as the next.
Escapism elixirs
Cocktail culture is transporting consumers across destinations, countries and even eras – as classic spritzes and ornate sips help to recreate nostalgic, convivial moments year-round. In 2024, the link between drinks and destinations will deepen.
This evolution isn’t just about where but also about when exactly consumers enjoy their drinks. As non-traditional venues are on the rise, Bacardi research indicates a shift away from nightclubs to festivals as the new hub for revelry.
In South Africa and India, more than one-third of respondents look forward to enjoying more sundowner cocktails over the next year, and approximately a quarter in the US and Mexico (27%) and Spain (26%).
Notes of nature
With the resurgence in next-gen outdoor activities and a growing emphasis on sustainability, drinks brands are now redefining their connection to the environment through intentional ingredients and eco-friendly practices.
It is believed that 2024 will see brands and bartenders take a holistic approach to nature and its flavours – harnessing sustainably sourced aromatics, florals, botanicals and oils to create cocktail experiences uniquely rooted in nature.
According to the Bacardi Global Consumer Survey 2023, 44% of respondents in Canada and 43% of younger respondents in the US intend to consume more cocktails made with natural ingredients in 2024. In emerging markets, the numbers are even higher: 51% in India, 47% in South Africa and 44% in Mexico.
Tech tastes
Digital advancements are inciting change in ‘what’, ‘where’ and ‘how’ drinks are enjoyed, thereby providing new routes to personalization, brand experience and community.
As consumers increasingly seek personalised brand interactions, AI is introducing exciting opportunities for tailored cocktail experiences, accessible anytime and anywhere. For the drinks industry, AI’s evolution will create all-new paths to experimentation and discovery, with brand innovators using the technology as a tool to bring consumers closer to branded cocktails and experiences, regardless of their location.
While 8 in 10 younger consumers across select markets are looking to explore AI recommendations, they are adamant about maintaining the emotional connection and artistic finesse that only bartenders can provide.
About Bacardi Limited:
Founded in Santiago de Cuba for more than 161 years, family-owned Bacardi currently operates production facilities in 11 countries and territories, and sells its brands in more than 160 markets.
