Beverage Dynamics Summer 2024 | Page 8

GROWTH BRANDS
FAST TRACK

THE TOP ALCOHOL TRENDS

by KYLE SWARTZ

The Growth Brands Awards are an annual program that determines and celebrates the fastest-growing and top-selling spirits , wines and beers in the U . S . These beverage alcohol brands fuel modern trends while maintaining consumer loyalty .

Which products pulled off these tough tasks in the past year ? 2023 was an odd year , marked by the continued transition away from the pandemic and its inflationary hangover . While people felt the pinch at grocery stores and the pumps , consumers remained interested in premium alcohol products . And with Covid−19 lockdowns thankfully a thing of the past , bars and restaurants have rebounded , once again helping shape alcohol culture and the rise of certain brands .
Social media continues to be critical for success , as does flavor innovation . Whiskey and tequila enjoyed another year of growth in 2023 , albeit at numbers more “ solid ” than “ explosive .” Ready-to-drink ( RTD ) beverages are still on the rise , shoving out hard seltzer as the hottest category . Newer trends have emerged . Celebrity alcohol brands and endorsements have catapulted products into the mainstream conscience . Authenticity , sustainability , and social values have never been more important to consumers , especially younger generations , in what they drink .
PREMIUMIZATION IS KEY
By now nearly everyone has heard the saying about how today ’ s consumers drink : less but better . This phrase is a synonym for premiumization . Drinking occasions may be down , but when they do occur , they involve better products . Alcohol remains an affordable luxury , a treat even for younger generations who imbibe less . Growth Brands winners have noticed . “ In the past year , we ’ ve seen increasing consumer demand for high-proof bourbon ,” says Elizabeth McCall , master distiller of Woodford Reserve , which collected a pair of Fast Track awards in 2024 . “ To meet this demand , we increased the number of cases we produce of our Batch Proof series , which is released annually as part of our Master ’ s Collection . Batch Proof allows consumers to taste Woodford Reserve exactly as it comes out of the barrels , and we expect to see continued demand for this product in the future .”
PHOTO CREDIT : © JOANNA LIN
“ We also saw an increase in sales of our Double Oaked Bourbon ,” she adds .
Like Woodford Reserve , many brands have met this demand for premium products through new innovations .
“ Our biggest release this past year is Jefferson ’ s Tropics : Aged in Humidity ,” says Craig Johnson , head of the American Whiskey Collective at Pernod Ricard , speaking for the Fast Track brand Jefferson ’ s Bourbon .
“ Buoyed by the success of Ocean , Jefferson ’ s wanted to look to new aging environments for its next groundbreaking innovation . The new expression focuses on exposing barrels to extreme weather conditions in Singapore to accelerate maturation and accentuate flavor , with the equatorial heat and humidity allowing the bourbon to deeply interact with the wood , drawing richer flavors like vanilla and caramel .”
Premiumization and innovation are hardly contained to whiskey . Truly a transcendent trend , the allure and staying power of top-shelf products inspires both loyalty and trial in consumers .
“ Empress is still a young , developing brand that has nearly tripled its national distribution over the past two years ,” says Eric Dopkins , CEO and founder of Milestone Brands , whose collection of Growth Brands winners includes the Rising Star Empress 1908 Gin . “ Many consumers experience the brand for the first time as it hits the shelf and restaurant / bar cocktail menus . The ‘ indigo ’ blue gin makes the most distinctive cocktails that colors
FAST TRACK
8 Beverage Dynamics • Summer 2024 www . beveragedynamics . com