Bacardi Limited, the world's largest privately-held spirits company, releases its third … Business Wire India
Bacardi Limited, the world's largest privately-held spirits company, releases its third annual Bacardi Cocktail Trends Report, looking ahead at the key trends impacting the business of cocktails in 2022. The report is created in collaboration withThe Future Laboratory (TFL) and draws from Bacardi-led and external research to unveil the undercurrents transforming everything from drinks desired, flavor expectations, and imbibing occasions through to ethical action and ways of creating cocktails.
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The third annual Bacardi Cocktail Trends Report spotlights the macro-trends defining how, what, where, and why consumers are sipping spirits in 2022. (Graphic: Business Wire)
“As 2022 brings new perspective, people are coming together with a strong desire to ‘Make Moments Matter’. At Bacardi, we are driven by this purpose – with a family of premium spirit brands that are uniquely positioned to evoke emotions, catalyze experiences, and play an integral role in fostering connections, encouraging celebration, and enabling exploration,” says Tony Latham, Executive Vice President and Chief Financial Officer at Bacardi. “What the world needs today is not a return to a ‘new normal,’ and we will play our part instead in creating the new extraordinary.”
Here are the macro-trends defining how, what, where, and why consumers are sipping spirits in 2022:
- LUXURY LIBATIONS. Discerning attitudes are emerging among new alcohol connoisseurs, who are seeking out high-quality drink experiences – driving another wave of premiumization across spirit categories, including in the canned format of premium prepared cocktails. With 50% of bartenders globally reporting that their customers are drinking more premium drinks, this represents an evolution in bar-goers’ behavior since the start of the pandemic.
Bartenders and consumers alike are exhibiting excitement for tequila, bourbon, and cognac, where category premiumization, exclusivity, and the hand-crafted nature of the spirit are driving intrigue and desire. Demand for tequila is driven by the shift in how it's perceived – from a party spirit to sophisticated sipping serve, and the mixability of the spirit that has made it a base for popular cocktails, such as the margarita, old fashioned, negroni, and paloma.
- DIGITAL DRINKING. Cocktail enthusiasts continue to harness technology to master domestic mixology from the comfort of their homes while having spirits delivered directly to their doors. Much of the current growth in e-commerce is being driven by the U.S., with more than 65% of consumers in the country using an online service to purchase alcohol.
- SEEKING SUSTAINABILITY. The coming year will see consumers demand innovative, ethical, long-term solutions that deliver real social change. With the growing importance of enterprises that empower communities and fuel localism, hyper-local delivery will go mainstream as consumers seek to balance their desire for convenience with a quest for sustainable solutions.
Sustainability remains a primary concern of consumers across the globe. But while recyclability and zero-waste cocktails formed the thrust of sustainable action this year, 2022 will see more initiatives shaped by a focus on how spirits are made, with a vast majority of people now willing to pay more for ethically sourced regenerative refreshments.
- CONSUMPTION RECONSIDERED. People are exploring new flexible approaches to sobriety while favoring unique cocktails and spirits when they decide to drink. There’s a rise in sober-curious consumers, happy to switch between sober nights and drinking occasions, with 58% globally drinking more non-alcoholic and low-ABV cocktails (NoLo) than a year ago.
A conscious attitude is influencing a shift toward natural selections in 2022 with one-third of people in the U.S. and half in the U.K. seeing natural ingredients as a factor in their cocktail choices, a trend that’s beginning to sway the way consumers imbibe in emerging markets.
- TRANSFORMATIVE TIMES. Across the globe, a wealth of pent-up demand for social interactions will drive people to seek out cocktail experiences that deliver transformation, celebrate the power of social connection, embrace new experiences, and strive for learning and personal growth. As these consumers return to bars, they’re expecting to be wowed by cocktail experience as many go into 2022 with a sense of mindfulness around making each moment more meaningful.
About Bacardi Limited
Bacardi Limited, the largest privately held spirits company in the world, produces and markets internationally recognized spirits and wines. The Bacardi Limited brand portfolio comprises more than 200 brands and labels, including BACARDÍ® rum, GREY GOOSE® vodka, PATRÓN® tequila, DEWAR’S® Blended Scotch whisky, BOMBAY SAPPHIRE® gin, MARTINI® vermouth and sparkling wines, CAZADORES® 100% blue agave tequila, and other leading and emerging brands including WILLIAM LAWSON’S® Scotch whisky, ST-GERMAIN® elderflower liqueur, and ERISTOFF® vodka. Founded close to 160 years ago in Santiago de Cuba, family-owned Bacardi Limited currently employs more than 7,000, operates production facilities in 11 countries, and sells its brands in more than 170 countries. Bacardi Limited refers to the Bacardi group of companies, including Bacardi International Limited. Visit http://www.bacardilimited.com or follow us on Twitter, LinkedIn or Instagram.
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