It’s an exciting time for the liquor industry as customers become even more spoilt for choice. As trends and consumer preferences shift faster than ever, alcoholic beverage companies have learned to change their strategies quickly. New players are entering the market to gain a slice of the pie, but there’s more to go around for everyone even if the business gets competitive by the minute. But some trending events promise an invigorating time for the industry.
UK’s independent spirits producers made £2 billion.
The UK independent spirits industry’s growth is in full swing as beverage makers collectively sold £2 billion worth of products in 2018 that reflected a £1.98bn increase from the previous year.
The Spirits Business reported that this massive jump in revenues was because manufacturers were quick to adapt to their customers’ tastes. For instance, gin producers in the independent liquor scene have shown their flexibility to adapt to the rising demand for flavoured gin by releasing new product lines.
Croatia bags award at worldwide wine and spirits event.
Croatia recently bagged its first Gold medal at the International Wine & and Spirit Competition (IWSC) for its white wine called “Opg Pilato Malvazija sur lie 2015.” According to Croatia Week, the wine was made from a famous local grape called Malvazija. The Pilato family, the creator of the wine, has been making it since 1934.
Ireland holds first prosecco festival.
Prosecco makers have a reason to rejoice as their bubbly takes the limelight. The prosecco craze has now reached Ireland, which recently launched its first-ever prosecco festival in Cork. The festival involved a variety of events and workshops and was made possible by the City of Cork, Tindal Wine Merchants and the Perlage Winery in Italy. In the UK, Italian prosecco is their bubbly of choice, according to The Guardian. Many people now think prosecco is an acceptable gift in family celebrations and holidays.
People are swapping their drinks for alcohol-free spirits.
Non-alcoholic drinks based on kombucha, petal tea and spirits created from spices or cannabidiol are now in fashion, thanks to hipsters popularizing the trend. According to the Morning Advertiser, Diageo’s Seedlip line is one of the brands that’s spearheading this revolution. Diageo, a British company, is an institution in the world of liquor production and has been the largest distiller of spirits in the world until China’s Kweichow Moutai replaced it.
American whiskey gets a break from Mexico and Canada.
The United States received a tariff break from Canada and Mexico for American whiskey exports after both countries reversed its decision to raise tariffs on the drink last year. The increased tariff rates last year was a reaction to US President Donald Trump’s implementation of higher import duty tax on commodities from Europe, Mexico and Canada. It also caused a slump in the growth of American whiskey exports in 2018.
These worldwide trends promise the spirits and liquor industry a year of new highs for wine-makers, whiskey producers, and even the beer industry from Asia, Europe, Australia, and even the Americas.