Five beverage trends for 2024

B2B tea, coffee and extracts supplier Finlays has predicted the top five trends the beverage industry should be preparing for in 2024, as part of its annual Global Beverage Trends Report.

Sian Edwards, Directory Strategy & 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.”

Finlay’s top global beverage trends for 2024 are:

Fast fad-sion

Often driving by social media and influencers, the ‘fad’ trend cycle represents the rapid rise and fall of popular trends, such as viral coffee concoctions to wellness ingredients. These trends are embraced by consumers quickly, and they move on just as quickly. For beverage companies, this presents both opportunities and challenges as companies must be ready to innovate and adapt to ever-changing consumer preferences.

Hyper targeted health

Consumers’ attitudes to health and personal wellbeing have been revolutionised by technology and data offering customised health solutions. Individuals now have access to insights and recommendations tailored to their needs, from personalised nutrition plans to fitness routines and optimising mental performance.

In the beverage sector, consumers can receive personalised tea blends and coffee roasts, using data-driven recommendations to meet their health goals. This empowers individuals to prioritise a holistic approach to their wellbeing, incorporating healthy beverages into their routines in place of traditional tablet-based supplements.

Statement spending

This trend will see purchasing decisions influenced by consumers’ personal identities and values as shoppers seek products that align with their self-image and beliefs. Individuals opt for artisanal, locally sourced coffees to showcase their support for sustainability and small-scale producers. To cater to this trend, brands must focus on authenticity, sustainability and individual expression.

Need for speed

In the beverage industry, simplified customer payment processes are gaining momentum. Coffee shops 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 to their door via subscription services.

It is no longer just the quality of a product that will win a brand the edge over its competitors, it’s also the speed and convenience of its delivery. By adopting innovative solutions that reduce spending friction for consumers, brands can stay ahead.

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 climate impact to having zero impact or promoting regeneration/carbon negative. Collaborating with suppliers that offer full supply chain transparency is crucial to understanding environmental impacts, gaining consumer trust and promoting environmental causes. To resonate with today’s consumers, it is essential to effectively communicate ethical credentials and encompass charitable initiatives and transparent metrics such as carbon output.

To download the full Global Beverage Trends Report 2024, click here.