In installment one of Mastering Restaurant Cocktail Program Marketing, we’ll discuss our first topic. Understanding the market.
Introduction to cocktail industry trends and market analysis
Learning about cocktail industry trends and market analysis involves a combination of research, reading, networking, and staying updated with industry news. Here’s a step-by-step guide to help you get started:
- Read Industry Reports and Market Analysis:
Look for market research reports and industry analyses related to the beverage and hospitality sector. These reports often provide insights into consumer preferences, emerging trends, growth projections, and challenges in the cocktail industry. Our favorites include the following:
CGA Strategy.com – A series of reports that deliver valuable data.
Barandrestaurant.com – A great variety of guest posts and resources.
Overproof.com – A variety of macro reports that will detail the wider trends in specific regions.
2. Follow Industry Publications:
Stay informed by subscribing to industry publications, magazines, and websites dedicated to cocktails, bars, and hospitality. These sources regularly feature articles, interviews, and analysis on current trends, innovations, and market dynamics.
You’ll like these:
The Bartender Blog Section of Beverage Trade Network
Get a free print subscription to Chilled Magazine. It features great brands featured by great bartenders.
3. Attend Industry Events and Conferences:
Participate in cocktail and beverage industry events, trade shows, and conferences. These gatherings provide opportunities to hear from experts, attend workshops, and network with professionals who have valuable insights into trends and market developments.
Bartender Competitions are great opportunities to see what the most creative are doing.
Bar Convent Brooklyn and Berlin. This premier tradeshow will provide months of ideas and relationships.
4. Engage in Online Communities:
Join online forums, social media groups, and platforms dedicated to cocktails and mixology. Engaging in discussions with industry professionals and enthusiasts can provide real-time insights into trends and practices.
5. Follow Influential Mixologists and Bartenders:
Follow renowned mixologists, bartenders, and cocktail experts on social media platforms. They often share their thoughts on trends, techniques, and innovations in the industry.
6. Enroll in Courses and Workshops:
Look for mixology courses, workshops, and training programs. Many institutions and organizations offer both in-person and online courses that cover various aspects of cocktail creation, trends, and business management.
While there is little substitute for real experience behind the bar, there are trainings to be had. If you’re a bartender, waitstaff, or back bar pro, know that practice, training, and knowledge around cocktails, trends, and ingredients is just a click away.
7. Read Books on Mixology and Cocktails:
Explore books written by industry experts that delve into the history of cocktails, mixology techniques, and the evolution of the beverage industry. These books often contain valuable insights into the industry’s past and present.
Some of the best?
From SeriousEats.com – https://www.seriouseats.com/essential-cocktail-books-vintage-recipes-technique
8. Network with Industry Professionals:
Attend industry events, trade shows, and local meetups to connect with professionals working in the cocktail and hospitality sectors. Conversations with peers can provide practical insights and firsthand knowledge.
Remember that the cocktail industry is dynamic, and trends can change rapidly. By continuously seeking out new information, staying engaged with industry professionals, and actively participating in the cocktail community, you can gain a deep understanding of the trends and market analysis within the industry.
Identifying your target audience and their preferences
1. Craft Cocktails and Mixology: Craft cocktails and mixology had been significant trends in the cocktail industry. Consumers were showing a growing interest in unique and creative drinks made with high-quality ingredients, innovative techniques, and attention to presentation. Mixologists were pushing the boundaries of traditional cocktail-making by incorporating house-made infusions, bitters, syrups, and unique garnishes.
2. Health-Conscious Choices: Health and wellness trends were also influencing the cocktail industry. Many consumers were seeking out cocktails with fresh, natural ingredients, low sugar content, and even functional ingredients like herbs, spices, and fruits known for their health benefits.
3. Sustainability: The trend towards sustainability was gaining momentum. Bars and consumers were increasingly interested in eco-friendly practices, such as using locally sourced ingredients, reducing waste, and using reusable or biodegradable straws and cups.
4. Non-Alcoholic and Low-Alcohol Options: Non-alcoholic cocktails (mocktails) and low-alcohol options were on the rise. These catered to consumers who wanted to enjoy the experience of a cocktail without the effects of high alcohol content.
5. Premiumization: The cocktail industry was witnessing a shift towards premiumization, where consumers were willing to pay more for high-quality ingredients, premium spirits, and unique flavor combinations.
6. Global Influences: Cocktails inspired by international flavors and cultures were becoming more popular. Ingredients and techniques from different parts of the world were being incorporated into cocktail menus, leading to a diverse range of offerings.
7. Technology and Social Media: Technology played a role in the industry’s growth as well. Bars and restaurants used social media platforms to showcase their unique cocktails and attract customers. Apps and online platforms helped enthusiasts discover new recipes and techniques.
Competitive Market Analysis
The cocktail industry had been experiencing steady growth, driven by a combination of factors. Five important factors are listed here.
- Millennial and Gen Z Consumer Base: These demographics were particularly interested in trying new and unique experiences, including innovative cocktails. Their preferences influenced the demand for craft cocktails and novel flavors.
- Rise of Food and Beverage Tourism: Travelers were increasingly seeking out destinations known for their vibrant cocktail scenes. This trend contributed to the growth of cocktail tourism, benefiting bars and establishments in popular cities.
- Economic Factors: As economies improved, consumers were more willing to spend on premium experiences, which included enjoying well-crafted cocktails at bars and restaurants. Significant spending at restaurants continues to grow. 45% of all alcohol dollars are shown to be spent in restaurants and bars.
- Celebrity Mixologists and Pop Culture: The influence of celebrity mixologists, as well as the portrayal of cocktails in movies and TV shows, contributed to the industry’s popularity and visibility.
- Online Resources: The availability of cocktail recipes, tutorials, and online communities allowed enthusiasts to experiment with cocktail-making at home, expanding the reach of the industry.
If you’d like to learn more about how Shared Spirits helps restaurants grow revenue with their alcohol beverage offerings, we’re here to assist. Click here to set up a meeting.
