BC Consumer Price Index: Beer Prices Down Compared to August/22 – BC CPI Up 7.7% Compared to September/21November 21, 2022
BC Liquor and Cannabis News 2022 Year in ReviewDecember 14, 2022
As liquor store consultants in BC, we at Thrive Liquor & Cannabis Advisors love to read about alcohol beverage market trends. So much has changed over the years. Long gone are the days where alcohol beverage choices were limited to the offerings of major producers. BC is a paradise of award-winning craft brewers and distillers, so local consumers’ taste buds have acclimated to quality and choice – a trend also playing out world wide.
Below is a rundown of what alcohol beverage market experts are predicting for 2023.
Ready-to-Drink (RTD) & Flavours Continue Popularity
Consumers will continue demanding more natural ingredients, low-ABV (alcoholic strength by volume), low carb, low sugar and sprit-based RTDs, such as premixed cocktails-in-a-can. In September 2022, DISCUS survey results revealed that premixed cocktails and spirit-based RTDs are the fastest growing spirit categories, increasing market share by 42% from 2020-2021.
- More natural and herbal flavoured RTDs
- Increase in flavoured spirits
- New spins on classic cocktails
- More Low-ABV and no alcohol beverage options
- Continued beer innovation (increase in low or no-alcohol options and more flavours)
Whiskey Market Continues Growth
A Research and Markets report estimates a compound annual growth rate (CAGR) of 6.3% from 2021-2027. The report suggests that growth is being driven by innovations in manufacturing, an increase in distilleries worldwide, and increasing demand for premium whiskeys. The number of whiskey cases sold has increased each year for 10 consecutive years. In Canada, supply and demand is also increasing with sales expected to increase by 3.2 CAGR from 2021-2023 as reported by Beroe analytics.
Craft Beer: What’s Old is New Again
In the March 2022 Vinepair.com article “We Asked 16 Beer Pros: What’s the Next Big Beer Style?” brewers looked into their crystal balls and collectively predicted that trending hot products will be:
- Hazy IPA
- Smoked beer
- Fruited sours
- Light beer
- Low-ABV beers
- Cold IPA
- West Coast IPA
- Old World IPA
- Passion beer
In September 2022, Analytics Insights reported on 4 craft beer trends to watch.
The top takeaways:
- IPAs no longer dominant (although this opinion conflicts with some brewer’s opinions above, IPAs may be less dominant than they have been in recent years)
- Demand for healthier beer choices is up
- A renaissance in Belgian beer is being led by small brewers, rekindling interest in old styles
Wine Market Struggles though Premium Wine Trending Upward
While the global consumption of wine fell by 3% in 2020 (an 18-year low), organic wine’s popularity is increasing. In 2023, 976 million bottles of organic wine are predicted to be consumed (up 34% from 2018). In 2021, wine sales overall were down again, although premium wine sales increased by 21% – the most growth since 2007, according to Silicon Valley Bank “State of the Wine Industry Report 2022”.
Get Guidance & Insight from one of BC’s Most Respected Liquor Store Consultants
Thrive Liquor & Cannabis advisors is BC’s go-to liquor store consultants. We provide startup services and ongoing operational and strategic consulting that helps BC retail liquor stores succeed. From liquor license applications to store layout advice and everything in between, we’re here for you.