Alcoholic Drinks Product Innovation in Mature and Emerging Markets
The Alcoholic Drinks Industry grew in 2010 according to Spiros Malandrakis, Alcoholic Drinks Industry Analyst at Euromonitor. In mature markets, product innovation is being used to avoid stagnation. In emerging markets, manufactures are answering the need for relevant products based upon the specific needs of consumers.
Mylan Nguyen, Alcoholic Drinks Analyst, states that a key trend in mature markets is polarization. Consumers are buying more private label and discounted premium drinks, but a market still exists for premium or ‘luxury’ type alcoholic drinks. These premium drinks moved away from novelty packaging and gimmicks with an emphasis on upper-middle class consumers.