If you’re looking to develop a beverage in 2023, the good news is that the market is on your side. The global beverage industry is expected to boom in 2023 and beyond, with experts predicting the industry will be valued at $1.96 trillion by 2024.
The downside to the robust market is that competition is fierce. Before introducing a new beverage product into a competitive market, it is vital to understand the inner workings of the beverage development industry to create the most viable product.
By the time you finish reading this article, you’ll know what to expect when developing a beverage that will stand out from the sea of drink brands on the market.
Step One: Understanding The Beverage Industry
The beverage industry is experiencing a significant shift in consumer tastes. The pandemic was a catalyst for the sector’s growth, which is expected to continue. This is good news for businesses in the beverage industry, as there is much potential for growth and expansion.
Of course, a hot market doesn’t always translate to a desirable product. However, understanding the changing consumer beverage consumption trends helps emerging brands break into the crowded market with a product that people want to buy.
A wise first step for developing a beverage product idea is researching consumer drink trends for 2023.
Step Two: Choosing Your Beverage Category
Knowing what is trending in the beverage industry is the first step. The second — and one of the most essential aspects of beverage development — is understanding the beverage you want to bring to market.
When you're starting, it can be tempting to think about your product idea and jump into development. But before you do that, you have to consider the beverage industry as a whole — it's not just about your idea!
The beverage industry offers many types of drinks, including:
● Energy drinks
● Functional health drinks
● Sparkling waters
● Alcoholic beverages
Consider which product category your ideas fit into so you can do the appropriate research and analyze the competition effectively.
Step Three: Collaboration & Formulation
Once you have a concept for your beverage in place, the next step is to collaborate with a beverage developer to bring your vision to market.
The beverage industry is complex. Having a trusted partner ensures your drink tastes great, is functional, and is produced with top-quality ingredients.
Finding the right beverage development company makes all the difference. For example, some product development companies will hand over a formula without telling you exactly what ingredients comprise your blend, which means you won’t know the secret sauce in your own beverage.
Knowing your proprietary formula gives you a better understanding of your product in the marketplace — a must for a competitive advantage. Make sure you choose a beverage development company, like BevNutra Solutions, that gives you sole ownership of your custom blend.
Here are a few more topics a qualified beverage development partner should be able to navigate.
● Formulation & Process Questions.
● Ingredient Sourcing.
● Shelf Life Testing.
● Choosing Between Private Label Or White Label Custom Formulations.
Looking for a beverage development partner who has a deep understanding of these must-know insights? With two decades of industry experience, BevNutra Solutions brings product concepts to life by collaborating with you every step of the way. Book your complimentary beverage development consultation.
Step Four: Ingredient Sourcing & Tasting
When you're ready to bring a new beverage to the market, it's time to get serious about ingredients. There are a few things you need to take into account when deciding on your product's ingredients.
First, is your beverage purely for taste or does it serve as a functional wellness drink, too? Whether your goal is to bring an innovative product to the market, improve product flavor, improve texture, increase shelf-life, or enhance nutrition you’ll need to pinpoint the ingredients for a custom blend.
This is important because it will help you formulate the right product, as well as determine how much of each ingredient is required for each batch of products. For example, if you want to use only natural or gluten-free products, then being able to source those ingredients will be key to your success. Also, consider cost and whether or not certain items are seasonal or hard to get quickly.
Now it is finally time to taste your creation! But what if is off?
Skip that headache and partner with a developer with a thorough quality assurance process that will address any feedback and revise the formula if needed.
Step Five: Product Launch
Once the formulation stage concludes, and you reach a final recipe, it’s nearly time to get your beverage on store shelves. But first, you’ll have big decisions to make.
The next step is deciding whether your best option is full-scale production, investor presentations, or test markets. Additionally, you'll need to prepare nutrition labels, formalize batching instructions, and research manufacturer or co-packer selections. For example, you may not need to work with a large production company, which could save time and money as long as it’s a good fit.
Don’t go it alone. A trusted beverage developer will help you navigate through these decisions to make sure your beverage is in the best possible position to bring to market.
Develop A Beverage in 2023
Whether you’re looking to develop a functional beverage or high-quality spirit, now is the time to develop your new beverage product and take advantage of the expected growth in the industry.
We understand that formulating a new product can be daunting, so our team of scientists will work closely with you from concept to shelf to ensure that your product is of the highest quality and stands out from the competition.
With more than 20 years of experience formulating beverages and dietary supplements for brands, we have the expertise to help you create a winning formula.
Contact us today to learn more about how we can help you develop your beverage.