Research from market analysts Euromonitor predicts that the world's largest FABs markets - the US, Japan, Russia, Germany, Australia and the UK - will all record weaker growth in 2003, mainly due to lower consumer interest combined with increased product overcrowding.
So what will take the place of FABs in generating real growth for drinks companies in the next few years? According to Euromonitor, the likelihood is that it will be flavoured vodka-based spirits, products closely related to FABs but with a more mainstream appeal.
Euromonitor highlighted the case of Ursus Roter, a red vodka brand produced by Dutch company Ursus Vodka, which has already taken a couple of European markets by storm. Other brands marketed along similar lines include German company Berentzen's Puschkin Red, a vodka-based drink containing blood orange juice, and Royalty Red, from another Dutch company, Hooghoudtstraat's. These drinks, containing around 20 per cent abv, are either consumed as a shot or mixed with energy drinks such as Red Bull.
The key to the success of such products is the fact they will build on the dynamism of the vodka market as a whole, Euromonitor suggests. Vodka's growth in countries such as the US and UK far outstrips that of whisky, brandy and gin, due largely to its versatility and stylish image, supported by brand support from some of the world's largest players including Diageo (Smirnoff), Vin & Sprit (Absolut) and Brown-Forman (Finlandia).
"Taking advantage of this vodka trend, the very fact that the new vodka-based product falls between two stools, being neither a FAB nor a standard spirit, has been beneficial to its positioning," said Euromonitor.
"Take Ursus Roter which is a variant of the Ursus vodka brand but contains only 21 per cent alcohol, half the content of standard vodka. It is mixed with a fusion of sloe berries, which gives it a distinctive sweet and fruity taste, a characteristic which has appealed strongly to the younger generation of drinkers."
Initially introduced in the Netherlands in 1998, and then in Greece in 1999 (following a strategy of targeting holidaymakers and clubbers), the brand was launched as a 'red vodka'. This, however, generated a certain degree of criticism from other vodka players, who claimed that the product cannot be classified as vodka as it does not contain 40 per cent alcohol - criticism which has thus far failed to dent the continued growth of the brand.
In fact, it is this clever positioning as 'vodka', as opposed to just another FAB alternative, that has helped create a potentially more successful and secure market, Euromonitor suggests. Most notably, in aligning itself with vodka, it appeals to male consumers. This is a significant consumer segment which FABs have continually failed to impress due to their feminine image and sweet taste.
Moreover, the fact that these products can be mixed with a variety of soft drinks, as well as consumed neat, also engenders the more adult-orientated standard vodka.
Just as global players like Bacardi and Diageo were inspired by the success of FAB innovators like the Two Dogs brand, they may once again seek to capitalise from the potential boom in 'vodka' drinks by putting their own product onto the scene.
But while the major players have a massive head start in terms of brand awareness - far more people drink Smirnoff than Ursus, for example - they may be loathe to associate their vodka brand with a drink which is far weaker, in case it detracts from the core brand's image.
Furthermore, with FABs reaching maturity far sooner than they had hoped, larger players may be hesitant to cash in on the success of these vodka-based brands, given the massive investments this would entail.
FABs were successful because they appealed to young drinkers in particular, but the fickle nature of this age group means that companies were constantly obliged to investment in product innovation and marketing or risk losing out to rival brands. The second-generation vodka drinks perhaps have a more adult appeal, but are still likely to need substantial marketing investment to maintain consumer interest - a gamble which might prove too risky for the bigger groups.
In any case, Euromonitor suggests that the success of the vodka drinks currently available has been in no small part due to the fact that they are niche, rather than mainstream, products - a positioning which clearly favours smaller companies rather than large.