Professions have undergone a serious overhaul in World of Warcraft with the Dragonflight expansion. Alchemy, Engineering, and the rest now have specializations, much like expansions long since passed. Dependent on the profession, players can specialize in three to four specs by investing Knowledge Points. These Knowledge Points are acquired from various sources in the expansion, but the key with them is that once they're invested, there is no refund. So it's good to have a game plan for your precious points.
World of Warcraft Dragonflight Alchemy Specializations
Alchemical Theory
The base bonus for Alchemical Theory is that players gain +1 Skill for all recipes per point in this specialization. This specialization is all about transmutation and converting items from one to the other. This hearkens back to the Alchemy glory days of Vanilla. This is a strong contender for generating Gold and keeping yourself busy with work orders.
Potion Mastery
Potion Mastery comes with the base bonus of +1 Skill in crafting potions and related alchemist stones per point in the specialization. Non-combat potions will last longer with additional bonuses to consuming Dragon Isles potions. For solo players, this could be a good route but isn't recommended for group content or generating income as the versatility and functionality simply isn't there.
Phial Mastery
Phial Mastery provides +1 Skill per point in specialization to crafting phials and related alchemist stones. Dragon Isles phials last 30 minutes longer and further specialization increasing the duration of element-infused phials and bonus to crafting phials and multi-crafting. For those interested in progressing Mythics and Raids, this is where you'll get the most return on your investment. Phials have been and will continue to be crucial to progressing the most challenging endgame content.
For more World of Warcraft goodies, check out Best Herbalism Specialization in Dragonflight – WoW Herbalism Guide on Pro Game Guides.