Craft Spirits Market to Grow with a CAGR of 9.4% Globally through to 2028
Rising demand for craft spirits and an increase in the
number of craft distilleries, and rising disposable incomes are factors driving
the global craft spirits market in the forecast period 2024-2028.
According to TechSci Research report, “Global Craft
Spirits Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Craft Spirits Market stood at USD 16.02
billion in 2022 and is anticipated to grow with a CAGR of 9.4% in the forecast
period, 2024-2028. The craft spirits market has undergone a remarkable
evolution, transforming from a niche segment to a dynamic and influential force
within the broader spirits industry. Distillers, often small-scale and
artisanal in nature, have not only redefined the possibilities of flavor
profiles but have also shaped the market through a commitment to innovation,
sustainability, and localism.
The craft spirits market is a vibrant and multifaceted
landscape shaped by a convergence of trends that go beyond the liquid in the
bottle. Innovation in flavor profiles, sustainability and eco-friendly
practices, localism and regional identity, the rise of craft cocktails at home,
artisanal packaging and branding, and collaborations and limited edition
releases collectively define the craft spirits movement.
Craft spirits are produced by licensed
distillers who have a predetermined output volume. With less than 25% of their
cash coming from a player in the alcoholic beverage industry, they ought to
have independent operations and operational control. The product must have a
label that has been approved by the US Alcohol and Tobacco Tax and Trade Bureau
(TTB). North America is where the majority of the industry is concentrated
because of the high demand in the US. The United States has seen a promising
expansion in investments in recent years, largely due to favourable approval
regulations.
The consumer preference for unique and
authentic products has emerged as a cornerstone driver for the craft spirits
market. Craft distilleries, with their commitment to small-scale production,
innovation, and compelling storytelling, cater to a growing segment of
consumers who view their choice of spirits as a reflection of their
individuality and values. As we delve into the other drivers, it becomes
evident that these factors collectively contribute to the robust growth and
sustained appeal of the craft spirits market.
Browse over 26 market data Figures spread
through 181 Pages and an in-depth TOC on "Global Craft Spirits Market”
Consumer education plays a vital role in
amplifying the impact of sustainability initiatives. Craft distilleries often
communicate their commitment to eco-friendly practices through guided tours,
tasting events, and social media channels. Educating consumers about the
environmental efforts behind the production of craft spirits not only fosters
brand loyalty but also contributes to a broader awareness of sustainable
choices within the industry. In conclusion, the sustainability and eco-friendly
practices trend is a significant driver in the craft spirits market, reflecting
a collective effort within the industry to minimize its environmental
footprint. Craft distillers, by prioritizing sustainability, not only respond
to consumer preferences but also contribute to the broader movement towards
more responsible and ethical business practices. As we explore the next trend,
we will delve into the rising phenomenon of crafting cocktails at home.
Craft distillers are not just producers;
they are storytellers, innovators, and custodians of local traditions. The
market's success is not merely a reflection of consumer preferences but a
testament to the industry's ability to evolve, adapt, and redefine itself in
response to changing dynamics. As consumers continue to seek authenticity,
unique experiences, and products that align with their values, the craft
spirits market is poised to remain a dynamic and influential force within the
broader spirits industry.
The Global Craft Spirits Market is segmented into
type, size, distribution channel, regional distribution, and company.
Based on type, the whisky category dominated the
market of total sales worldwide. The remarkable and unique flavour that the
aforementioned product domain offers is the reason for the segment's rise.
Based on region, North America made the largest
contribution to the global market in 2022. Over the forecast period, the
region's growing millennial population is expected to drive demand. Because of
secure approval policies developed by regulatory bodies, the number of
manufacturers in the United States has increased at a rapid rate.
Major companies operating in Global Craft Spirits Market
are:
- Heaven Hill Distilleries, Inc.
- Diageo plc
- Pernod Ricard
- Constellation Brands, Inc.
- Suntory Holdings Limited
- Bacardi Limited
- Campari Group
- Sazerac Company, Inc.
- Highwood Distillers
- Rogue Ales
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“The craft spirits market has experienced explosive
growth, evolving from a niche sector to a major player in the global spirits
industry. Fueled by consumer preferences for unique, locally sourced, and
artisanal products, craft distillers have capitalized on a demand for
authenticity. The market's trajectory is characterized by a surge in new
entrants, diverse flavor innovations, sustainable practices, and a strong
emphasis on local identity. This growth reflects a shift in consumer values
towards premium, distinctive spirits, setting the stage for continued expansion
and a sustained influence on the broader spirits market.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Craft
Spirits Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, Segmented By Type (Whiskey, Vodka, Gin, Rum, Brandy, Liqueur,
Others), By Size (Large, Medium, Small), By Distribution Channel (On-Trade
Channel, Off-Trade Channel), By Region, By Competition, 2018-2028”,
has evaluated the future growth potential of Global Craft Spirits Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Craft Spirits Market.
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