Overview and Scope
Craft spirits are produced by a distillery usually using locally sourced ingredients and materials. They can be prepared from fruit infusions to uniquely flavored spirits, the innovation that stems from craft spirits.
Sizing and Forecast
The craft spirits market size has grown exponentially in recent years. It will grow from $29.09 billion in 2023 to $37.71 billion in 2024 at a compound annual growth rate (CAGR) of 29.6%. The growth in the historic period can be attributed to marketing and branding, cocktail culture, tourism and tasting room, trade shows and festivals, distribution expansion.
The craft spirits market size is expected to see exponential growth in the next few years. It will grow to $100.01 billion in 2028 at a compound annual growth rate (CAGR) of 27.6%. The growth in the forecast period can be attributed to digital marketing and e-commerce, collaboration and partnerships, aging population, regulation and taxation, niche categories. Major trends in the forecast period include low- and no-alcohol options, regional and terroir-driven offerings, innovative aging techniques, ready-to-drink (rtd) cocktails, non-traditional ingredients.
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Segmentation & Regional Insights
The craft spirits market covered in this report is segmented –
1) By Type: Whiskey, Gin, Vodka, Brandy, Rum, Other Types
2) By Distillery Capacity: Large Scale Producers, Medium Scale Producer, Small-Scale Producers
3) By Distribution Channel: Off-Trade Channel, On-Trade Channels
Top Major Players:
House Spirits Distillery LLC
Rémy Cointreau Group
Rogue Ales & Spirits
William Grant & Sons Ltd.
Constellation Brands Inc
North America was the largest region in the craft spirits market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the craft spirits market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The growing number of craft distilleries is expected to propel the growth of the craft spirits market going forward. A craft distillery produces craft spirit by undergoing a distilling process using local ingredients. As a result, the growing number of craft distilleries increases the demand for the craft spirits market. For instance, in December 2021, according to American Craft Spirits Association, a US-based trade association, the craft distillers has increased by 1.1% that is 2,290 in 2021. Therefore, the growing number of craft distilleries is driving the growth of the craft spirits market.
Key Industry Players
Major companies operating in the craft spirits market include House Spirits Distillery LLC, Rémy Cointreau Group, Rogue Ales & Spirits, William Grant & Sons Ltd., Constellation Brands Inc., Pernod Ricard SA, Diageo plc, Anchor Brewers & Distillers, Heaven Hill Brands, Suntory Holdings Limited, Bacardi Limited, Fifth Generation Inc. (Producer of Tito’s Handmade Vodka), Few Spirits, St. Augustine Distillery, Old Fourth Distillery, Coppersea Distilling, Balcones Distilling, New York Distilling Company, Tuthilltown Spirits, Finger Lakes Distilling, Black Button Distilling, Iron Smoke Distillery, Wigle Whiskey, New Holland Brewing & Distilling, Catoctin Creek Distilling Company, Dry Fly Distilling, Leopold Bros., Round Turn Distilling, Greenbar Distillery
The craft spirits market report table of contents includes:
1. Executive Summary
2. Craft Spirits Market Characteristics
3. Craft Spirits Market Trends And Strategies
4. Craft Spirits Market – Macro Economic Scenario
5. Global Craft Spirits Market Size and Growth
…
31. Global Craft Spirits Market Competitive Benchmarking
32. Global Craft Spirits Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Craft Spirits Market
34.Craft Spirits Market Future Outlook and Potential Analysis
35. Appendix
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