The Craft Spirits Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Craft Spirits Global Market Report 2024, 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.
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.
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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
The increasing investments in craft spirits are a key trend gaining popularity in the craft spirits market. Major companies operating in the craft spirits market are looking for investments to strengthen their position in the market. For instance, in March 2022, Diageo India, an India-based beverage alcohol company operating in the craft spirits market, invested $200 million (₹200 crores) in its craft spirits project. Further, in March 2022, United Spirits, an India-based beverages company, operating in the craft spirits market invested $31.50 million (Rs31.50 crore) in craft gin-maker Nao Spirits and Beverages. Through the investment, United Spirits enters the Indian provenance premium craft gin segment complemented by its world-class premium and luxury gin portfolio of Gordon’s and Tanqueray.
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
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26. South America Craft Spirits Market
27. Brazil Craft Spirits Market
28. Middle East Craft Spirits Market
29. Africa Craft Spirits Market
30. Craft Spirits Market Competitive Landscape And Company Profiles
Top Major Players:
- House Spirits Distillery LLC
- Rémy Cointreau Group
- Rogue Ales & Spirits
- William Grant & Sons Ltd
- Constellation Brands Inc
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