Craft Spirits Market Size to grow by USD 50893.6 million between 2024-2028
According to a research report “ Craft Spirits Market” by Product (Craft whiskey, Craft gin, Other craft spirits) Distribution Channel (On-trade, Off-trade) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 50893.6 million, at a CAGR of almost 20.65% during the forecast period. The global craft spirits market is poised for significant expansion, driven by the burgeoning demand for high-quality, artisanal spirits in emerging markets across Asia Pacific, South America, and the Middle East and Africa. Millennials, a prominent consumer demographic, are leading this trend with their preference for less quantity but superior quality and a willingness to explore new flavor profiles. Their growing purchasing power and declining brand loyalty are key growth drivers for the craft spirits market.
Browse market data tables, figures, and in-depth TOC on “Craft Spirits Market” by Product (Craft whiskey, Craft gin, Other craft spirits) Distribution Channel (On-trade, Off-trade) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Product, the Craft whiskey segment is projected to dominate the market size in 2024
In the craft spirits market, the on-trade channel represents a significant distribution avenue, encompassing establishments such as bars, pubs, and restaurants. Some distilleries have expanded their offerings by offering distillery tours and setting up tasting rooms at their production sites. The preference for craft spirits in the on-trade sector is growing, particularly in markets like the US and Germany. The forecast period is expected to witness an upward trend in on-trade consumption of craft spirits. The on-trade segment, which includes on-premise distribution, encompasses various channels, including restaurants, bars, pubs, and hotels.
By Distribution Channel, On-trade segment is expected to hold the largest market size for the year 2024
The craft spirits market, specifically craft whiskey, is experiencing significant growth due to the increasing consumer preference for premium, taste-driven products. This trend is driven by the demand for better-quality ingredients and unique flavor profiles, which sets craft whiskey apart from conventional spirits. Market participants are responding to this trend by introducing innovative products to meet consumer demands. The entry of new players into the market is intensifying competition, yet the demand for craft whiskey is anticipated to persist, particularly in emerging economies such as India and South Africa, where the market is expanding.
North America is forecasted to hold the largest market size by region in 2024
The craft spirits market represents a significant growth opportunity for entrepreneurs and established players alike. With a rising consumer trend toward artisanal and locally produced beverages, this sector is experiencing increased demand. Key market drivers include the desire for unique flavors, authenticity, and a focus on sustainable production methods. Strategic partnerships, innovation, and effective marketing are essential for success in this competitive landscape.
The Craft Spirits Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The craft spirits market has seen significant growth in recent years, with consumers seeking out unique and high-quality liquors made from Spring water and Non-GMO grains. Major producers in the Alcohol and Tobacco industry are taking notice, as craft distilleries continue to gain popularity among beverage professionals and consumers alike. Flavored whiskeys, gin, and other craft spirits are becoming staples in cocktail bars and restaurants, as well as in off-trade sales. Package designs that reflect the artisanal nature of these spirits are also important, with many craft distilleries investing in eye-catching labels and bottles. The distillation process is a key factor in the taste and quality of craft spirits. Licensed distillers are using innovative techniques to create novelty and lifestyle products that appeal to consumers. The craft spirits market is booming, with online sales playing a significant role in its growth. The craft spirits sector is following in the footsteps of the craft beer industry, with a focus on local and regional production, authentic ingredients, and a commitment to sustainability. The taste and quality of these spirits are driving demand, making them a must-have for any serious cocktail enthusiast. In summary, the craft spirits market is thriving, with consumers seeking out unique and high-quality liquors made from Spring water and Non-GMO grains. The distillation process, package designs, and commitment to sustainability are all important factors in the growth of this sector. Whether enjoyed in cocktails or on their own, craft spirits offer a taste experience that is truly unforgettable.
Market Research Overview
The craft spirits market has seen significant growth in recent years, with major producers and craft distilleries alike capitalizing on the trend towards super-premium offerings and cocktail culture. According to the Alcohol and Tobacco Tax and Trade Bureau, there were over 1,800 craft distilleries in the US as of 2020, producing a combined total of approximately 750,000 gallons of liquor annually. This growth can be attributed to a number of factors, including the use of non-GMO grains, spring water sources, and innovative flavors in spirits such as flavored whiskey and liqueur. Beverage professionals have embraced the craft spirits movement, with on-trade sales and off-trade sales both seeing strong growth. The craft spirits market encompasses a wide range of spirits, from gin and vodka to brandy, rum, and experimental distilled liquors. As the craft beer industry paved the way for small-batch, artisanal production, the distillery sector has followed suit, with a focus on lifestyle, novelty, and taste. With the online boom, craft spirits are now more accessible than ever before, making it an exciting time for consumers and producers alike. To enter the craft spirits market, licensed distillers must obtain a Distiller's license and follow the production process, which includes fermentation and distillation, to create their unique liquors.
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