Dublin, Jan. 20, 2023 (GLOBE NEWSWIRE) -- The "Global Craft Spirits Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The global craft spirits market is estimated to grow at a CAGR of 33.95%, from a market size of US$14.305 billion in 2020 to a market size of US$110.684 billion by 2027.
The crafts spirit market is propelled to grow during the forecast period due to the growing beverage industry worldwide offering innovative beverages as per the evolving market needs. The crafts spirit is a distilled spirit or a liquor that is distilled as compared to the wine and beer that are fermented. The crafts spirits widely available in the market include brandy, gin, whiskey, rum, tequila, and flavoured liqueurs, among others.
The burgeoning craze of drinking liquor, mainly in cocktail parties and social or corporate gatherings, is driving the growth of the global crafts spirit market in the forecast period. Liquors are the foremost ingredients used for making cocktails; hence, several drinks require at least one distilled spirit and hold significance in several bars, hotels, and restaurants as essentials for cocktails. The evolving lifestyle of consumers worldwide with the adoption of a modern lifestyle is providing an opportunity for the market to thrive in the forecast period.
As many millennials reach the legal drinking age, these drinks are gaining popularity, along with the increasing purchasing power of millennials in developing regions and high purchasing power in the developed regions of the world. Also, these populations prefer to experiment with unique and non-conventional alcoholic beverages, further providing an impetus for surging market growth in the forecast period.
The market, on the basis of products, is segregated into brandy, gin, whiskey, rum, flavoured liqueurs, and others. Whiskey is projected to grow to hold a significant market share in the forecast period. The primary reason is that it is the most consumed product of craft spirits, followed by gin and rum.
The worldwide acceptance of gin is mainly attributed to its exceptional taste and flavour. Also, craft distilleries focus on the utilization of varied spices, fruits, herbs, and botanicals for the production of innovative craft spirit products, propagating the market demand in the forecast period. The procurement of raw materials is mostly done from the manufacturer's family-owned farming houses, with robust experience producing fruits and grains.
The growing number of craft spirit distilleries is further augmenting the market growth over the next five years.
According to the American Craft Spirits Association, the number of craft distilleries grew by 26% in 2017 compared to the previous year. Employment also rose in the craft spirits industry, where the association data project found that over 19,000 individuals were employed full-time in craft spirits enterprises in 2017. This was reported to grow by 47% from over 13,000 employees in 2016.
The growing popularity of innovative beverages around the globe is soaring the market demand in the forecast period.
Nowadays, different types of beverages are entering the market at the global level. Accordingly, the high consumer demand for innovative beverages is gaining popularity with time. This is major because consumers around the globe look for drinks that are more than a medium for quenching thirst.
Hence, beverage manufacturers worldwide are working on increasing their product portfolio with continuous innovations with consistent R&D efforts as per the current market demand. These beverage products help sustain the busy, active, and health-conscious lifestyles of many consumers. For this, manufacturers are experimenting with a range of infusions and beverage technologies in order to satiate the growing market demand. This is because of the fact that one-size-fits-all is no longer the followed trend and does not support the customers' insatiable taste for different varieties of drinks.
The introduction of innovative beverage dispensing technology is further fueling the market demand, as the rapid innovation in beverage dispensing technologies is holding on to the interests of many consumers in consuming high-quality drinks. For example, the fountain system for handling various viscosities and yields holds importance to provide the best infusions, such as making a cocktail and providing a consumer with the best refreshing experience.
Geographically, the North American region is projected to hold a significant market share due to substantial demand from the United States of America. The Asia Pacific region is accounted for holding a high CAGR in the global craft spirits industry during the forecast period.
The APAC region is poised to grow at a high CAGR owing to the growing food and beverage industry resulting in the installation of beverage vending machines due to the high demand for innovative beverages, including craft spirits. The growing trend of changing living conditions and the adoption of ready-to-drink, ready-to-eat, and convenience food and drinks is further driving the market growth in this region. Vending machine business in China is growing at a significant pace; one of the reasons include the increasing number of newly installed machines attracting more customers due to payment by smartphones. This has further helped in the elimination of malfunctions with notes and theft.
Key Developments
June 2022: Sarah Jessica Parker, one of the founding partners of Thomas Ashbourne Craft Spirits, has developed her own Cosmopolitan drink that reflects her individual taste. With prices starting at $44 for two 375ml bottles or $60 for eight cans, "The Perfect Cosmo by SJP" combines cranberries with strawberry and lime hints before being topped with vodka and triple sec.
Key Metrics
| Report Attribute | Details |
| No. of Pages | 140 |
| Forecast Period | 2020 - 2027 |
| Estimated Market Value (USD) in 2020 | $14.31 billion |
| Forecasted Market Value (USD) by 2027 | $110.68 billion |
| Compound Annual Growth Rate | 33.9% |
| Regions Covered | Global |
Company Profiles
- Pernod Ricard
- Remy Cointreau
- Diageo
- William Grant & Sons
- Rogue Ales & Spirits
- The Oxton Liqueur Company
- Bacardi & Company Limited
- Gin Premium Puerto de Indias
Key Topics Covered:
1. Introduction
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
2.2. Assumptions
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Market Opportunities
4.4. Porter's Five Forces Analysis
4.5. Industry Value Chain Analysis
5. Global Craft Spirits Market Analysis, by Product Type
5.1. Introduction
5.2. Brandy
5.3. Gin
5.4. Whiskey
5.5. Rum
5.6. Flavoured Liqueurs
5.7. Others
6. Global Craft Spirits Market Analysis, by Craft Spirit Distilleries Size
6.1. Introduction
6.2. Small
6.3. Medium
6.4. Large
7. Global Craft Spirits Market Analysis, by Sales Channel
7.1. Introduction
7.2. On-Trade Channel
7.3. Off-Trade Channel
8. Global Craft Spirits Market Analysis, by Geography
8.1. Introduction
8.2. North America
8.2.1. United States
8.2.2. Canada
8.2.3. Mexico
8.3. South America
8.3.1. Brazil
8.3.2. Argentina
8.3.3. Others
8.4. Europe
8.4.1. UK
8.4.2. Germany
8.4.3. France
8.4.4. Others
8.5. Middle East and Africa
8.5.1. United Arab Emirates
8.5.2. Israel
8.5.3. Saudi Arabia
8.5.4. Others
8.6. Asia Pacific
8.6.1. Japan
8.6.2. China
8.6.3. India
8.6.4. South Korea
8.6.5. Taiwan
8.6.6. Thailand
8.6.7. Indonesia
8.6.8. Others
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
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