Dublin, March 13, 2023 (GLOBE NEWSWIRE) -- The "Craft Spirits Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the market.
The global craft spirits market grew from $22.76 billion in 2022 to $29.29 billion in 2023 at a compound annual growth rate (CAGR) of 28.7%. The craft spirits market is expected to grow to $82.75 billion in 2027 at a CAGR of 29.6%.
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Major players in the craft spirits market are House Spirits Distillery, Remy Cointreau, Rogue Ales, William Grant & Sons, Constellation Brands Inc., Chase Distillery Ltd., Copper Fox Distillery, Beam Suntory Inc., Black Button Distilling, Distell Group Limited, Balcones Distilling, Dark Corner Distillery, Heaven Hill Distilleries, Tuthilltown Spirits Distillery and Woodinville Whiskey Co.
The craft spirits market consists of sales of gin, tequila, whiskey, rum and vodkas. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The 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.
North America was the largest region in the craft spirits market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the craft spirits market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of craft spirits are whiskey, gin, vodka, brandy, rum, and other types. Whiskey refers to a type of liquor that is obtained from fermenting wort from rye, corn, barley, or others. They are made in distilleries that have different capacities such as large-scale producers, medium-scale producers, or small-scale producers. The various distribution channels include off-trade channels and on-trade channels.
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, according to an article by Beverage Master, a US-based crafts spirits and brew magazine in 2022, the number of craft distilleries increased by 1.1% between August 2020 and August 2021. Therefore, the growing number of craft distilleries is driving the growth of the craft spirits market.
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.
In February 2022, Heaven Hill Distilleries Inc., a US-based family-owned and operated distillery acquired Samson & Surrey for an undisclosed amount. This acquisition is expected to give Heaven Hill a strong portfolio of brands and enhance its position in the premium and super-premium craft spirits. Samson & Surrey is a US-based producer of spirits and alcohol.
The countries covered in the craft spirits market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $29.29 billion |
| Forecasted Market Value (USD) by 2027 | $82.75 billion |
| Compound Annual Growth Rate | 29.6% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Craft Spirits Market Characteristics
3. Craft Spirits Market Trends And Strategies
4. Craft Spirits - Macro Economic Scenario
4.1 COVID-19 Impact On Craft Spirits Market
4.2 Ukraine-Russia War Impact On Craft Spirits Market
4.3 Impact Of High Inflation On Craft Spirits Market
5. Craft Spirits Market Size And Growth
5.1. Global Craft Spirits Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Craft Spirits Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Craft Spirits Market Segmentation
6.1. Global Craft Spirits Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Whiskey
- Gin
- Vodka
- Brandy
- Rum
- Other Types
6.2. Global Craft Spirits Market, Segmentation By Distillery Capacity, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Large Scale Producers
- Medium Scale Producer
- Small-Scale Producers
6.3. Global Craft Spirits Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Off-Trade Channel
- On-Trade Channels
7. Craft Spirits Market Regional And Country Analysis
7.1. Global Craft Spirits Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Craft Spirits Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/lw4lhx
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