Craft Spirits Market

Market Overview:

The global craft spirits market size reached US$ 23.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 184.7 Billion by 2032, exhibiting a growth rate (CAGR) of 25.7% during 2024-2032. The growing popularity of pubs and clubs among young individuals, increasing number of cafes and restaurants serving high-quality alcohol and various innovative fusion drinks, and the rising consumption of alcohol among the masses to cope with work-related stress and anxiety represent some of the key factors driving the market.

Craft spirit refers to handcrafted alcohol produced by a small distillery that uses locally sourced ingredients and materials. It is manufactured by fermenting various grains, such as wheat, barley, rye, and maize. It comprises a wide variety of fruit infusions and uniquely flavored spirits like gin, liqueur, moonshine, rum, tequila, vodka, and whiskey. It is stored at the room temperature or cool temperature settings to preserve the taste and quality for an extended period. Craft spirit contains various preservatives, such as sulfur dioxide, sorbic acid, velcorin, pimaricin or natamycin, and ascorbic acid, to increase the shelf life, reduce bacterial spoilage, and prevent the formation of any undesirable aromas, flavors, and colors in the product during storage. It is extensively utilized in preparing fusion drinks and cocktails by combining it with ice, fruit juices, syrups, and fruit pulps. Furthermore, as it is often gifted on special occasions and collected as a sign of luxury, the demand for the craft spirit is rising across the globe.

Craft Spirits Market Trends:

At present, the increasing demand for craft spirits due to the rising preference of individuals to collect premium quality liquors and alcohols represents one of the major factors influencing the market positively. Besides this, the growing popularity of pubs and clubs among young individuals is offering a favorable market outlook. In addition, the increasing number of cafes and restaurants serving high-quality alcohol and various innovative fusion drinks is propelling the growth of the market. Apart from this, the rising consumption of alcohol among the masses to cope with work-related stress and anxiety is contributing to the growth of the market. Additionally, the rising trend of serving premium quality alcohol at parties, gatherings, business meetings, and family occasions is supporting the growth of the market. Moreover, the increasing number of e-commerce brands and distribution channels selling premium quality spirits infused with spices, herbs, and fruit flavors is strengthening the market growth. Furthermore, key market players are focusing on collaborations to produce unique craft spirits and investing in effective marketing methods to boost their product sales and connect with their targeted audience.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global craft spirits market report, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on product and distribution channel.

Product Insights:

• Whiskey
• Vodka
• Gin
• Rum
• Brandy
• Liqueur
• Others
   

The report has provided a detailed breakup and analysis of the craft spirits market based on the product. This includes whisky, vodka, gin, rum, brandy, liqueur, and others. According to the report, whiskey represented the largest segment.

Distribution Channel Insights:

• On-Trade
• Off-Trade
   

A detailed breakup and analysis of the craft spirits market based on the distribution channel has also been provided in the report. This includes on-trade and off-trade. According to the report, on-trade accounted for the largest market share.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America (the United States and Canada) was the largest market for craft spirits. Some of the factors driving the North America craft spirits market included the growing construction of clubs and pubs, rising number of distilleries, increasing consumption of alcoholic beverages, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global craft spirits market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Bacardi Limited, Campari Group (Lagfin S.C.A.), Constellation Brands, Inc., Copper Fox Distillery, Diageo plc, Heaven Hill Distilleries, Inc., Hotaling & Co., Pernod Ricard, Rogue Ales & Spirits, Sibling Distillery Limited, William Grant and Sons Ltd, Woodinville Whiskey (LVMH), etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Craft Spirits Market Report Scope:

Key Questions Answered in This Report:

• How has the global craft spirits market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global craft spirits market?
• What is the impact of each driver, restraint, and opportunity on the global craft spirits market?
• What are the key regional markets?
• Which countries represent the most attractive craft spirits market?
• What is the breakup of the market based on the product?
• Which is the most attractive product in the craft spirits market?
• What is the breakup of the market based on the distribution channel?
• Which is the most attractive distribution channel in the craft spirits market?
• What is the competitive structure of the global craft spirits market?
• Who are the key players/companies in the global craft spirits market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the craft spirits market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global craft spirits market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the craft spirits industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.