Global Craft Spirits Market to Reach US$ 184.7 Billion by 2032, Propelled by Growing Popularity of Pubs and Clubs

December 14, 2023 | Food & Beverages

According to the latest report by IMARC Group, titled “Craft Spirits Market Report by Product (Whiskey, Vodka, Gin, Rum, Brandy, Liqueur, and Others), Distribution Channel (On-Trade, Off-Trade), and Region 2024-2032,” the global craft spirits market size reached US$ 23.5 Billion in 2023. Craft spirits are alcoholic beverages produced by small, independent distilleries known for their dedication to quality, tradition, and innovation. Unlike mass-produced spirits from large corporations, craft distilleries emphasize artisanal methods and attention to detail. These spirits are typically made in limited quantities, allowing for greater control over the production process and the use of high-quality ingredients. These spirits often showcase unique flavors and characteristics, with distillers experimenting with various ingredients and aging techniques. Craft distilleries take pride in their local and regional connections, using locally sourced grains and botanicals when possible. As a result, craft spirits are gaining immense traction among consumers seeking distinctive and authentic drinking experiences.

Global Craft Spirits Market Trends:

The rising demand for craft spirits produced by small, independent distilleries due to the increasing consumer preference for authentic and locally sourced products, such as beverages, represents the primary factor driving market growth. Consumers seek unique and distinctive flavors, often not found in mass-produced spirits, encouraging the growth of craft offerings. Apart from this, craft distilleries emphasize quality, creativity, and innovation that attracts a discerning customer base that values artisanal methods and attention to detail is positively influencing market growth. Moreover, heightened regulatory support and relaxed licensing requirements in some regions that pave the way for the establishment of small craft distilleries have catalyzed market growth. Additionally, the craft spirit movement benefits from the cocktail renaissance, with mixologists and bartenders increasingly incorporating craft spirits into their creations has augmented the product demand. Furthermore, the sense of local identity and community that craft distilleries often embody resonates with consumers, thus contributing to the market's continued growth and diversification. Looking forward, the market value is projected to reach US$ 184.7 Billion by 2032, expanding at a CAGR of 25.7% during 2024-2032.

Market Summary:

  • Based on the product, the market has been divided into whiskey, vodka, gin, rum, brandy, liqueur, and others. Amongst these, whiskey represents the largest segment.
  • On the basis of the distribution channel, the market has been bifurcated into on-trade and off-trade. At present, on-trade accounts for the largest market share.
  • Region-wise, the market has been segmented into 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. Amongst these, North America exhibits a clear dominance in the market.
  • The competitive landscape of the market has also been examined, with some of the key players being 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, and Woodinville Whiskey (LVMH).

Report Coverage:

 Features Details
Base Year of the Analysis 2023
 Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Scope of the Report Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: 
  • Product
  • Distribution Channel
  • Region 
Products Covered Whiskey, Vodka, Gin, Rum, Brandy, Liqueur, Others
Distribution Channels Covered On-Trade, Off-Trade
Regions Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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.
Customization Scope 10% Free Customization
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Global Craft Spirits Market to Reach US$ 184.7 Billion by 2032, Propelled by Growing Popularity of Pubs and Clubs
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