Specialty Spirits Market

Market Overview:

The global specialty spirits market size reached US$ 29.72 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 39.66 Billion by 2028, exhibiting a growth rate (CAGR) of 5.00% during 2023-2028. The rising preference for healthy alcoholic drinks across the globe, the increasing expenditure capacities of consumers, and the introduction of low alcohol by volume (ABV) specialty spirits represent some of the key factors driving the market.

Specialty spirits refer to alcoholic beverages that are crafted in small batches using unique ingredients and production techniques. It includes herbal liquors, mezcal, fruit brandies, amaro, absinthe, aquavit, shochu, chartreuse, cachaca, sake, baijiu, and soju. They are produced by infusing or macerating various high-quality and natural ingredients, such as herbs, botanicals, fruits, grains, and roots, followed by distillation, aging, blending, and bottling. As compared to traditional spirits, specialty spirits are healthy, environment-friendly, and sustainable and offer superior quality, unique taste, and distinct flavor profiles. They are rich in antioxidants, which aid in improving sleep, promoting digestive health, reducing inflammation, lowering stress levels, and alleviating pain. Specialty Spirits also promote regional cultures and practices as they are manufactured using local ingredients and centuries-old traditional methods. 

Specialty Spirits Market Trends:

The growing interest among consumers to try unique and high-quality spirits that offer a distinct flavor profile and a premium drinking experience across the globe is one of the key factors driving the market growth. In line with this, rising preference for specialty spirits that are produced from natural ingredients, such as herbs, fruits, and botanicals, that are rich in antioxidants and anti-inflammatory properties, which aid in digestion, stimulate appetite, reduce anxiety, and promote relaxation is propelling the market growth. Furthermore, the emerging cocktail culture among the masses is facilitating the product demand as it is used as a complementary ingredient to add depth, complexity, and smoky flavor to various drinks, such as margaritas, negroni, and whiskey sour. Additionally, the introduction of low alcohol by volume (ABV) specialty spirits, which are healthier alternatives, reduce alcohol intake, minimize intoxication, improve hydration, and prevent alcohol-related problems, is positively influencing the market growth. Besides this, the adoption of sustainable manufacturing practices by distillers, such as sourcing local ingredients, utilizing renewable energy, and reducing water consumption, is providing a thrust to the market growth. Moreover, aggressive promotional activities by manufacturers through social media campaigns, advertisements, and celebrity endorsements are supporting the market growth. Other factors, including rising expenditure capacities of consumers, easy product availability across e-commerce platforms, extensive research and development (R&D) activities, and the growing health consciousness among the masses, are anticipated to drive the market growth. 

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global specialty spirits market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on product type and distribution channel.

Product Type Insights:

• Baijiu
• Shochu
• Sake
• Soju
• Cachaca
   

The report has provided a detailed breakup and analysis of the specialty spirits market based on the product type. This includes baijiu, shochu, sake, soju, and cachaca. According to the report, baijiu represented the largest segment.

Distribution Channel Insights:

• Business to Business
• Business to Consumers
   

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

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • 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, Russia, 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 was the largest market for specialty spirits. Some of the factors driving the North America specialty spirits market included rising expenditure capacities of consumers, increasing health consciousness among the masses, and rapid product innovations.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global specialty spirits market. Detailed profiles of all major companies have also been provided. Some of the companies covered include Craft Distillers, HiteJinro Co. Ltd, Kirishima Shuzo Co. Ltd, Lotte, Sanwa Shurui Co.ltd., Takara Shuzo Co. Ltd, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global specialty spirits market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global specialty spirits market?
• What is the impact of each driver, restraint, and opportunity on the global specialty spirits market?
• What are the key regional markets?
• Which countries represent the most attractive specialty spirits market?
• What is the breakup of the market based on the product type?
• Which is the most attractive product type in the specialty spirits market?
• What is the breakup of the market based on the distribution channel?
• Which is the most attractive distribution channel in the specialty spirits market?
• What is the competitive structure of the global specialty spirits market?
• Who are the key players/companies in the global specialty 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 specialty spirits market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global specialty 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 specialty 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.