USD 1.22 billion
Craft Spirits Market Size, Share, Growth Analysis, By Product Type(Whiskey, gin, vodka, rum), By Distribution Channel(On-trade and off-trade), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30F2024 |
Region:
Global |
Published Date: April, 2024
Pages:
198
|Tables:
64
|Figures:
78
Craft Spirits Market Insights
Global Craft Spirits Market size was valued at USD 1.22 billion in 2022 and is poised to grow from USD 1.28 billion in 2023 to USD 1.94 billion by 2031, at a CAGR of 5.6% during the forecast period (2024-2031).
Consumers are increasingly looking for unique and high-quality products, and are willing to pay a premium price for craft spirits that offer unique flavors and experiences. The growth of the hospitality industry, particularly in emerging markets, has created new opportunities for craft spirits producers to sell their products to bars, restaurants, and hotels. The rise of cocktail culture, particularly among younger consumers, has led to an increased demand for unique and high-quality spirits that can be used to create innovative and exciting cocktails. Many governments are supporting local craft spirits producers by providing funding and tax incentives, which is helping to promote the growth of the industry. Many craft spirits producers are expanding their distribution networks to reach new markets and consumers, which is helping to drive growth in the market.
US Craft Spirits Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
On-trade
Fastest Growth
Off-trade
Growth Rate
5.6% CAGR
Global Craft Spirits Market ($ Bn)
Country Share for North America Region (%)
To get more reports on the above market click here to Buy The Report
Craft Spirits Market Segmental Analysis
Global Craft Spirits Market is segmented on the basis of product type, distribution channel and region. By product type, the market is segmented into whiskey, gin, vodka, rum, brandy, and others. By distribution channel, market is segmented into on-trade and off-trade. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Product Type
The largest segment in the global craft spirits market is whiskey. Whiskey accounts for a significant share of the overall market, driven by the increasing demand for premium and artisanal products. The popularity of craft whiskey has grown rapidly in recent years, as consumers are willing to pay a premium for high-quality and unique products. Craft whiskey is often made in small batches, using traditional methods, and aged for a longer period, which gives it a distinct flavor and aroma.
The fastest-growing segment in the global craft spirits market is gin. The demand for craft gin has grown rapidly in recent years, driven by the increasing popularity of gin-based cocktails and the rising interest in botanicals and flavors. Craft gin is often made using local and exotic botanicals, which gives it a unique and complex flavor profile. Craft gin is also often produced in small batches, using traditional methods, which adds to its premium appeal.
Analysis by Distribution Channel
The largest segment in the global craft spirits market by distribution channel is the on-trade segment. The on-trade segment includes bars, restaurants, and hotels, where craft spirits are often used to create premium cocktails and are served to customers as part of the overall dining and drinking experience. The on-trade segment is a crucial channel for craft spirits manufacturers to showcase their products to consumers, as it allows consumers to sample new products and experience the unique flavors and characteristics of craft spirits.
The fastest-growing segment in the global craft spirits market by distribution channel is the off-trade segment. The off-trade segment includes retail stores and online sales, where consumers can purchase craft spirits for consumption at home. The demand for craft spirits in the off-trade segment has grown rapidly in recent years, driven by the increasing availability of craft spirits in retail stores and the growing popularity of online sales channels. Consumers are increasingly looking for unique and premium products to enjoy at home, and craft spirits provide a perfect option for those seeking high-quality and artisanal spirits.
Global Craft Spirits Market By Distribution Channel
To get detailed analysis on other segments, Request For Free Sample Report
Craft Spirits Market Regional Insights
North America is the dominating region in the global craft spirits market, with the United States being the largest contributor to the region's growth. The demand for locally sourced, artisanal products among consumers is high, and this has created opportunities for small-scale distillers to enter the market. In addition, the increasing popularity of craft cocktails in North America has also contributed to the growth of the craft spirits market. The United States is home to a large number of craft distilleries, which are spread throughout the country. The country has a strong culture of artisanal and locally sourced products, and this has translated into the craft spirits industry. In addition, the United States has a large and diverse population, which has different tastes and preferences when it comes to alcoholic beverages. This has created opportunities for craft distilleries to produce a wide variety of products that cater to different segments of the population. Canada is another important market for craft spirits in North America. The country has a growing number of craft distilleries that produce a wide range of products, including vodka, gin, whiskey, and rum. The craft spirits industry in Canada is still in its early stages, but it is expected to grow rapidly in the coming years.
Asia-Pacific is the fastest-growing region in the global craft spirits market, with countries like Japan, Australia, and India being the major contributors to the region's growth. The growth in this region is driven by the increasing demand for premium alcoholic beverages and the rising popularity of craft cocktails. In addition, the growing middle-class population in Asia-Pacific is driving the demand for high-quality, artisanal products. Japan is a major market for craft spirits in Asia-Pacific, with a strong culture of high-quality and artisanal products. The country has a large number of craft distilleries that produce a wide variety of products, including sake, shochu, and whiskey. In addition, the popularity of craft cocktails is growing in Japan, and this is creating opportunities for small-scale distillers to enter the market. Australia is another important market for craft spirits in Asia-Pacific, with a growing number of craft distilleries that produce a wide range of products, including gin, whiskey, and vodka. The country has a strong culture of high-quality and artisanal products, and this is reflected in the craft spirits industry. India is a relatively new market for craft spirits, but it is expected to grow rapidly in the coming years. The country has a large and growing middle-class population that is driving the demand for premium and artisanal products. In addition, the country has a rich history of distilling, and this is creating opportunities for small-scale distillers to enter the market.
Global Craft Spirits Market By Region
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Craft Spirits Market Dynamics
Drivers
Increasing popularity of cocktail culture
- A major driver for the global craft spirits market is the increasing popularity of cocktail culture. As more people experiment with making cocktails at home, they are looking for high-quality, flavorful spirits that can elevate their drinks. Craft spirits, with their unique flavor profiles and small-batch production, are well-suited to this trend and are often used as the base for cocktails in high-end bars and restaurants.
Restraints
High production costs
- One of the major restraints for the global craft spirits market is the high production costs associated with small-batch production. Craft distilleries often have limited resources and rely on traditional methods, which can be more time-consuming and expensive than large-scale production methods used by bigger companies. As a result, craft spirits can be priced higher than mass-produced spirits, which may limit their appeal to price-sensitive consumers.
Request Free Customization of this report to help us to meet your business objectives.
Craft Spirits Market Competitive Landscape
Global Craft Spirits Market is highly fragmented and competitive, with a large number of small and medium-sized players operating in the market. Some of the key players in the market compete on the basis of product quality, innovation, brand image, distribution network, and pricing. To gain a competitive edge in the market, companies are focusing on product differentiation and marketing initiatives. Many players are also expanding their distribution network to reach new markets and consumers. In addition, mergers and acquisitions are common in the craft spirits market, as larger players look to acquire smaller companies with unique and innovative products.
Top Player’s Company Profiles
- William Grant & Sons Ltd.
- Diageo plc
- Pernod Ricard SA
- Bacardi Limited
- Rémy Cointreau SA
- Brown-Forman Corporation
- Heaven Hill Brands
- Beam Suntory Inc.
- The Edrington Group Limited
- The Boston Beer Company, Inc.
- Anchor Brewing Company
- The Brooklyn Brewery
- Firestone Walker Brewing Company
- Founders Brewing Co.
- Great Lakes Brewing Company
- Highland Brewing Company
- The Lagunitas Brewing Company
- New Glarus Brewing Company
- Sierra Nevada Brewing Co.
- Stone Brewing Co.
Recent Developments
- In March 2024, Himmaleh Spirits, renowned for its innovative spirits, introduces Bandarful, an artisanal cold-brew coffee liqueur that sets a new standard in the Indian alco-bev landscape. Building on the success of its groundbreaking product, Kumaon and I, India’s first Provincial Dry Gin, the distillery is leading the way in challenging norms within the Indian alcoholic beverage industry.
- In February 2024, the Maryland craft beverage industry announced an exciting partnership with TBC, a top-tier branding, advertising, and public relations agency located in Baltimore. This innovative collaboration, led by the Brewers Association of Maryland in conjunction with the Maryland Wineries Association, the Maryland Distillers Guild, and a specialized committee of craft beverage alcohol producers, aims to revolutionize the local beer, wine, spirits, mead, and cider scene in Maryland and the broader mid-Atlantic region.
- In January 2024, ReserveBar, the premier e-commerce platform for premium and luxury beverage alcohol, has formed a strategic technology partnership with delivery.com, a trailblazer in the restaurant delivery industry. Leveraging its advanced technology infrastructure and extensive nationwide distribution network, ReserveBar aims to broaden delivery.com's beverage alcohol product selection and retailer options. This collaboration will empower delivery.com customers to access a wide range of products, from everyday favorites to exclusive releases, craft spirits, luxury bottles, curated gift sets, and personalized engraved bottles.
Craft Spirits Key Market Trends
- The latest key trend in the global craft spirits market is the increasing demand for organic and natural ingredients in craft spirits. Consumers are becoming more health-conscious and environmentally aware, and are therefore seeking products that are made with natural, non-GMO, and sustainably sourced ingredients. Craft spirits producers are responding to this trend by using organic and natural ingredients in their products, and by highlighting the health and environmental benefits of their offerings. This trend is particularly evident in the United States, where the organic spirits market is growing rapidly.
Craft Spirits Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Craft Spirits Market analyses, the market is a rapidly growing industry, driven by the increasing demand for high-quality and unique spirits. Craft spirits are typically produced in small batches, using traditional methods and high-quality ingredients, which give them a distinct flavor and aroma profile. One of the key drivers of the market is the growing interest in premium and artisanal spirits among consumers. The demand for craft spirits is particularly high among millennials and Gen Z consumers, who value authenticity, quality, and unique experiences. The rise of craft cocktail culture and the increasing availability of craft spirits in bars and restaurants have also contributed to the growth of the market. However, the high cost of production and distribution, as well as the regulatory challenges associated with the production and sale of spirits, are some of the key challenges faced by manufacturers in the market. Despite these challenges, the global market is expected to continue its growth trajectory in the coming years, driven by the increasing demand for premium and artisanal spirits and the growing availability of craft spirits in both on-trade and off-trade channels.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.22 billion |
| Market size value in 2031 | USD 1.94 billion |
| Growth Rate | 5.6% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Craft Spirits Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Craft Spirits Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Craft Spirits Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Craft Spirits Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Craft Spirits Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Craft Spirits Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
