Market Research on Craft Spirits: How to Capitalize on Emerging Trends
The global craft spirits market is expected to reach USD 115.45 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 28.4% from 2024 to 2030. The whiskey craft spirit segment contributed a majority of the share to become the largest division in the global revenue in 2021. Increased disposable wealth among young customers, such as millennials, is expected to improve whiskey consumption during the forecast period. In addition, the increased usage of craft whiskey in cocktails is expected to boost the industry in the coming years.
Over the last few years, the market has shown strong responsiveness to customer expectations, as seen by the emergence of numerous craft whiskey goods. The on-trade segment is expected to register the largest market share of 58.7% in 2021. The primary distribution outlets are bars, taverns, and restaurants. Craft spirits manufacturers typically begin selling their products at high-end bars and restaurants before expanding into supermarkets and other retail outlets. The rise in popularity of the cocktail has bolstered on-trade sales all over the world. The cocktail experience has been prioritized by restaurants, bars, and pubs.
COVID-19 regulations have had a significant impact on craft distillers, according to the Distilled Spirits Council of the United States' 2020 report. The sales of on-site tasting rooms have been especially sensitive. Over half of those polled said it had a major influence on their tasting room sales. Approximately 40% of craft distillers reported a 25% or greater drop in on-site sales, with over 15% reporting that their tasting rooms were totally shut down.
Craft Spirits Market Report Highlights
- North America is expected to contribute a majority of the share to become the largest division in the global revenue in 2023. The millennial population of the United States has been adopting and demanding such locally crafted spirits since each one offers something unique
- The gin segment is projected to register the fastest growth during the forecast period with a CAGR of 31.5% from 2023 to 2030. During the pandemic, for example, UK's largest gin subscription service Craft Gin Club, increased its membership to nearly 100,000 people. Growing interest in the club's smaller, local distilleries is believed to have accounted for a major portion of the surge during lockdown
- During the forecast period, the Off-trade segment is expected to grow the fastest. The rise of the off-trade segment has been spurred by the rising availability of drinks in supermarkets, liquor stores, and online retail outlets
Craft Spirits Market Segmentation
Grand View Research has segmented the global craft spirits market report on the basis of product, distribution channel, and region:
Craft Spirits Product Outlook (Revenue, USD Million, 2018 - 2030)
- Whiskey
- Vodka
- Gin
- Rum
- Brandy
- Liqueur
- Others
Craft Spirits Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)
- On-Trade
- Off-Trade
Craft Spirits Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Spain
- Italy
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia & New Zealand
- Central & South America
- Brazil
- Argentina
- Middle East & Africa
- South Africa
- UAE
List of Key Players
- Diageo plc
- Pernod Ricard
- Constellation Brands, Inc.
- Suntory Holdings Limited
- Bacardi Limited
- Campari Group
- Sazerac Company, Inc.
- Highwood Distillers
- Rogue Ales
Recent Developments
- In March 2022, Diageo, the world's largest beverage alcohol company, revealed today plans for a new USD 245 million distilleries to support its Crown Royal Canadian Whisky brand's momentum and growth objectives. It will use resource efficiency technology and run on 100 percent renewable energy to ensure that the new distillery is carbon neutral and produces no waste for landfill
- In March 2022, Diageo plc launched its latest manufacturing complex, which features two high-speed can lines, with the ability to make over 25 million cases of malt-based beverages and spirits-based Ready-to-Drink (RTD) cocktails.
- In February 2022, Heaven Hill announced the acquisition of ‘Samson & Surrey’ including Widow Jane, Few Spirits, Tequila Ocho, Bluecoat Gin, Mezcal Vago, and Brenne French Whisky. Heaven Hill's portfolio will be bolstered by high-growth, super-premium brands in several of the industry's fastest-growing categories as a result of the acquisition.
Order a free sample PDF of the Craft Spirits Market Intelligence Study, published by Grand View Research.
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