Craft Spirits Market - Forecast(2021 - 2026)

 

Craft Spirits Market Overview 

Craft Spirits Market size is valued at $ 46.7Bn by 2019 and is anticipated to grow at a CAGR of 25.33% during the forecast period 2020-2025. The Craft Spirits Market growth rate is attributed to the growing beverage industry worldwide offering innovative beverages as per the evolving market needs. The crafts spirit is a distilled spirit or liquor that is distilled as compared to the wine and beer that are fermented. The crafts spirits widely available in the market include brandy, gin, whiskey, rum, tequila, and flavored liqueurs among others. The burgeoning craze of drinking liquor mainly in cocktail parties and social or corporate gatherings are driving the growth of the global crafts spirit market in the forecast period. Liquors are the foremost ingredients used for making cocktails; hence, several drinks that require at least one distilled spirit, and holds significance in several bars, hotels, and restaurants as essentials for cocktails. From growing social acceptability of mild alcohol consumption among consumers especially amongst youth to the rapid emergence of demand for premium quality craft spirits owing to changing cultural attitudes of the young and affluent population is anticipated to propel the Craft Spirits Market during the forecast period 2020-2025.


Report Coverage

The report: “Craft Spirits Market Forecast (2020-2025)”, by Industry ARC, covers an in-depth analysis of the following segments of the Craft Spirits Market:

By Product Type: Whiskey, Gin, Vodka, Brandy, Rum and Others.
By Distiller Size: Large, Medium and Small.
By Distribution Channel: On-trade Channel and Off-trade Channel.
By Geography: North America, Europe, Asia-Pacific and RoW.


Key Takeaways
  • North America dominated the Craft Spirits Market with a share of 37% in the year 2019.        
  • The factors such as growth of Craft Spirits market can be attributed to expanding customer penetrations and inclinations towards unique and experimental distilled liquors are amongst the major factor projected to impel growth of Craft Spirits Market.
  • Escalating fashion of restaurants and bars amongst the juvenility span and the government ordinances and procedures concerning distilled food & liquors in several nations’ stars are the key factors owing to the growth in the segment during forecast period 2020-2025.

Craft Spirits Market Segment Analysis - By Product Type

Whiskey segment held the largest share in the market owing to the unique flavor, taste and texture offered by the juniper berries in the preparation of whiskey thereby, anticipated to increase the sales of whiskey. Furthermore, the product innovations such as flavored whiskey, formulated using exclusive ingredients, is anticipated to propel the market growth.
However, gin segment is anticipated to experience a substantial growth over the past few years, owing to rising consumer demand. Distilleries have taken a strategic approach to use unconventional ingredients such as lemon, orange peels, almond, grape, saffron, coriander, spices, anise, and cinnamon to enhance the taste and flavor of products. Market players are focused on new product launches to fulfill the consumer demands. For instance, in August 2019, Downton Abbey has expanded its product portfolio with the launch of its super-premium London Dry Gin.


Craft Spirits Market Segment Analysis - By Distribution Channel

Based on distribution channel, on-trade sales segment held the major share of the market in terms of revenue in 2019, and is estimated to grow with a CAGR of 19.53%. This is owing to the increasing number of small and medium sized pubs, clubs, lounges and restaurant’s offering premium quality craft spirit. Furthermore, these sales channels offer complementary entertaining services like music, dance floor and free snacks, which is to leverage the sales of through this segment of distribution channel.
However, in developing countries there is an inclination in consumer base towards off-trade alcohol consumption owing to price and safety concerns. 
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Location: United States

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