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Craft Spirits Market Potential Analysis, Key Drivers, Emerging Growth, Trends And Forecast To 2033
Craft Spirits Market Trends
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According to The Business Research Company's, The craft spirits market size has grown exponentially in recent years. It will grow from $29.09 billion in 2023 to $37.71 billion in 2024 at a compound annual growth rate (CAGR) of 29.6%. The growth in the historic period can be attributed to marketing and branding, cocktail culture, tourism and tasting room, trade shows and festivals, distribution expansion.
The craft spirits market size is expected to see exponential growth in the next few years. It will grow to $100.01 billion in 2028 at a compound annual growth rate (CAGR) of 27.6%. The growth in the forecast period can be attributed to digital marketing and e-commerce, collaboration and partnerships, aging population, regulation and taxation, niche categories. Major trends in the forecast period include low- and no-alcohol options, regional and terroir-driven offerings, innovative aging techniques, ready-to-drink (rtd) cocktails, non-traditional ingredients.
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Market Drivers and Trends:
The growing number of craft distilleries is expected to propel the growth of the craft spirits market going forward. A craft distillery produces craft spirit by undergoing a distilling process using local ingredients. As a result, the growing number of craft distilleries increases the demand for the craft spirits market. For instance, in December 2021, according to American Craft Spirits Association, a US-based trade association, the craft distillers has increased by 1.1% that is 2,290 in 2021. Therefore, the growing number of craft distilleries is driving the growth of the craft spirits market.
The increasing investments in craft spirits are a key trend gaining popularity in the craft spirits market. Major companies operating in the craft spirits market are looking for investments to strengthen their position in the market. For instance, in March 2022, Diageo India, an India-based beverage alcohol company operating in the craft spirits market, invested $200 million (?200 crores) in its craft spirits project. Further, in March 2022, United Spirits, an India-based beverages company, operating in the craft spirits market invested $31.50 million (Rs31.50 crore) in craft gin-maker Nao Spirits and Beverages. Through the investment, United Spirits enters the Indian provenance premium craft gin segment complemented by its world-class premium and luxury gin portfolio of Gordon's and Tanqueray.
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Major Key Players of the Market:
House Spirits Distillery LLC, Rémy Cointreau Group, Rogue Ales & Spirits, William Grant & Sons Ltd., Constellation Brands Inc., Pernod Ricard SA, Diageo plc, Anchor Brewers & Distillers, Heaven Hill Brands, Suntory Holdings Limited, Bacardi Limited, Fifth Generation Inc. (Producer of Tito's Handmade Vodka), Few Spirits, St. Augustine Distillery, Old Fourth Distillery, Coppersea Distilling, Balcones Distilling, New York Distilling Company, Tuthilltown Spirits, Finger Lakes Distilling, Black Button Distilling, Iron Smoke Distillery, Wigle Whiskey, New Holland Brewing & Distilling, Catoctin Creek Distilling Company, Dry Fly Distilling, Leopold Bros., Round Turn Distilling, Greenbar Distillery
Craft Spirits Market 2024 Key Insights:
• The craft spirits market size is expected to see exponential growth in the next few years. It will grow to $100.01 billion in 2028 at a compound annual growth rate (CAGR) of 27.6%.
• Craft Distillery Boom Fuels Craft Spirits Market Growth
• Investments In Craft Spirits Shaping The Craft Spirits Market
• North America was the largest region in the craft spirits market in 2023
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