Global Craft Spirits Market Size, Trends & Growth Opportunity and By Distribution Channel (On-trade Channels and Off-trade Channels), By Type (Whiskey, Gin, Vodka, Brandy, Rum, and Other), By Region and Forecast till 2027.

Global Craft Spirits Market Size, Trends & Growth Opportunity and By Distribution Channel (On-trade Channels and Off-trade Channels), By Type (Whiskey, Gin, Vodka, Brandy, Rum, and Other), By Region and Forecast till 2027.

 Global Craft Spirits Market 

The Global Craft Spirits Market is expected to grow from US$ 15,240.37 Million in 2021 to US$ 139,550.00 Billion by 2027; it is estimated to grow at a CAGR of 42.24% from 2022 to 2027.

Drivers:

The global craft spirits market has expanded as a result of factors like the rising consumer desire for high-end and genuine drinks. The millennial population segment, whose age certifies the Legal Drinking Age, contributes the majority of the proportion (LDA). It is anticipated that consumer demand for luxury goods would increase, which will lead to market expansion. In addition, the population with high disposable incomes has increased demand, which has fuelled market expansion. Employed customers with high salaries and purchasing power play a significant role in fuelling market expansion.

Restraints:

Due to market concentration, the artisan distillery industry has been under strain. Additionally, jobs have decreased by about 50% since 2019. Due to low capital tapping potential, major producers also far surpass small producers. The word "big" craft producers refers to 1.6% of all craft producers or 57% of the total. The majority of the 90.1 artisan distilleries are small, though, and they only meet 10.3% of the demand each year. Additionally, because big breweries can inject capital, their cost anomalies are higher than average. Craft distillers cannot attract FDI and establish plants in nations with cheap labor costs, but non-craft distillers do. The following develops into the main cause of cost discrepancy.

 Opportunities:

As a result, beverage producers around the world are attempting to diversify their product offerings through ongoing innovations and continual R&D activities in response to potential market demand. To meet the expanding market demand, producers are experimenting with a variety of infusions and beverage technologies. The market demand is being further fueled by the introduction of novel beverage dispensing technology, which is sustaining the interests of many customers in consuming high-quality beverages. To deliver the best infusions, such as crafting a cocktail and giving a customer the best refreshing experience, the fountain system, for managing varied viscosities and yields, bears importance.

Impact of Covid-19

Crafts Spirits Market has been influenced by COVID-19. Sales and manufacture of distilled liquor were constrained by low investment costs and a labor shortage. But for the development of the items, major market participants developed new safety procedures. The availability of a large selection of products, convenient payment options, doorstep delivery, and significant discounts provided a boost to the market's expansion during the pandemic, and they will continue to do so during the post-pandemic period. This is changing people's buying patterns.

Segmentation

By Distribution Channel: Craft Spirits Market is classified based on Distribution Channels into On-trade Channels and Off-trade Channels. 

 Segmentation By Type: Craft Spirits Market is classified based on Type into Whiskey, Gin, Vodka, Brandy, Rum, and Other. 

Segmentation By Region: Craft Spirits Market is classified based on Region into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. 

Competitive Landscape: The key players of the Craft Spirits Market are Pernod Ricard, Rémy Cointreau, Diageo PLC, Hotaling & Co., Davide Campari-Milano NV, William Grant & Sons Ltd, Rogue Ales & Spirits, Constellation Brands Inc., Bacardi Limited, and Suntory Holdings Ltd.

 Industrial Development 

 • On March 2022, The largest beverage alcohol corporation in the world, Diageo, announced plans for new distilleries for USD 245 million to support the expansion and momentum of its Crown Royal Canadian Whisky brand. To make the new distillery carbon-neutral and waste-free, it will use resource-efficient equipment and run entirely on renewable energy.

• On Nov 2022, The world's leading beverage alcohol distributor - and Hotaling & Co. - the pioneer in distilling and importing artisanal spirits and cocktail necessities - announced a national expansion of their distribution agreement, effective January 1, 2023. The arrangement adds 15 new markets to Hotaling & Co.'s existing 28 market footprint across Southern Glazer's distribution network.

 • On Jan 2018, The largest privately held spirits company in the world, family-owned Bacardi Limited, announced that it is expanding its line-up of premium spirits by signing a binding agreement to acquire 100% of Patrón Spirits International AG and its PATRN® brand, the most popular ultra-premium tequila in the world.

 Market Taxonomy 

 By Distribution Channel
 • On-trade Channels
 • Off-trade Channels

 By Type 
 • Whiskey
 • Gin
 • Vodka
 • Brandy
 • Rum
 • Other

 By Region
 • North America
 • Europe
 • Asia Pacific
 • Latin America
 • Middle East & Africa

 Key Questions Addressed by the Report
 • What are the Key Opportunities in Craft Spirits Market?
 • What will be the growth rate from 2022 to 2027?
 • Which segment/region will have the highest growth?
 • What are the factors that will impact/drive the Market?
 • What is the competitive Landscape in the Industry?
 • What is the role of key players in the value chain?