Global Craft Spirits Market, By Size (Large, Medium, Small), Product Type (Whiskey, Vodka, Gin, Rum, Brandy, Liqueur, Others), Distribution Channel (On-Trade Channel, Off-Trade Channel) – Industry Trends and Forecast to 2029
Global Craft Spirits Market Analysis and Size
A craft distillery has gained high importance in the distillery sector as it makes a fair use of ingredients. It follows the importance of transparency in distilling. People around the world are adopting craft spirits due to the premium quality, taste and novelty of the product. The change in lifestyle globally is escalating the growth of craft spirits market. Global Craft Spirits Market was valued at USD 15.94 billion in 2021 and is expected to reach USD 134.25 billion by 2029, registering a CAGR of 30.52% during the forecast period of 2022-2029. “Whiskey” accounts for the largest product segment in the respective market owing to the formulation of the liquor using exclusive ingredients.
Global Craft Spirits Market Definition
The craft spirit sector includes the domestic production of liquor, and is produced through the process of distillation and fermentation. Craft spirits require a specific production volume, usually below 750,000 gallons. A distiller’s license is needed to produce craft spirits, specifying the production volume and independent operation.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Size (Large, Medium, Small), Product Type (Whiskey, Vodka, Gin, Rum, Brandy, Liqueur, Others), Distribution Channel (On-Trade Channel, Off-Trade Channel)
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Countries Covered
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U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA)
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Market Players Covered
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Pernod Ricard (France), Diageo (UK), HOTALING & CO. (US), WESTWARD WHISKEY (US), Tuthilltown Spirits (US), Woodinville Whiskey Co. (US), Rémy Cointreau (France), Rogue Ales & Spirits (US), William Grant & Sons Limited (UK), Constellation Brands, Inc. (US), Chase Distillery Ltd. (UK), Copper Fox Distillery (US), among others
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Market Opportunities
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Craft Spirits Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
- Consumption of Liquor
The rise in the consumption of unique and experimental distilled liquors across the globe acts as one of the major factors driving the growth of craft spirits market.
- Increase in Restaurants and Bars
The increase in the number of restaurants and bars amongst the juvenility span accelerate the market growth.
- Millennial Culture
The rise in the millennial culture crosswise the earth increasing demand for new distilled liquors further influence the market.
Opportunities
Furthermore, advancements in the manufacturing and products extend profitable opportunities to the market players in the forecast period of 2022 to 2029.
Restraints/Challenges Global Craft Spirits Market
On the other hand, government ordinances and procedures concerning distilled food and liquors, and availability of cheap substitutes are expected to obstruct market growth. Also, rise in taxes and climatic changes are projected to challenge the craft spirits market in the forecast period of 2022-2029.
This craft spirits market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on craft spirits market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Covid-19 Impact on Craft Spirits Market
The COVID-19 has impacted craft spirits market. The limited investment costs and lack of employees hampered sales and production of distilled liqueur. However, market key players adopted new safety measures for developing the products. The online distribution channel changing the shopping habits of people as it offers benefits such as easy payment methods, availability of a wide range of products, doorstep delivery and heavy discounts assisted in the growth of the market during the pandemic, and will further accelerate the growth during the post-pandemic situation.
Recent Developments
- Remy Cointreau’s Islay Scotch whisky distiller, Bruichladdich released their final bottling from its Octomore 12s line of single malts in February’2022. The product can be availed exclusively from the company’s website and distillery shop, however it is limited to 3,500 bottles.
Global Craft Spirits Market Scope and Market Size
The processed fruits market is segmented on the basis of size, product type and distribution channel. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Size
- Large
- Medium
- Small
On the basis of size, the craft spirits market is segmented into large, medium, and small.
Product Type
- Whiskey
- Vodka
- Gin
- Rum
- Brandy
- Liqueur
- Others
On the basis of product type, the craft spirits market is segmented into whiskey, vodka, gin, rum, brandy, liqueur, and others.
Distribution Channel
- On-Trade Channel
- Off-Trade Channel
On the basis of distribution channel, the craft spirits market is segmented into on-trade channel and off-trade channel.
Craft Spirits Market Regional Analysis/Insights
The craft spirits market is analysed and market size insights and trends are provided by country, size, product type and distribution channel as referenced above.
The countries covered in the craft spirits market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America dominates the craft spirits market because of the high millennial population and consumer demand within the region.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 because of the increased purchasing parity in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Craft Spirits Market Share Analysis
The craft spirits market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to craft spirits market.
Some of the major players operating in the craft spirits market are
- Pernod Ricard (France)
- Diageo (UK)
- HOTALING & CO. (US)
- WESTWARD WHISKEY (US)
- Tuthilltown Spirits (US)
- Woodinville Whiskey Co. (US)
- Rémy Cointreau (France)
- Rogue Ales & Spirits (US)
- William Grant & Sons Limited (UK)
- Constellation Brands, Inc. (US)
- Chase Distillery Ltd. (UK)
- Copper Fox Distillery (US)
Research Methodology : Global Craft Spirits Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis.
To know more about the research methodology, drop in an inquiry to speak to our industry experts
https://www.databridgemarketresearch.com/speak-to-analyst/?dbmr=global-craft-spirits-market
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