Craft Spirits Market is Estimated to Reach USD 45,689.13 Million by the end of 2028: Cognitive Market Research

Market Overview:
Craft spirits, according to the American Craft Spirits Association, are a product made by a distillery that prioritizes transparency in distillation and is open about the spirit's components, distilling location, and aging and bottling process.
The manufacturers produce no more than 750,000 gallons each year. They must declare themselves to be craftsmen. Craft distilled spirits are made utilizing a combination of traditional and new procedures such as fermenting, distilling, re-distilling, blending, infusing, and warehousing to reflect the vision of its chief distillers.
Craft spirits include whiskey, vodka, gin, rum, brandy, liqueur, and many others. These can be found in bottle shops, pubs, the internet, restaurants, and other establishments. These handmade spirits are sold both on and off the market.

Market Insight:
• Global Craft Spirits Market is expected to reach USD 45,689.13 Million by the end of 2028, growing at a CAGR of 18.23% between 2021 and 2028.
• Whiskey Revenue is anticipated to reach at USD 17,514.90 Million in 2028
• Bottle Stores Revenue in Craft Spirits is estimated to reach USD 12,465.26 Million in 2028.
• On-trade Channel Revenue is projected to reach at USD 26,499.69 Million in 2028
• North America Craft Spirits market size is anticipated to reach USD 16,482.35 Million in 2028.

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Market Drivers
• Increase in the number of restaurants and bars across the globe:
The food and beverage industry is growing at a significant growth rate. Beverages are a big part of people's lives. Growing spending capacity in population has changed the food and beverage business. People are increasingly choosing restaurants that offer more than just good food. There has to be a fine balance of taste, authenticity, health, and transparency.
Eating out has become a fashionable lifestyle among consumers in the several developed and developing countries. Some hotels have been particularly perceptive to consumer drinking trends, and they have successfully aligned their resources to enhance drink quality. The rise in business travellers contributes major rise in the craft spirit market as they are the most common visitors to the hotel bar and restaurant, attending during 67% of the trips they take, and they drink nearly three drinks per visit. Thus, an increase in the number of restaurants and bars across the globe drives the growth of the craft spirit market.
The rise in disposable income and spending habits:
• Restraints for Craft Spirits Market
Health risk associated with high consumption of craft spirit

• Opportunities for Craft Spirits Market
The rise in alcohol e-commerce market

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Market Segmentation:
Type:
• Whiskey
Craft whiskey is made by small, independently owned distilleries that acquire ingredients from local farmers, according to most knowledgeable whiskey aficionados. Several alcohol companies are sprouting little labels to get a piece of the action, so finding artisanal whiskey makers is more difficult.

• Vodka
Vodka is a clear, unaged spirit made from any fermentable sugar-containing substance. The most popular ingredients are cereal grains like rye, barley, and wheat, although vodka can also be prepared with potatoes, grapes, or sugar beets, among other things. Craft vodka is made in small batches using carefully selected ingredients, with each lot's quality being closely monitored. As a result, the entire process takes longer and requires more knowledge, but it ensures the best-tasting vodka in the category.

• Gin
• Rum
• Brandy
• Liqueur
• Others

Application:
• Bottle Stores
Craft spirits were commonly utilized in bottle stores. Craft spirits packaged in unusual bottles will assist draw attention to the product and set it apart from the competition. The long-lasting glass liquor bottles are ideal for both small-scale home distilleries and large-scale retail operations. Craft spirits bottles help to boost shelf presence. It also allows producers to tell the brand's story, as well as the tale of liquor, right on the bottle.

• Bars & Pubs
Craft spirits are in high demand at bars, due to improved demand. Craft spirits are growing more popular in still-bars and distillery pubs. The demand from outside is growing, and Indian whisky and gin can now be found in some of the world's most opulent bars and restaurants.

• Restaurants
• Online

Distributional Channel:
• On-trade Channel
• Off-trade Channel

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Competitive Analysis for Craft Spirits Market:
Pernod Ricard, Remy Cointreau, Diageo Plc, Anchor Brewers and Distillers, Westward Whiskey, House Spirits, William Grant and Sons, Rogue Ales, Copper Fox Distillery, Chase Distillery Ltd., Constellation Brands Inc., Woodinville Whiskey, Tuthilltown Spirits

• Diageo
Diageo is a British alcoholic beverage company headquartered in London, England. The company has more than 150 production sites around the world. The company has segmented its products into Scotch whisky, Other Whisky, Vodka, Rum, Liqueur, Tequila, Gin, Local Spirits, and Beer. The company has more than 200 brands that fall under various segments of the company. Bell's, Buchanan's, Cardhu, Cragganmore, Johnnie Walker are some of the brands of Scotch whisky. Bulleit and Crown Royal is the brand that comes under other whiskies. Cîroc, Ketel One, Smirnoff, Captain Morgan, Bailey's, Deleon, Gilbey's, McDowell's, Yeni Raki, and Harp are other brands of vodka, Ru, Liqueur, Tequila, Gin, Local Spirits, and beer.

NEWS:
April 2021
• Diageo has acquired Loyal 9 Cocktails, a spirits-based ready-to-drink brand.
Loyal 9 Cocktails, a rapidly developing spirits-based ready-to-drink brand, has been bought by Diageo from Sons of Liberty Spirits Company. Loyal 9 Cocktails was launched in 2018 in Rhode Island and got quite famous in England. They provide gluten-free and real fruit products. They offer flavors of high-quality lemonade, Mixed Berry Lemonade, and Watermelon Lemonade with 9% ABV. Loyal 9 is a great addition to our portfolio said Debra Crew, President, Diageo North America.

• Westward Whiskey (House Spirits Distillery)
House Spirits Distillery (now Westward Whiskey) is the US based spirits manufacturing company. It is engaged in production of craft spirits (Gin, Aquavit, Vodka, Malt Whiskey & limited release small batch). The company has several testing rooms located across the United States.

Related Report:
• Agave Spirits Market- https://www.cognitivemarketresearch.com/agave-spirits-market-report
• Spirits Packaging Market- https://www.cognitivemarketresearch.com/spirits-packaging-market-report
• RTD Spirit Market- https://www.cognitivemarketresearch.com/rtd-spirit-market-report
• Spirits Market- https://www.cognitivemarketresearch.com/spirits-market-report

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