Craft Spirits Market Soars with Exponential Growth Driven by Craft Distilleries - Projected to Reach $100.01 Billion by 2028

The craft spirits market has witnessed exponential growth, surging from $29.09 billion in 2023 to a projected $37.71 billion in 2024, boasting a remarkable Compound Annual Growth Rate (CAGR) of 29.6%. The market is anticipated to experience continued exponential growth, reaching an estimated $100.01 billion by 2028, with a substantial CAGR of 27.6%.

Key Drivers:
Craft Distillery Boom: The proliferation of craft distilleries is a major catalyst driving the craft spirits market. Craft distilleries, leveraging local ingredients in the distilling process, have seen a notable increase, reaching 2,290 in 2021, as reported by the American Craft Spirits Association. This surge in craft distilleries significantly contributes to the growing demand for craft spirits.

Alcohol Consumption Trends: The surge in alcohol consumption plays a pivotal role in propelling the craft spirits market. With consumers increasingly seeking unique, authentic, and high-quality alcoholic beverages, craft distillers have found a niche. Notably, the per capita alcohol consumption over the age of 15 rose to 10.2 liters in 2022, reflecting a 7.6% increase from the previous year.

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Major Players:
Key players shaping the craft spirits market landscape include House Spirits Distillery LLC, Rémy Cointreau Group, Rogue Ales & Spirits, and Diageo PLC. These major companies contribute to market growth and innovation, meeting the evolving demands of consumers.

Trends and Innovations:
Investments in Craft Spirits: The craft spirits market is witnessing a trend of increased investments, with companies like Diageo India investing $200 million in its craft spirits project. This strategic move reflects the industry's focus on strengthening market positions and expanding the craft spirits segment.

Limited Edition Offerings: Major craft spirits companies are introducing limited edition offerings to enhance profitability and prestige. Unique and rare craft spirits, produced in small batches, are capturing the attention of collectors and enthusiasts. For instance, Eastside Distilling Inc. launched a product called Limited Edition, designed to provide consumers with a distinctive and exclusive experience.

Regional Dynamics and Market Segmentation:
North America led the craft spirits market in 2023, with Asia-Pacific expected to be the fastest-growing region in the forecast period.

The craft spirits market covered in this report is segmented -
1) By Type: Whiskey, Gin, Vodka, Brandy, Rum, Other Types
2) By Distillery Capacity: Large Scale Producers, Medium Scale Producer, Small-Scale Producers
3) By Distribution Channel: Off-Trade Channel, On-Trade Channels

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Craft Spirits Global Market Report 2024 from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Craft Spirits Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on craft spirits market size, craft spirits market drivers and trends, craft spirits market major players, competitors' revenues, market positioning, and market growth across geographies. The craft spirits market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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