Press release
Sales of Craft Spirits Market are set to reach US$ 230 billion by 2033
Craft Spirits Market
The craft spirit market encompasses the domestic production of alcoholic beverages, employing distillation and fermentation techniques. Typically, craft spirits are produced in limited quantities, often falling below 750,000 gallons.
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Individuals engaged in craft spirit production must possess a distiller's license specifying production capacity, emphasizing independent operation, and being subject to regulatory oversight, particularly in the United States, where Alcohol and Tobacco Tax and Trade Bureau (TTB) label approval is mandatory for certification.
Global consumer demand for craft spirits, encompassing ethnic premium, super-premium, and flavored varieties, has witnessed a surge, driving the expansion of the craft spirit market. The renaissance in craft spirits has introduced innovative products, establishing a unique presence through quality packaging and handcrafted sensibilities.
Millennials, known for seeking unique and authentic experiences, are driving the demand for new and unconventional offerings in distilled liquors. This has resulted in a notable increase in demand for craft spirits.
Key Segments of Craft Spirit Industry Research Report:
By Type: Whiskey, Vodka, Gin, Rum, Brandy, Liqueur
By Distribution Channel: On-trade, Off-trade
By Distiller: Large, Medium, Micro
By Region: North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Browse Full Report: https://www.factmr.com/report/craft-spirit-market
Key Takeaways from Market Study:
The global craft spirit market is valued at US$ 20.5 billion in 2023.
The demand for craft spirits is expected to surge at a CAGR of 29% from 2023 to 2033.
The market is forecasted to reach US$ 230 billion by the end of 2033.
The whiskey segment holds a market share of 45% in 2023.
The gin segment is projected to expand at a CAGR of 32% from 2023 to 2033.
North America commands a market share of 62% in 2023.
"Increasing desire for craft spirits, a rise in craft distilleries, and growing disposable income are driving market growth. Additionally, the millennial demographic, possessing significant purchasing capabilities, is expected to be a driving force in the market over the coming years," remarks a Fact.MR analyst.
Market Competition: The market features both global and local participants, with prominent leaders focusing on strategies such as innovation and the introduction of new products in retail to enhance and expand their product lineup.
In March 2022, Diageo, a leading global beverage alcohol company, announced plans to construct a new distillery with a budget of US$ 245 million, aiming to support the growth targets of its Crown Royal Canadian whisky brand. The facility will operate entirely on renewable energy sources, ensuring carbon neutrality and a zero-waste-to-landfill production process.
Report Attributes:
Value Projection (2033): USD 230 Billion
Growth Rate (2023-2033): 29% CAGR
No. of Pages: 170 Pages
No. of Tables: 84 Tables
No. of Figures: 112 Figures
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Key Companies Profiled:
Heaven Hill Distilleries, Inc.
Diageo PLC
Pernod Ricard
Constellation Brands, Inc.
Suntory Holdings Limited
Hotaling & Co.
Westward Whiskey
Tuthilltown Spirits
In 2023, North America is set to capture 62% of the global craft spirit market share, driven by the burgeoning millennial population expected to boost craft spirits demand. The supportive approval policies in the United States have led to a rapid increase in the number of craft spirit manufacturers.
The robust growth of the market is attributed to secure approval policies and regulations set by regulatory bodies, fostering a favorable environment for entrepreneurs and craft distillers. This has resulted in increased demand for craft spirits in the United States and a subsequent rise in the number of manufacturers.
More Valuable Insights on Offer:
Fact.MR new offering provides an unbiased analysis of the global craft spirit market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033. The study delves into essential insights based on type, distribution channel, distiller, and regional analysis across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Related Reports:
Zero Proof Spirit Market Analysis by Type (Gin, Rum, Whiskey, Tequila, Vodka), by Packaging Type (Bottle, Can), by Sales Channels (Online Sales, Supermarkets/Hypermarkets, Convenience Stores, Restaurants & Bars) & by Region - Global Market Insights 2023 to 2033
https://www.factmr.com/report/zero-proof-spirit-market
Sparkling Wines Market By Sales Channel (Modern Trade, Grocery Store, Other Retail Formats), By Body Type (Light Bodied, Medium Bodied, Full-Bodied), By Sweetness Level (Extra-Brut, Brut, Extra Dry, Demi-Sec) & By Region - Global Market Insights 2022 to 2032
https://www.factmr.com/report/174/sparkling-wine-market
About Fact.MR
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