Dark Spirits Market to Reach USD $129.1 billion by 2027 | Top Impacting Factors

The global dark spirits market size was valued at $87.2 billion in 2019, and is projected reach $129.1 billion by 2027, registering a CAGR of 6.4% from 2021 to 2027.

High entry barrier, low brand loyalty, and high price sensitivity amongst consumers in developing regions remain the major challenges for the dark spirits players operating in the Asia-Pacific region.

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Craft spirits have witnessed monumental growth in the last few years, owing to changing consumer preferences toward craft spirits especially whiskey and brandy. According to American Craft Spirits Association, craft spirits are products produced by a distillery, which values the importance of transparency in distilling and remains forthcoming regarding the spirit's ingredients, distilling location, aging, and bottling process.

A distilled spirit is produced by a distillery producing fewer than 750,000 gallons annually. The craft spirits volume sales have witnessed upswing of 26% in 2019, crossing 80 million liters of craft spirits sold in the U.S. alone. The number of craft distillers has also surpassed 2,000 mark in the financial year 2019. The craft movement has brought rising levels of distilling expertise, knowledge, and innovation. Similar trends have been witnessed across Europe and Asia-Pacific regions in prominent countries such as India, the UK, and France. Increasing demand for craft spirits is expected to provide impetus to the global dark spirits market growth.

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The global dark spirits market is segmented on the basis of type, distribution channel, and region. Based on type, the global market is divided into whiskey, rum, and brandy. By distribution channel, the market is bifurcated into on trade and off trade. Region-wise, the global market is studied across North America, Europe, Asia-Pacific and LAMEA. North America consists of market evaluation for the U.S., Canada, and Mexico. Europe is studied across the UK, Germany, France, Spain, Russia, and the rest of Europe. India, China, Japan, ASEAN, Australia, and the rest of Asia-Pacific are the countries analyzed under the Asia-Pacific region. LAMEA includes Brazil, Argentina, the UAE, South Africa, and the rest of LAMEA.

Some of the major players profiled for the dark spirits market analysis include Anheuser-Busch InBev, Asahi Group Holdings, Kirin Holdings, Diageo, Suntory Holdings, Pernod Ricard, Bacardi Limited, LT Group, Inc (Tanduay), The Brown-Forman Corporation, and Rémy Cointreau.

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