Press release
Craft Spirits Market to Reach USD 227.3 B by 2032 at 27% CAGR
Craft Spirits Market
The global Craft Spirits market, valued at approximately USD 33.50 billion in 2024, is forecast to surge at a compelling 27.04% CAGR, reaching USD 227.28 billion by 2032 . This explosive growth is driven by rising consumer demand for premium, artisanal small-batch spirits, and a flourishing global cocktail and mixology culture.
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◉ Market Overview & Growth Highlights
2024 market size: USD 33.5 B; 2032 projection: USD 227.3 B (27.0% CAGR)
In 2023, the market was valued at USD 21.18 B, with a forecast of USD 117.37 B by 2030 at 27.7% CAGR
Whiskey led the 2023 segment (~44.9% share), while gin is the fastest growing segment over the forecast period
North America held over 60% market share in 2023, remaining the largest regional market
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◉ Competitive Landscape
Leading players investing in the craft sector include Diageo, Pernod Ricard, William Grant & Sons, Campari, Sazerac, Highwood Distillers, and boutique producers like Rogue Ales and House Spirits . Major alcohol conglomerates are increasingly launching micro-distilleries and purchasing established craft brands.
◉ Higher Demand in Which Region
North America leads global consumption (~60-62% share), anchored by robust consumer interest and a mature craft distilling landscape Meanwhile, Europe is growing fast (CAGR ~12-13%), and Asia‐Pacific emerges as the most dynamic region, especially with markets like India, Japan, and China gaining traction .
◉ Country-Specific Sections
Whiskey Opportunities in Vietnam
Vietnam's craft spirits scene is nascent but expanding. Tourism and cocktail culture are encouraging artisanal whiskey and gin launches, often through partnerships with imported expertise.
Gin Trends in Thailand
Thailand's beverage giant ThaiBev leads regional innovation, leveraging its strong brand portfolio (like SangSom and Mekhong) to introduce artisanal gin and cocktail-oriented RTD spirits
Whiskey Consolidation in Japan
Japanese firms such as Suntory are building on global craft whiskey trends by investing in micro-distilleries, premium aging techniques, and limited editions tailored for local and regional enthusiasts .
Soju Updation in South Korea
South Korea's HiteJinro is reimagining soju with craft premiumization-introducing variant whiskey blends and importing small-batch spirits to elevate the category's perception
Benchmarking Innovation in Singapore
Singapore's blend of tourism, cocktail culture, and regulatory flexibility makes it a testbed for micro-distilleries and craft spirit tourism experiences, often linked to experiential bars and international sourcing.
Premium Consolidation in the United States
The U.S. craft market continues consolidating. Sazerac Company acquired BuzzBallz (RTD cocktails) in 2024 and Svedka vodka in early 2025, demonstrating its push into small‐batch and craft segments
Growth Trends in China
China's craft spirits market is rapidly opening, with Himalayan gin, imported whiskey, and boutique baijiu gaining traction. Local craft producers are aligning with e‐commerce platforms to expand reach.
Opportunity & Compliance in Europe
Europe is home to hundreds of micro-distilleries; rising cocktail lifestyle, regulatory support for small alcohol producers, and interest in botanical and botanical-infused gin spur growth, especially in UK, Germany, and France.
To learn more about the findings of this research, please check:https://www.maximizemarketresearch.com/market-report/global-craft-spirits-market/27499/
◉ Craft Spirits Market Segment
by Distiller Size
Large
Medium
Small
by Product Type
Whiskey
Vodka
Gin
Rum
Brandy
Liqueur
by Distribution Channel
On-Trade Channel
Off-Trade Channel
◉ Mergers & Acquisitions Highlights
In March 2024, Diageo acquired top-tier craft distiller Balcones Distilling to boost its American single malt whiskey presence
Sazerac Company acquired BuzzBallz (RTD cocktails) and Svedka vodka in 2025 to expand craft-aligned portfolios
◉ Key Recent Developments
Premium bourbons such as Uncle Nearest grew 22.3%, with brands like Blanton's and Colonel E.H. Taylor rising 20-55%, reflecting strong consumer preference for pure, additive-free spirits
The Indian market saw a 27% growth in alcohol spending over five years, drawing global players like Diageo and Pernod Ricard into the region despite regulatory complexity
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◉About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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