The global craft spirits market is expected to reach USD 124.56 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 28.3% from 2022 to 2030. The whiskey craft spirit segment contributed a majority of the share to become the largest division in the global revenue in 2021. Increased disposable wealth among young customers, such as millennials, is expected to improve whiskey consumption during the forecast period. In addition, the increased usage of craft whiskey in cocktails is expected to boost the industry in the coming years.
Craft Spirits Market Report Highlights
- North America is expected to contribute a majority of the share to become the largest division in the global revenue in 2021. The millennial population of the United States has been adopting and demanding such locally crafted spirits since each one offers something unique
- The gin segment is projected to register the fastest growth during the forecast period with a CAGR of 31.0% from 2022 to 2030. During the pandemic, for example, UK’s largest gin subscription service Craft Gin Club, increased its membership to nearly 100,000 people. Growing interest in the club’s smaller, local distilleries is believed to have accounted for a major portion of the surge during lockdown
- During the forecast period, the Off-trade segment is expected to grow the fastest. The rise of the off-trade segment has been spurred by the rising availability of drinks in supermarkets, liquor stores, and online retail outlets
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During the COVID-19 pandemic, despite the increase in wine sales, it negatively affected the industry due to the forceful shutdown of craft distilleries and the extended lockdown of distilleries in the initial days. Craft distillers were forced to shut down their tasting rooms and tours at the start of the coronavirus pandemic. Post-pandemic sales for small liquor makers have been surging. However, issues such as fluctuations in raw material price, adverse effects of alcohol on health, and stringent regulations alcoholic beverage industry will hamper the market growth.
Over the last few years, the market has shown strong responsiveness to customer expectations, as seen by the emergence of numerous craft whiskey goods. The on-trade segment is expected to register the largest market share of 58.7% in 2021. The primary distribution outlets are bars, taverns, and restaurants. Craft spirits manufacturers typically begin selling their products at high-end bars and restaurants before expanding into supermarkets and other retail outlets. The rise in popularity of the cocktail has bolstered on-trade sales all over the world. The cocktail experience has been prioritized by restaurants, bars, and pubs.
COVID-19 regulations have had a significant impact on craft distillers, according to the Distilled Spirits Council of the United States’ 2020 report. The sales of on-site tasting rooms have been especially sensitive. Over half of those polled said it had a major influence on their tasting room sales. Approximately 40% of craft distillers reported a 25% or greater drop in on-site sales, with over 15% reporting that their tasting rooms were totally shut down.
Craft Spirits Market Insights By Demographics
North America made the largest contribution to the global market. The region’s growing millennial population is expected to drive demand. Because of secure approval policies developed by regulatory bodies, the number of manufacturers in the United States has increased at a rapid rate. Asia Pacific is expected to witness fastest growth, due to growing purchasing parity and the large rise of the millennial generation in emerging nations such as China, India, Malaysia, Thailand, and Indonesia. Huge potential in these countries’ underdeveloped marketplaces is likely to provide lucrative opportunities in this region.
Competitive Analysis By Major Companies
The market includes both international and domestic participants. Key market players focus on strategies such as innovation and new product launches in retail to enhance their portfolio offering in the market. Some of the key players operating in the industry include:
- Heaven Hill Distilleries, Inc.
- Diageo plc
- Pernod Ricard
- Constellation Brands, Inc.
- Suntory Holdings Limited
- Bacardi Limited
- Campari Group
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Craft Spirits Market Segmentation
Grand View Research has segmented the global craft spirits market on the basis of product, distribution channel, and region.
- Craft Spirits Market Product Outlook (Revenue, USD Million; Volume, Thousand Gallons; 2017 – 2030)
- Craft Spirits Market Distribution Channel Outlook (Revenue, USD Million; Volume, Thousand Gallons; 2017 – 2030)
- Craft Spirits Market Regional Outlook (Revenue, USD Million; Volume, Thousand Gallons; 2017 – 2030)
- List of Key Players in the Craft Spirits Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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