Major players in the craft spirits market are House Spirits Distillery, Remy Cointreau, Rogue Ales, William Grant & Sons, Constellation Brands Inc., Chase Distillery Ltd., Copper Fox Distillery, Beam Suntory Inc.
New York, March 07, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Craft Spirits Global Market Report 2023" - https://www.reportlinker.com/p06351369/?utm_source=GNW
, Black Button Distilling, Distell Group Limited, Balcones Distilling, Dark Corner Distillery, Heaven Hill Distilleries, Tuthilltown Spirits Distillery and Woodinville Whiskey Co.
The global craft spirits market grew from $22.76 billion in 2022 to $29.29 billion in 2023 at a compound annual growth rate (CAGR) of 28.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The craft spirits market is expected to grow to $82.75 billion in 2027 at a CAGR of 29.6%.
The craft spirits market consists of sales of gin, tequila, whiskey, rum and vodkas.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The craft spirits are produced by a distillery usually using locally sourced ingredients and materials. They can be prepared from fruit infusions to uniquely flavored spirits, the innovation that stems from craft spirits.
North America was the largest region in the craft spirits market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the craft spirits market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of craft spirits are whiskey, gin, vodka, brandy, rum, and other types.Whiskey refers to a type of liquor that is obtained from fermenting wort from rye, corn, barley, or others.
They are made in distilleries that have different capacities such as large-scale producers, medium-scale producers, or small-scale producers. The various distribution channels include off-trade channels and on-trade channels.
The growing number of craft distilleries is expected to propel the growth of the craft spirits market going forward.A craft distillery produces craft spirit by undergoing a distilling process using local ingredients.
As a result, the growing number of craft distilleries increases the demand for the craft spirits market. For instance, according to an article by Beverage Master, a US-based crafts spirits and brew magazine in 2022, the number of craft distilleries increased by 1.1% between August 2020 and August 2021. Therefore, the growing number of craft distilleries is driving the growth of the craft spirits market.
The increasing investments in craft spirits are a key trend gaining popularity in the craft spirits market.Major companies operating in the craft spirits market are looking for investments to strengthen their position in the market.
For instance, in March 2022, Diageo India, an India-based beverage alcohol company operating in the craft spirits market, invested $200 million (?200 crores) in its craft spirits project. Further, in March 2022, United Spirits, an India-based beverages company, operating in the craft spirits market invested $31.50 million (Rs31.50 crore) in craft gin-maker Nao Spirits and Beverages. Through the investment, United Spirits enters the Indian provenance premium craft gin segment complemented by its world-class premium and luxury gin portfolio of Gordon’s and Tanqueray.
In February 2022, Heaven Hill Distilleries Inc., a US-based family-owned and operated distillery acquired Samson & Surrey for an undisclosed amount. This acquisition is expected to give Heaven Hill a strong portfolio of brands and enhance its position in the premium and super-premium craft spirits. Samson & Surrey is a US-based producer of spirits and alcohol.
The countries covered in the craft spirits market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The craft spirits market research report is one of a series of new reports that provides craft spirits market statistics, including craft spirits industry global market size, regional shares, competitors with a craft spirits market share, detailed craft spirits market segments, market trends, and opportunities, and any further data you may need to thrive in the craft spirits industry. This craft spirits market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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