The craft spirits market is projected to grow, witnessing a CAGR of 18. 87% during the forecast period (2020-2025). Key Highlights Due to increased consolidation activities in the industry, the demand for large distillers is expected to grow over the period.
New York, June 14, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Craft Spirits Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06241306/?utm_source=GNW
Market players use large distillers to produce alcohol because they reduce the production costs which are expected to drive the market in turn over the forecast period. Craft spirits distillation, having learned from the beer industry seeks to increase its capabilities and budgets at a controlled rate. This is expected to be a key trend in the craft spirits market in the coming years.
Whiskey, followed by gin, vodka, and rum, is expected to be the most well-known array of craft spirits. This could be due to the unique texture, flavor, and taste of juniper berries, Gin has gained large consumer acceptance.
Key Market Trends
Increasing Number of Craft Spirit Distilleries
An increasing number of consumers globally are looking for new, more exciting offerings compared to their usual spirit options thus, pushing the revenue generation in the craft spirits market. The craft spirits market is increasingly being benefitted by the growing number of craft spirit distilleries. For example, according to the American Craft Spirit Association, in 2018, the number of active craft distilleries in the United States grew by 15.5% to 1,835 distilleries. Of those, 128 were duplicate or multiple locations of single suppliers, 35 were leading suppliers, 101 were bottlers, 324 were not in operation or non-craft, and 318 were still in planning. Active craft distillers are, “licensed distilled spirits producers in the United States that removed 750,000 proof gallons or less from the bond, market themselves as craft, are not openly controlled by a large supplier and have no proven violation of the ACSA Code of Ethics. ?
North America Region Leading the Global Market
North American countries, especially the United States, hold the largest share owing to the growing demand for craft spirits among the consumers and the rising number of craft distilleries around the region with frequent product launches. Also, the rising number of craft distillers in the region further along with rising demand for ethnic premium, super-premium spirits, which include the craft and artisanal varieties, has increased among consumers, prompting several countries to import the same has further fueled the craft spirits market growth in the region. Furthermore, the Asia-Pacific region is likely to register the fastest growth rate as a dense millennial population in China is anticipated to boost the Asia-Pacific craft spirits market in the coming years.
Leading vendors operating in the craft spirits market include Rémy Cointreau, William Grant & Sons, Pernod Ricard, Anchor Brewers & Distillers, Diageo PLC, and Rogue Ales. The continuous launch of new, unique products is expected to tip the scales in favor of the vendors in the craft spirits market in the coming years.
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