- The demand for ethnic premium, super-premium spirits, and flavoured spirits, which include the craft and artisanal varieties, increased among the European consumers. This fuelled the growth of the craft spirits market in the past couple of years.
New York, Nov. 19, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe Craft Spirits Market Growth, Trends and Forecasts (2020 - 2025)" - https://www.reportlinker.com/p05986893/?utm_source=GNW
The craft spirits boom has flooded the market with thousands of new brands that have successfully carved out a niche for themselves by leveraging package designs that promise quality through evocative design and hand-crafted sensibilities.
- An increasing number of European consumers are looking for new, more exciting offerings compared to their usual spirit options thus, pushing up the revenue generation in the craft spirits market.
Key Market Trends
Increasing Number of Microbreweries Elevating the Demand for Craft Spirits
The on-going premiumization of spirits and commercialization of micro-distilleries in the region are the factors accelerating the growth of craft spirits market. There is a tradition of craft distilling in Germany at a grass-roots level. The DestilleBerlin Craft Spirits festival has helped showcase craft spirits in Germany since 2012.
Whereas in the UK, figures suggest the craft industry is indisputably thriving. In October, law firm RPC revealed that the number of trademarks registered for spirits and liqueurs in the UK had grown by 12% in 2018, while the number of distillery businesses in the UK rose by 21% to 205 – up from 170 in 2017 whereas the number of enterprises for the distilling, rectifying and blending of spirit in the UK grown to 557 in 2018 – up from 444 in 2017.
Strategic Investments by the Market Players
The increasing demand for microbreweries, ethnic premium, super-premium spirits, and flavoured spirits, which include the craft and artisanal varieties, increased among the European consumers. This fuelled the growth of the craft spirits market in the past couple of years. The craft spirits boom has flooded the market with thousands of new brands that have successfully carved out a niche for themselves by leveraging package designs that promise quality through evocative design and hand-crafted sensibilities.
In 2018, Radico Khaitan released Jaisalmer Indian Craft Gin in the United Kingdom, which aims to celebrate the origin of the gin and tonic in British Colonial India. The 43% ABV drink utilizes Indian botanical ingredients, such as coriander and vetiver, orange peel, cubeb pepper berries, lemongrass, Darjeeling green tea leaves and lemon peel, as well as other botanicals, such as angelica root, liquorice and caraway seeds, and juniper berries.
Some of the leading players in the craft spirits market of Europe include Pernod Ricard, Bacardi Limited, Diageo PLC, Suntory Holdings Limited, Davide Campari-Milano NV, and Ian MacLeod Distillers Ltd.
The market studied is a competitive market, with a wide range of brands from micro-distilleries offering artisanal products. The market positioning of players is dynamic, as small, independent distillers are emerging up and taking the market share in the region. New brands of craft spirits are launched on a regular basis.
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