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on May 14, 2024
IMARC Group's report titled "Craft Spirits Market Report by Product (Whiskey, Vodka, Gin, Rum, Brandy, Liqueur, and Others), Distribution Channel (On-Trade, Off-Trade), and Region 2024-2032", offers a comprehensive analysis of the industry, which comprises insights on the global craft spirits market demand. The global market size reached US$ 23.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 184.7 Billion by 2032, exhibiting a growth rate (CAGR) of 25.7% during 2024-2032.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/craft-spirits-market/requestsample
Factors Affecting the Growth of the Craft Spirits Industry:
- Consumer Preference for Authentic and Unique Products:
Consumers are seeking unique flavor experiences beyond traditional mass-produced spirits. Craft distillers often experiment with unconventional ingredients, production techniques, and aging processes to create distinctive flavor profiles that appeal to adventurous people seeking novel taste sensations. Craft spirits are produced in small batches by independent distilleries, emphasizing traditional and hands-on production methods. This artisanal approach resonates with consumers who appreciate the craftsmanship, attention to detail, and authenticity associated with small-scale production.
- Shift Towards Premiumization:
Consumers associate premium products, including craft spirits, with higher quality, craftsmanship, and prestige. As a result, they are willing to pay premium prices for these products, driving revenue growth for craft distilleries. With the thriving food and beverage (F&B) industry, people are developing more sophisticated palates and seeking unique and high-quality products. Craft spirits, known for their complex flavors, artisanal production methods, and attention to detail, cater to these evolving taste preferences.
- Innovative Marketing and Branding:
Craft distilleries often develop unique brand identities that set them apart from larger and mass-produced brands. This can include creative packaging designs, compelling brand stories, and distinctive visual elements that resonate with consumers and make the product stand out on shelves. Craft distilleries also leverage storytelling to create emotional connections with consumers, sharing the history, passion, and craftsmanship behind their products. By sharing authentic stories about the founders, production process, and local roots, craft distilleries engage consumers and build brand loyalty.
Leading Companies Operating in the Global Craft Spirits Industry:
- Bacardi Limited, Campari Group (Lagfin S.C.A.)
- Constellation Brands, Inc.
- Copper Fox Distillery, Diageo plc
- Heaven Hill Distilleries, Inc.
- Hotaling & Co., Pernod Ricard
- Rogue Ales & Spirits
- Sibling Distillery Limited
- William Grant and Sons Ltd
- Woodinville Whiskey (LVMH)
Craft Spirits Market Report Segmentation:
By Product:
- Whiskey
- Vodka
- Gin
- Rum
- Brandy
- Liqueur
- Others
Whiskey represents the largest segment due to its enduring popularity, diverse range of styles, and cultural significance in regions where craft distilleries thrive.
By Distribution Channel:
- On-Trade
- Off-Trade
On-trade accounts for the majority of the market share as it includes bars, restaurants, and hotels where consumers often prefer to sample and purchase craft spirits for immediate consumption and social experiences.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America enjoys the leading position in the craft spirits market on account of its long-standing tradition of distilling and the growing consumer demand for premium and artisanal products.
Global Craft Spirits Market Trends:
Craft distilleries are diversifying their range of offerings, venturing beyond conventional spirits like whiskey and gin to introduce novel and distinctive options. These include flavored vodkas, artisanal botanical liqueurs, and pre-mixed craft cocktails packaged in convenient bottles. Furthermore, consumers' growing focus on sustainability and community support has spurred craft distilleries to adopt environmentally conscious practices and prioritize locally sourced ingredients.
Furthermore, craft spirits labels are devoting resources to developing inventive packaging concepts and formats, aiming to stand out on store shelves and resonate with contemporary aesthetic tastes.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
Contact US
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163
Posted in: Business
Topics:
craft spirits market