North America will represent 62% of the worldwide craft spirit market share in 2023.
Rockville , Oct. 19, 2023 (GLOBE NEWSWIRE) — As revealed by Fact.MR, a provider of market research and competitive intelligence, the global Craft Spirit Market is projected to reach a value of US$ 230 billion by the end of 2033, expanding at a high-value CAGR of 29% between 2023 and 2033.
The craft spirit market encompasses the domestic manufacturing of alcoholic beverages. These spirits are created by employing the techniques of distillation and fermentation. Craft spirits are typically produced in limited quantities, often falling below 750,000 gallons. To engage in craft spirits production, individuals must hold a distiller’s license that specifies the production capacity and emphasizes independent operation, while being subject to regulatory oversight by a major player in the alcoholic beverage industry. In the United States, obtaining certification for craft spirit production necessitates the approval of labels by the Alcohol and Tobacco Tax and Trade Bureau (TTB).
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Key Segments of Craft Spirit Industry Research Report
| By Type | By Distribution Channel | By Distiller | By Region |
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Global demand for craft spirits, encompassing ethnic premium, super-premium, and flavored varieties, has surged among consumers worldwide. This heightened demand serves as a catalyst for the expansion of the craft spirit market. The craft spirits renaissance has introduced many innovative products, successfully establishing their unique presence by utilizing packaging designs that evoke quality and handcrafted sensibilities.
Millennials tend to seek experiences that are unique and authentic. They are more inclined to explore and experiment with different flavors and types of distilled liquors, which has led to a surge in demand for new and unconventional offerings.
Key Takeaways from Market Study
- The global craft spirit market is valued at US$ 20.5 billion in 2023.
- Worldwide demand for craft spirits is projected to surge at a CAGR of 29% from 2023 to 2033.
- The global market is forecasted to touch US$ 230 billion by the end of 2033.
- The whiskey segment is accounts for a market share of 45% in 2023.
- The gin segment is projected to expand at a CAGR of 32% from 2023 to 2033.
- North America accounts for a market share of 62% in 2023.
“Growing desire for craft spirits, surge in craft distilleries, and an uptick in disposable income are propelling market growth. Furthermore, the millennial demographic, possessing significant purchasing capabilities, is expected to be a driving force in the market over the coming years,” says a Fact.MR analyst.
Market Competition
The market comprises both global and local participants. Prominent market leaders emphasize strategies like innovation and the introduction of new products in retail to enrich and expand their product lineup within the market.
- In March 2022, Diageo, the leading global beverage alcohol company, announced its intentions to construct a brand-new distillery with a budget of US$ 245 million, aiming to bolster the momentum and growth targets of its Crown Royal Canadian whisky brand. This state-of-the-art facility will employ resource-efficient technology and operate entirely on renewable energy sources, ensuring the distillery’s carbon neutrality and a zero-waste-to-landfill production process.
| Report Attribute | Details | |
| Value Projection (2033) | USD 230 Billion | |
| Growth Rate (2023-2033) | 29% CAGR | |
| No. of pages | 170 Pages | |
| No. of Tables | 84 Tables | |
| No. of Figures | 112 Figures | |
Key Companies Profiled
- Heaven Hill Distilleries, Inc.
- Diageo PLC
- Pernod Ricard
- Constellation Brands, Inc.
- Suntory Holdings Limited
- Hotaling & Co.
- Westward Whiskey
- Tuthilltown Spirits
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In 2023, North America is poised to capture 62% of the global craft spirit market share. The region’s burgeoning millennial population is expected to drive demand for craft spirits throughout the projected period. The rapid increase in the number of manufacturers in the United States can be attributed to the supportive approval policies established by regulatory authorities.
Numerous factors contribute to the market’s robust growth, with a pivotal one being the establishment of secure approval policies and regulations by regulatory bodies. These policies have created a favorable environment for entrepreneurs and craft distillers to prosper, consequently leading to an upsurge in demand for craft spirits in the United States and a subsequent rise in the number of manufacturers.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global craft spirit market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on type (whiskey, vodka, gin, rum, brandy, liqueur), distribution channel (on-trade, off-trade), and distiller (large, medium, micro), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
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