Know More About “Craft Spirits Market 2018-2025” Growth Worldwide…..|Grand View Research, Inc.
The global craft
spirits market size is expected
to reach USD 80.43 billion by 2025, expanding
at a CAGR of 33.4%, according to a
new report by Grand View Research, Inc. The demand for craft spirits is mainly
driven by consumers growing a preference for premium and authentic drinks with
unique tastes. People born between 1980s and early 2000s have accounted for the
largest share of consumers in the industry.
A major share of the millennial
population has just reached the Legal Drinking Age (LDA), while the other
section comprises employed consumers with significantly higher purchasing power.
The millennial population segment has fueled significant demand, owing to their
preference for unconventional and experimental alcoholic beverages.
Whiskey was the most consumed variety
of the craft spirits, followed by gin, vodka, and rum. Gin has gained wide
consumer acceptance owing to its unique taste and flavor developed by juniper
berries. The craft distillers focus on the use of different spices, fruits,
herbs, and botanicals to produce innovative products. They procure raw
materials from family-owned farming houses who have strong experience in
producing grains and fruits.
The industry is mainly concentrated in
North America, owing to sizeable demand in the U.S. Europe has been the
second-largest market for the product over the past few years. The economically
developing countries in Asia Pacific, Central & South America, and the
Middle East & Africa are expected to gain traction over the forecast
period. The industry in these countries is not entirely explored and thus offer
huge growth opportunities for players.
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Further key findings from the report suggest:
·
The global craft spirits market
was valued at USD 6.13 billion in 2016 and is expected to grow at an impressive
CAGR of 33.4% from 2017 to 2025, owing to growing consumer tastes and
preferences towards unconventional and experimental alcoholic beverages
·
Craft spirits are produced by
licensed and independent distillers who produce alcohol of a volume less than
750,000 proof gallon
·
Large distilleries are expected
to dominate the industry over the forecast period, accounting for around 59.7%
share of the industry volume by 2025. The shares of medium and small
distilleries are expected to decline over the next few years, with large
players focusing on acquisitions to strengthen their competitive positions
·
Whiskey was the largest product
segment of the global industry, owing to surging demand for flavored products
formulated using ingredients such as whole spices and herbs
·
Gin is anticipated to be the
fastest-growing product segment of the market over the forecast period, owing
to augmented use of the products in cocktails
·
North America dominated the
global industry, accounting for around 53% share of the total revenue in 2016.
Consumers who have just reached above the Legal Drinking Age (LDA) have played
the key role in driving the product demand in North America.
·
Asia Pacific is expected create
lucrative opportunities for distillers owing to tremendous potential in
countries such as China, India, Thailand, Indonesia, Malaysia, South Korea,
Australia, and Japan
·
China accounted for the largest
share of the Asia Pacific industry in 2016, due to growing millennial
population in the country. The share of China is expected to increase at a
significant rate with increased consumer spending on recreational activities
such as eating and drinking out.
·
Key players include Pernod
Ricard, Diageo plc, Rémy Cointreau, Anchor Brewers & Distillers, Rogue
Ales, and William Grant & Sons. The market is likely to move towards consolidation,
owing to entrance of established players in the market through acquisitions.
The
industry is mainly concentrated in North America, owing to sizeable demand in
the U.S. The investments in the U.S. has increased at a promising rate over the
past few years, due to favorable approval policies. The Alcohol and Tobacco Tax
and Trade Bureau (TTB) received 13,867 new applications in 2012, which has
increased by 24.4% from the number of claims in 2009 and 82% from that of 2006.
Millennials,
born between the 1980s and early 2000s, represent a major demographic section
of consumers for the alcoholic beverages industry, as they account for a
significant share of the consumers frequently visiting restaurants and pubs.
They appear to be the most influential buyers of various food and drink items,
including craft spirits.
Younger
millennials, who has just reached the LDA, appear to be the high potential
consumer segment for the forecast years. Rising preferences for unconventional
drinks by young millennials is expected to boost the demand, owing to their
unique taste and flavor. Asia Pacific, North America, and Sub-Saharan Africa
accounted for the major shares of the millennial population in 2016.
Browse Press
Release of this report:
Grand View Research has segmented the
global craft spirits market on the basis of distiller size, product, and
region:
Craft Spirits Distiller Size Outlook (Volume, Thousand
Gallons; Revenue, USD Million, 2014 - 2025)
·
Large
·
Medium
·
Small
Craft Spirits Product Outlook (Volume, Thousand Gallons;
Revenue, USD Million, 2014 - 2025)
·
Whiskey
·
Vodka
·
Gin
·
Rum
·
Brandy
·
Liqueur
·
Others
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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