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 preference for premium and authentic drinks with unique tastes. People born between the 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 offers huge growth opportunities for players.
For Full Research Report On Craft Spirits Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/craft-spirits-market
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 a key role in driving the product demand in North America.
- Asia Pacific is expected to
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 the 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 the entrance of established players in the market
through acquisitions.
Request a Sample Copy of the Report @
https://www.grandviewresearch.com/industry-analysis/craft-spirits-market/request/rs1
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
Craft Spirits
Regional Outlook (Volume, Thousand Gallons; Revenue, USD Million, 2014 - 2025)
- North America
- The U.S.
- Europe
- Germany
- The U.K.
- Asia Pacific
- China
- Japan
- Central & South America
- Brazil
- The Middle East & Africa
- South Africa
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.
For more info visit @ https://www.grandviewresearch.com
No comments:
Post a Comment