The global craft spirits market is set to gain impetus from the high demand for premiumized beverages. This information is given by Fortune Business Insights™ in an upcoming report, titled, “Craft Spirits Market Size, Share and Industry Analysis, By Type (Whiskey, Gin, Vodka, Rum, Others), By Distribution Channel (On Trade, Off Trade) and Regional Forecast, 2020-2027.” The report further mentions that craft spirits are experiencing more popularity worldwide because of the changing cultural attitudes and beliefs of the affluent and young generation.
The outbreak of the COVID-19 pandemic has brought about an unprecedented threat to the craft spirits industry. Several local producers are facing disruptions in supply chains and declining demand for such beverages as people nowadays are mainly spending huge amounts in essential goods. At the same time, the ongoing trade war, as well as the potential tax hikes would affect growth negatively in 2020. To help our clients regain business confidence, our analysts have developed accurate research reports providing unique strategies.
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How Did We Create This Report?
We have used econometric models for short-term forecasting. But, technological models were utilized for long-term estimations. These are based on the business principles, economic outlook, regulatory frameworks, and the technology landscape. We have also conducted interviews with domain experts, suppliers, buyers, and technology providers to get a holistic picture of the market.
Drivers and Restraints-
Increasing Number of High-end Hotels and Restaurants to Bolster Growth
The increasing number of craft spirit distilleries worldwide is set to accelerate the craft spirits market growth in the coming years. Also, the presence of high-end restaurants and hotels in multiple countries would contribute to this growth by bringing in these beverages in their portfolios. Coupled with this, the rising trend of night clubs and pubs would also propel growth. However, the surging concerns about the harmful effects of may hamper growth.
Whiskey Segment to Dominate Fueled by Their Availability in Wide Varieties
Based on type, the whiskey segment is projected to lead by generating the largest craft spirits market share throughout the forthcoming years. This growth is attributable to the development of a wide variety of whiskeys, such as flavored in the market.
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Rising Adoption of Cocktail Culture to Boost Growth in North America
Geographically, North America is set to procure a large portion of the market in the near future. This growth is attributable to the increasing demand for beverages in the U.S. The U.S. Department of Commerce, for instance, declared that people living in this country spend approximately 230 billion per year on such beverages. At the same time, the rising trend of ‘cocktail culture’ is expected to propel the demand for novel cocktails infused with super-premium vodka and super-premium tequila.
Asia Pacific, on the other hand, is anticipated to grow considerably because of the rapid westernization in numerous developing countries. Additionally, the increasing disposable incomes and surging number of the younger population in this region would aid growth.
Key Players Focus on Releasing Unique Beverages to Attract More Consumers
The market houses several companies that are focusing on introducing innovative craft spirits to cater to the surging demand from consumers across the globe. Most of them are looking for new beverages in the market. This way, companies will be able to gain a competitive edge. Below are the two latest industry developments:
- November 2020: Spirit Hub joined hands with Tie Bar to provide novel co-branded holiday gifting options. These will include Tie Bar’s exclusive Spirit Hub-branded accessories and Spirit Hub’s boozy Sample Gift Boxes.
- November 2020: Barrell Craft Spirits launched new Bourbon to expand its premium line of Barrell Craft Spirits. This ultra-premium release was crafter in Kentucky. It is a special combination of straight bourbon whiskeys that were matured for 15 years.
A list of all the craft spirits manufacturers operating in the global market:
- Diageo Plc.
- Pernod Ricard
- Remy Cointreau
- William Grant and Sons Ltd.
- Rogue Ales
- Anchor Brewers and Distillers
- House Spirits
- Copper Fox Distillery
- Other key market players
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