Craft Spirits Industry Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Global Craft Spirits Industry Statistics and it is Segmented by Type (Whiskey, Gin, Vodka, Brandy, Rum, and Other Types); Distribution Channel (On-trade Channels and Off-trade Channels); and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The market size is provided in terms of value (USD Million) during the forecast period for the above segments.

Craft Spirits Market Size

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Craft Spirits Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 19.35 Billion
Market Size (2029) USD 31.89 Billion
CAGR (2024 - 2029) 10.51 %
Fastest Growing Market Europe
Largest Market North America

Major Players

Craft Spirits Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Craft Spirits Market Analysis

The Craft Spirits Market size is estimated at USD 19.35 billion in 2024, and is expected to reach USD 31.89 billion by 2029, growing at a CAGR of 10.51% during the forecast period (2024-2029).

Due to COVID-19 restrictions, the craft spirit market faced a huge loss, shut down all the bars, restaurants, and retail shops, and sales were reduced. Import and export of goods between the countries were also restricted, due to which the market players faced significant issues. After the pandemic, however, the market slowly grew owing to the change in taste preferences and a massive demand for different flavored spirits. The growing number of younger people consuming craft spirits was driving the market. For instance, In January 2022, Bacardi announced the launch of a new non-alcoholic spirit brand Palette, which was created, in collaboration with Amsterdam-based bartenders and designed with cocktails.

The demand for ethnic premium, super-premium, and flavored spirits, which include craft and artisanal varieties, increased among global consumers. This increased demand fuelled the growth of the craft spirits market during the study period. The craft spirits boom introduced many new products that have successfully carved out a niche for themselves by leveraging package designs that promise quality through evocative design and hand-crafted sensibilities. The people born between the 1980s and 2000s are a large portion of consumers who visit bars, hotels, and pubs more often; therefore, they are a large number of buyers for the market. People are becoming more conscious and inclined to step out of their comfort level, which is why major producers are modifying and innovating by creating accessible, fun, and delicious spirits with innovative packaging. Thus, beverage professionals have been incorporating these spirits in cocktails through creative applications to cater to the rising demand from consumers.

Craft Spirits Market Trends

This section covers the major market trends shaping the Craft Spirits Market according to our research experts:

Growing Preference for Innovative Flavors

With the current trend of having flavored whiskey, pubs, bars, and restaurants that offer innovative and distinctive ranges of flavored craft spirits have a higher chance of garnering demand. Craft spirits are easily accessible in the market, including gin, rum, brandy, tequila, whiskey, and flavored liqueurs. Consumers prefer products made up using natural or organic flavors such as natural spices, botanicals, fresh citrus flavors, vanilla, and raspberry. However, small-scale brands promote and market clean-label ingredients like non-GMO grains and spring water and broadcast their mission-driven initiatives in their local associations. The growing trend of drinking liquor, especially in social or corporate gatherings, is accelerating the growth of the crafts spirit market. Craft spirits such as whiskey have been witnessing widespread growth due to their popularity in bars. The trend of having innovative, fresh-flavored craft spirit in high quality and product craftsmanship is boosting the development of the craft spirits market.

Craft Spirits Market: Consumption of American Whisky, (in Liters), United States, 2018-2021

North America Leading the Global Craft Spirits Market

North America held the largest market share due to the growing demand for craft spirits and the rising number of craft distilleries across the region with frequent product launches. Also, the increasing number of craft distillers in the region, along with the rising demand for ethnic premium and super-premium spirits, including craft and artisanal varieties, is prompting several countries to import the same, further fueling the market's growth in the region. As per the report published by the Distilled Spirit Council in February 2022, the US spirits market generates USD 200 million in economic activity. The US craft spirits market is growing significantly as several giant manufacturers are offering innovative, creative cocktails with craft spirits and producing super-premium tequila and vodka due to the increasing 'cocktail culture' in the country.

Global Craft Spirits Market - Market Size (%), By Region, 2021

Craft Spirits Industry Overview

The market is highly competitive with the presence of key players, such as Rémy Cointreau, William Grant & Sons Limited, Pernod Ricard, Diageo PLC, and Rogue Ales & Spirits. The major strategies adopted by the companies operating in the craft spirits market are product innovations, mergers and acquisitions, and expansion. However, the growing demand for craft spirits is expected to be the main trend over the forecast period, which may increase the market's activity. Advanced distribution network and manufacturing expertise give an upper edge to the manufacturers to expand their range of products worldwide.

Craft Spirits Market Leaders

  1. Pernod Ricard

  2. Rémy Cointreau

  3. Rogue Ales

  4. Diageo PLC

  5. William Grant & Sons Ltd.

*Disclaimer: Major Players sorted in no particular order

Craft Spirits Market Concentration
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Craft Spirits Market News

  • In October 2022, Pernod Ricard announced to acquire majority stakes in ultra-premium tequila Código 1530 to strengthen its portfolio.
  • In February 2022, Remy Cointreau's Islay Scotch whisky distiller, Bruichladdich, released the final bottling from its Octomore 12s line of single malts. The product is available exclusively from the company's website and distillery shop and is limited to 3,500 bottles.
  • In December 2021, United Spirits Limited, a wholly-owned subsidiary of Diageo PLC, launched Diageo's limited edition Epitome Reserve in India. This edition of Epitome Reserve is a peated single malt with just 3,600 numbered bottles (signed by master blender Mahesh Patil).

Craft Spirits Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Buyers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Whiskey

      2. 5.1.2 Gin

      3. 5.1.3 Vodka

      4. 5.1.4 Brandy

      5. 5.1.5 Rum

      6. 5.1.6 Other Types

    2. 5.2 Distribution Channel

      1. 5.2.1 On-trade Channels

      2. 5.2.2 Off-trade Channels

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 United Kingdom

        2. 5.3.2.2 Germany

        3. 5.3.2.3 Spain

        4. 5.3.2.4 France

        5. 5.3.2.5 Italy

        6. 5.3.2.6 Russia

        7. 5.3.2.7 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Australia

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East and Africa

        1. 5.3.5.1 South Africa

        2. 5.3.5.2 United Arab Emirates

        3. 5.3.5.3 Rest of Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Strategies Adopted by Key Players

    2. 6.2 Market Positioning Analysis

    3. 6.3 Company Profiles

      1. 6.3.1 Pernod Ricard

      2. 6.3.2 Rémy Cointreau

      3. 6.3.3 Diageo PLC

      4. 6.3.4 Hotaling & Co.

      5. 6.3.5 Davide Campari-Milano NV

      6. 6.3.6 William Grant & Sons Ltd

      7. 6.3.7 Rogue Ales & Spirits

      8. 6.3.8 Constellation Brands Inc.

      9. 6.3.9 Bacardi Limited

      10. 6.3.10 Suntory Holdings Ltd

      11. 6.3.11 Ian Macleod Distilleries Ltd

      12. 6.3.12 Jw Distillers Limited

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Craft Spirits Industry Segmentation

Craft spirits are hand-crafted and manufactured by a small distillery using locally sourced materials and ingredients. The craft spirits market is segmented based on type, distribution, and geography. Based on type, the market is segmented into whiskey, gin, vodka, brandy, rum, and other types, by distribution channel into on-trade channels and off-trade channels, and by geography into North America, Europe, Asia-Pacific, South America, and Middle East and Africa. For each segment, the market sizing and forecast have been done based on value (in USD million).

Type
Whiskey
Gin
Vodka
Brandy
Rum
Other Types
Distribution Channel
On-trade Channels
Off-trade Channels
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
United Kingdom
Germany
Spain
France
Italy
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
South Africa
United Arab Emirates
Rest of Middle East and Africa
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Craft Spirits Market Research FAQs

The Craft Spirits Market size is expected to reach USD 19.35 billion in 2024 and grow at a CAGR of 10.51% to reach USD 31.89 billion by 2029.

In 2024, the Craft Spirits Market size is expected to reach USD 19.35 billion.

Pernod Ricard, Rémy Cointreau, Rogue Ales, Diageo PLC and William Grant & Sons Ltd. are the major companies operating in the Craft Spirits Market.

Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Craft Spirits Market.

In 2023, the Craft Spirits Market size was estimated at USD 17.51 billion. The report covers the Craft Spirits Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Craft Spirits Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Craft Spirits Industry Report

Statistics for the 2024 Craft Spirits market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Craft Spirits analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Craft Spirits Industry Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)