Market Size of Europe Craft Spirits Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 3.83 Billion |
| Market Size (2029) | USD 6.95 Billion |
| CAGR (2024 - 2029) | 12.66 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Craft Spirits Market Analysis
The Europe Craft Spirits Market size is estimated at USD 3.83 billion in 2024, and is expected to reach USD 6.95 billion by 2029, growing at a CAGR of 12.66% during the forecast period (2024-2029).
The demand for ethnic premium, super-premium spirits, and flavored spirits, which include craft and artisanal varieties, increased among European consumers. This fuelled the growth of the craft spirits market in the past couple of years. The craft spirits boom has flooded the market with thousands of new brands that have successfully carved out a niche for themselves by leveraging package designs that promise quality through evocative design and hand-crafted sensibilities. An increasing number of European consumers are looking for new, more exciting offerings compared to their usual spirit options, thus pushing up revenue generation in the craft spirits market.
The craft spirits movement, with its independent creative inventions manufactured using traditional methods, emerged out of the pioneering culture of wine and its tight link with connoisseurship, paired with customers who want to know what they are drinking. With the introduction of a new class of craft spirits that comprises whiskey, gin, vodka, rum, and a lengthy list of liqueurs, the spirits industry is now anticipated to go through the same metamorphosis. Due to certain market segments, such as millennials interested in alcoholic beverages, who demand new flavors and to stay current with and be well informed about the ingredients and intricate traditional production methods of these formulas, certain propositions are gaining ground and have become popular.
