Market Size of United States Spirits Industry
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 83.41 Billion |
| Market Size (2029) | USD 107.84 Billion |
| CAGR (2024 - 2029) | 5.27 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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United States Spirits Market Analysis
The United States Spirits Market size is estimated at USD 83.41 billion in 2024, and is expected to reach USD 107.84 billion by 2029, growing at a CAGR of 5.27% during the forecast period (2024-2029).
- The market has been growing in the United States due to the growing demand for premium products. Consumers are drinking less but consuming better and more premium drinks, which creates an ideal market position for a super-premium brand due to the sophistication of their palates over those of older generations. Spirit brands with enhanced brand experiences have become increasingly popular among consumers.
- Additionally, after the pandemic, there has been a major influx of active omnichannel off-premise buyers in the United States. This is due to the convenience and ease of using an off-premise channel that has become more preferred. Thus, liquor stores and online sales of spirits surged. For instance, according to the United States Distilled Spirits Council (USDSC), vodka sales increased by 4.9% in 2021.
- Additionally, American consumers have increased their demand for ethnic-flavored spirits, which include craft and artisanal varieties, which has contributed to the growth of the spirits market in the last few years. The craft spirits boom has flooded the market with thousands of new brands that have successfully carved out a niche by leveraging package designs that promise quality through evocative design and hand-crafted sensibilities.
- Furthermore, as a result of creative advertising campaigns and innovations in the market, small players in the market are increasing their sales and expanding their market share in the country. Over the medium term, the demand for spirits is expected to increase owing to the increasing demand for premium spirits and increasing product innovation as well.
