Global Craft Spirit Market worth US$ 8.12 billion By 2020

The report  Global Craft Spirit Market, By Product (Whiskey, Vodka, Gin, Rum, Brandy, Liqueur), By Distiller Size (Large, Medium, Small), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Trends, Analysis and Forecast till 2030”. Global Craft Spirit Market accounted for US$ 8.12 billion in 2020 with a CAGR of 32.34%. Adults represent the major demographic section of the consumers for alcoholic beverages, as they are major consumers visiting restaurants and pubs. Adults appear to be the most influential buyers of food and beverages which will create demand for alcoholic beverages, in turn, is expected to drive the market growth for craft spirit over the forecast period. Millennial’s, account for a significant share of the consumers frequently visiting restaurants and pubs. Younger millennials appear to be the high potential consumer segment for the forecast years. Rising preferences for unconventional drinks by young millennials are expected to boost the demand, owing to their unique taste and flavour. This, in turn, is expected to mark a positive impact on the craft spirits demand in the region.

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Key Highlights:

  • In August 2018, Woodinville Whiskey Co. Harvest Release – Toasted Applewood Finished Rye Whiskey started with matured 100% rye whiskey and add toasted applewood staves to it adds additional layers of fruit and berry notes on top of the already complex notes of rye spice, cinnamon, clove and caramel. It’s bottled at a full 100 proof to maximize all this whiskey has to offer.

Key Market Insights from the report:        

The global craft spirit market accounted for US$ 8.12 billion in 2020 and is projected to register a moderate CAGR of 32.34% over the forecast period. The market report has been segmented based on product, distiller size, and region.

  • Based on product, whiskey held the largest share of the market over the past few years, and a similar trend is expected to continue over the forecast period.
  • Based on distiller size, the shares of the large distilleries are expected to increase, owing to ongoing consolidation activities in the industry. Substantial demand from consumers has attracted various established players in entering the industry. Numerous non-craft players are aiming to mark their presence in the industry by acquiring shares of small and medium distilleries.
  • Based on region, North America accounted for the largest share, mainly driven by the growing consumer demand in the U.S… Growing millennial population in the region is projected to propel the demand over the forecast period. The number producer in the U.S. has grown at a robust rate, owing to secure approval policies adopted by regulatory organizations. The Asia Pacific is expected to witness robust growth over the forecast period, due to increased purchasing parity, coupled with the significant growth of the millennial population in emerging countries. Enormous potential in the unexplored markets of countries is expected to create lucrative opportunities. Economically independent millennials in the Asia Pacific are living with parents, which lead to more spending power to them. As a result, millennials in countries such as China and India tend to spend more on leisure activities, this, in turn, is projected to impact the product market in the region.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Craft Spirit Market,), By Product (Whiskey, Vodka, Gin, Rum, Brandy, Liqueur), By Distiller Size (Large, Medium, Small), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Trends, Analysis and Forecast till 2030

To know the upcoming trends and insights prevalent in this market, click the link below:

Links: https://prophecymarketinsights.com/market_insight/Global-Craft-Spirit-Market-By-4067

The prominent player operating in the global craft spirit market includes Woodinville Whiskey Co., House Spirits Distillery, Diageo plc, William Grant & Sons, Constellation Brands Inc, HOTALING & CO., Chase Distillery, Ltd, Copper Fox Distillery, Tuthilltown Spirits, Rogue Ales & Spirits.

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