Crafts Spirit Market to register a CAGR of 33.10% from 2017 to 2023
Crafts spirit is a term used for unconventional alcohol beverages which includes whisky, vodka, gin, rum, brandy, and liqueur. Craft spirits are produced by licensed distilleries with specified production volume. The growth of craft spirits market is mainly driven by growing preference for premium and authentic drinks with unique tastes among consumers.
The industry is mainly driven by the millennials as they are the frequently visiting restaurant and pubs. Rising preferences for unconventional drinks by young millennial is expected to boost the market growth as per the report from DecisionDatabases.com “Global Craft Spirits Market Research Report - Industry Analysis, Size, Share, Growth, Trends And Forecast 2016 to 2023”. As per the study Crafts Spirit Market is projected to surpass a market valuation of US$ 45.51 Bn by the end of 2023, grwing at a CAGR of 33.10% .
Spurring demand coupled with supportive policies have fueled the crafts spirit industry over the past few years. The number of producers has been growing at an impressive rate. An increase in consumer taste for experimentation and premium products has fueled a modern craft movement which is in favor of market growth. Also, growing demand for flavored whiskey is anticipated to propel the market growth. Moreover, the rising trend of spending on leisure’s activity among the youngster and millennial desire to always drink something unique is expected to shape a positive impact on the demand of crafts spirit market.
Asia Pacific Region is expected to witness healthy growth rate due to growing millennials population and increased disposable income in India, China, Indonesia and Japan. At the same time, Europe is the second- largest country of the global industry predicted to record the fastest growth owing to increasing number of the producer from the region after U.S. On the other hand, increasing production of crafts spirit is likely to heighten the demand for several types of drinks across the globe. Innovation coupled with technology advancement crafts brewery is projected to upsurge the preference for such unconventional drinks. In addition, growing number of specialty stores for such drinks is expected to create a favorable market with high growth potential.
However, the market is set to see a significant acceleration in the near future on account of rapid urbanization along with the rising investment in the production capacity as well as marketing.
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