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Craft Spirits Market by Product and Geography - Forecast and Analysis 2021-2025

  • Published: Jul 2021
  • Pages: 128
  • SKU: IRTNTR44207
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The craft spirits market share is expected to increase by USD 36.82 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 22.56%.

This craft spirits market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers craft spirits market segmentations by product (craft gin, craft whiskey, and other craft spirits) and geography (North America, Europe, APAC, South America, and MEA). The craft spirits market report also offers information on several market vendors, including Bacardi Ltd., Beam Suntory Inc., Black Button Distilling, Constellation Brands Inc., Diageo Plc, Distell Group Ltd., Durham Distillery, House Spirits Distillery, Montanya Distillers, and Pernod Ricard SA among others.

What will the Craft Spirits Market Size be During the Forecast Period?

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Craft Spirits Market: Key Drivers, Trends, and Challenges

The growing demand for craft spirits is notably driving the craft spirits market growth, although factors such as fluctuations in raw material price may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the craft spirits industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Craft Spirits Market Driver

The growing demand for craft spirits is a major factor driving the crafts spirit market share growth. The millennial population is focusing on drinking less but quality products. Furthermore, many millennials across the world have shown less brand loyalty and are willing to experiment with new flavors. The prominence of millennials as a consumer segment is increasing as they have high spending power. Millennials are also willing to spend more on unique and exotic products that offer better taste and satisfaction. Vodka brands such as Tito's Handmade Vodka are more popular among millennials than Smirnoff and Absolut. Craft spirits are also becoming more popular among women due to the perception that they have a better taste and are prepared from high-quality ingredients. Additionally, the number of distilleries that are owned by women is increasing in the US and India. Due popularity of craft spirits among millennials, the growth of the global craft spirits market is significantly increasing.

Key Craft Spirits Market Trend

The rapid urbanization is another factor supporting the global craft spirits market share growth. Rapid urbanization in emerging countries has increased the consumption rate of alcoholic beverages. According to The World Bank Group, globally, the rate of urbanization has increased from 51.64% in 2010 to 55.27% in 2018. The rise in urbanization has led to an increase in the number of social gatherings, parties, conferences, and business meetings. Alcoholic beverages are common offerings in corporate gatherings. The growth in urbanization has led to a direct and proportional increase in the disposable income of consumers. Additionally, the growth in the millennial population will boost the adoption of craft spirit during the forecast period. Owing to rapid urbanization and the adoption of western culture in countries such as India, the number of pubs and bars has increased. With the growing number of pubs and bars that offer craft spirit, the adoption of craft spirit will increase among millennials. This will subsequently drive the growth of the global craft spirits market during the forecast period.

Key Craft Spirits Market Challenge

The rise in fluctuations in prices of raw materials will be a major challenge for the global craft spirit market share growth during the forecast period. These fluctuations may lead to an increase in the price of the final product and affect the profitability of manufacturers. Raw materials, ingredients, and other commodities used in the production of craft spirits are prone to damage due to natural disasters and adverse weather conditions, such as heavy rainfall, drought, flood, earthquake, frost, and pestilence and can lead to a reduction in the production volume of spirits. The low supply of raw materials can also lead to an increase in the prices, which will further result in a high-priced final product. Adverse climatic conditions such as heavy rainfall or drought and other risk factors such as the outbreak of diseases can hinder the supply of raw materials. Such supply disruptions lead to a rise in the prices of raw materials, which will negatively impact the growth of the market during the forecast period.

This craft spirits market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global craft spirits market as part of the global distillers and vintners market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the craft spirits market during the forecast period.

Who are the Major Craft Spirits Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Bacardi Ltd.
  • Beam Suntory Inc.
  • Black Button Distilling
  • Constellation Brands Inc.
  • Diageo Plc
  • Distell Group Ltd.
  • Durham Distillery
  • House Spirits Distillery
  • Montanya Distillers
  • Pernod Ricard SA

 

This statistical study of the craft spirits market encompasses successful business strategies deployed by the key vendors. The craft spirits market is fragmented and the vendors are deploying growth strategies such as organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • Bacardi Ltd.- The company offers craft spirits such as Rum, Vodka, Gin, Whisky, Wine and Tequila.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The craft spirits market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Craft Spirits Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the craft spirits market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of global distillers and vintners market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

 

Which are the Key Regions for Craft Spirits Market?

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42% of the market’s growth will originate from North America during the forecast period. US is the key market for craft spirits market in North America. Market growth in this region will be slower than the growth of the market in APAC.

Increasing number of craft distilleries and the rising disposable incomes of people will facilitate the craft spirits market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

 

What are the Revenue-generating Product Segments in the Craft Spirits Market?

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The craft spirits market share growth by the craft gin segment will be significant during the forecast period. The demand for craft gin is increasing, especially in European countries. The number of distilleries manufacturing gin has increased by about 100% in the UK in the past five years, and it is expected to increase further in the coming years, which will drive the demand for craft gin during the forecast period. The demand for craft gin is also increasing in APAC countries such as Japan, India, and Australia due to the rising sales of international brands by the local vendors in this region, which further increases the popularity of craft gin.

 

Craft Spirits Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 22.56%

Market growth 2021-2025

$ 36.82 billion

Market structure

Fragmented

YoY growth (%)

15.62

Regional analysis

North America, Europe, APAC, South America, and MEA

Performing market contribution

North America at 42%

Key consumer countries

US, Poland, Czech Republic, Germany, and China

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Bacardi Ltd., Beam Suntory Inc., Black Button Distilling, Constellation Brands Inc., Diageo Plc, Distell Group Ltd., Durham Distillery, House Spirits Distillery, Montanya Distillers, and Pernod Ricard SA

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Craft Spirits Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive craft spirits market growth during the next five years
  • Precise estimation of the craft spirits market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the craft spirits industry across North America, Europe, APAC, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of craft spirits market vendors

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Read More Read Less

1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value Chain Analysis: Distillers and Vintners

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
    • 3.4 Market outlook: Forecast for 2020 - 2025
      • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
      • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

    4 Five Forces Analysis

    • 4.1 Five Forces Summary
      • Exhibit 08: Five forces analysis 2020 & 2025
    • 4.2 Bargaining power of buyers
      • Exhibit 09: Bargaining power of buyers
    • 4.3 Bargaining power of suppliers
      • Exhibit 10: Bargaining power of suppliers
    • 4.4 Threat of new entrants
      • Exhibit 11: Threat of new entrants
    • 4.5 Threat of substitutes
      • Exhibit 12: Threat of substitutes
    • 4.6 Threat of rivalry
      • Exhibit 13: Threat of rivalry
    • 4.7 Market condition
      • Exhibit 14: Market condition - Five forces 2020

    5 Market Segmentation by Product

    • 5.1 Market segments
      • Exhibit 15: Product - Market share 2020-2025 (%)
    • 5.2 Comparison by Product
      • Exhibit 16: Comparison by Product
    • 5.3 Craft gin - Market size and forecast 2020-2025
      • Exhibit 17: Craft gin - Market size and forecast 2020-2025 ($ million)
      • Exhibit 18: Craft gin - Year-over-year growth 2020-2025 (%)
    • 5.4 Craft whiskey - Market size and forecast 2020-2025
      • Exhibit 19: Craft whiskey - Market size and forecast 2020-2025 ($ million)
      • Exhibit 20: Craft whiskey - Year-over-year growth 2020-2025 (%)
    • 5.5 Other craft spirits - Market size and forecast 2020-2025
      • Exhibit 21: Other craft spirits - Market size and forecast 2020-2025 ($ million)
      • Exhibit 22: Other craft spirits - Year-over-year growth 2020-2025 (%)
    • 5.6 Market opportunity by Product
      • Exhibit 23: Market opportunity by Product

    6 Customer landscape

    • 6.1 Overview
      • Exhibit 24: Customer landscape

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 25: Market share by geography 2020-2025 (%)
    • 7.2 Geographic comparison
      • Exhibit 26: Geographic comparison
    • 7.3 North America - Market size and forecast 2020-2025
      • Exhibit 27: North America - Market size and forecast 2020-2025 ($ million)
      • Exhibit 28: North America - Year-over-year growth 2020-2025 (%)
    • 7.4 Europe - Market size and forecast 2020-2025
      • Exhibit 29: Europe - Market size and forecast 2020-2025 ($ million)
      • Exhibit 30: Europe - Year-over-year growth 2020-2025 (%)
    • 7.5 APAC - Market size and forecast 2020-2025
      • Exhibit 31: APAC - Market size and forecast 2020-2025 ($ million)
      • Exhibit 32: APAC - Year-over-year growth 2020-2025 (%)
    • 7.6 South America - Market size and forecast 2020-2025
      • Exhibit 33: South America - Market size and forecast 2020-2025 ($ million)
      • Exhibit 34: South America - Year-over-year growth 2020-2025 (%)
    • 7.7 MEA - Market size and forecast 2020-2025
      • Exhibit 35: MEA - Market size and forecast 2020-2025 ($ million)
      • Exhibit 36: MEA - Year-over-year growth 2020-2025 (%)
    • 7.8 Key leading countries
      • Exhibit 37: Key leading countries
    • 7.9 Market opportunity by geography
      • Exhibit 38: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • Exhibit 39: Impact of drivers and challenges
      • 8.3 Market trends

        9 Vendor Landscape

        • 9.1 Overview
          • Exhibit 40: Vendor landscape
        • 9.2 Landscape disruption
          • Exhibit 41: Landscape disruption
          • Exhibit 42: Industry risks

        10 Vendor Analysis

        • 10.1 Vendors covered
          • Exhibit 43: Vendors covered
        • 10.2 Market positioning of vendors
          • 10.3 Bacardi Ltd.
            • Exhibit 45: Bacardi Ltd. - Overview
            • Exhibit 46: Bacardi Ltd. - Product and service
            • Exhibit 47: Bacardi Ltd. - Key news
            • Exhibit 48: Bacardi Ltd. - Key offerings
          • 10.4 Beam Suntory Inc.
            • Exhibit 49: Beam Suntory Inc. - Overview
            • Exhibit 50: Beam Suntory Inc. - Product and service
            • Exhibit 51: Beam Suntory Inc. - Key news
            • Exhibit 52: Beam Suntory Inc. - Key offerings
          • 10.5 Black Button Distilling
            • Exhibit 53: Black Button Distilling - Overview
            • Exhibit 54: Black Button Distilling - Product and service
            • Exhibit 55: Black Button Distilling - Key offerings
          • 10.6 Constellation Brands Inc.
            • Exhibit 56: Constellation Brands Inc. - Overview
            • Exhibit 57: Constellation Brands Inc. - Business segments
            • Exhibit 58: Constellation Brands Inc. - Key news
            • Exhibit 59: Constellation Brands Inc. - Key offerings
            • Exhibit 60: Constellation Brands Inc. - Segment focus
          • 10.7 Diageo Plc
            • Exhibit 61: Diageo Plc - Overview
            • Exhibit 62: Diageo Plc - Business segments
            • Exhibit 63: Diageo Plc - Key news
            • Exhibit 64: Diageo Plc - Key offerings
            • Exhibit 65: Diageo Plc - Segment focus
          • 10.8 Distell Group Ltd.
            • Exhibit 66: Distell Group Ltd. - Overview
            • Exhibit 67: Distell Group Ltd. - Product and service
            • Exhibit 68: Distell Group Ltd. - Key offerings
          • 10.9 Durham Distillery
            • Exhibit 69: Durham Distillery - Overview
            • Exhibit 70: Durham Distillery - Product and service
            • Exhibit 71: Durham Distillery - Key offerings
          • 10.10 House Spirits Distillery
            • Exhibit 72: House Spirits Distillery - Overview
            • Exhibit 73: House Spirits Distillery - Product and service
            • Exhibit 74: House Spirits Distillery - Key offerings
          • 10.11 Montanya Distillers
            • Exhibit 75: Montanya Distillers - Overview
            • Exhibit 76: Montanya Distillers - Product and service
            • Exhibit 77: Montanya Distillers - Key offerings
          • 10.12 Pernod Ricard SA
            • Exhibit 78: Pernod Ricard SA - Overview
            • Exhibit 79: Pernod Ricard SA - Product and service
            • Exhibit 80: Pernod Ricard SA - Key news
            • Exhibit 81: Pernod Ricard SA - Key offerings

          11 Appendix

          • 11.1 Scope of the report
            • 11.2 Currency conversion rates for US$
              • Exhibit 82: Currency conversion rates for US$
            • 11.3 Research methodology
              • Exhibit 83: Research Methodology
              • Exhibit 84: Validation techniques employed for market sizing
              • Exhibit 85: Information sources
            • 11.4 List of abbreviations
              • Exhibit 86: List of abbreviations

            Research Framework

            Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

            TechnavioINFORMATION SOURCES

            Primary sources

            • Manufacturers and suppliers
            • Channel partners
            • Industry experts
            • Strategic decision makers

            Secondary sources

            • Industry journals and periodicals
            • Government data
            • Financial reports of key industry players
            • Historical data
            • Press releases
            Technavio

            TechnavioDATA ANALYSIS

            Data Synthesis

            • Collation of data
            • Estimation of key figures
            • Analysis of derived insights

            Data Validation

            • Triangulation with data models
            • Reference against proprietary databases
            • Corroboration with industry experts
            Technavio

            TechnavioREPORT WRITING

            Qualitative

            • Market drivers
            • Market challenges
            • Market trends
            • Five forces analysis

            Quantitative

            • Market size and forecast
            • Market segmentation
            • Geographical insights
            • Competitive landscape
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            The craft spirits market market growth will increase by $36820.03 million during 2021-2025.
            The craft spirits market market is expected to grow at a CAGR of 22.56% during 2021-2025.
            Technavio has segmented the craft spirits market market by product (Craft gin, Craft whiskey, and Other craft spirits) and geographic (North America, Europe, APAC, South America, MEA, North America, Europe, APAC, South America, and MEA).
            Bacardi Ltd., Beam Suntory Inc., Black Button Distilling, Constellation Brands Inc., Diageo Plc, Distell Group Ltd., Durham Distillery, House Spirits Distillery, Montanya Distillers, Pernod Ricard SA are a few of the key vendors in the craft spirits market market.
            North America will register the highest growth rate of 42.05% among the other regions. Therefore, the craft spirits market market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
            • US
            • Poland
            • Czech Republic
            • Germany
            • China
            The key factors driving the craft spirits market market growth are:
            • Growing demand for craft spirits
            • Rapid urbanization
            The craft spirits market market vendors should focus on grabbing business opportunities from the craft gin segment as it accounted for the largest market share in the base year.
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