Craft spirits market is anticipated to grow at a considerable CAGR of 8.6% during the forecast period (2024-2031).Craft spirits are the segment of the distilled spirits industry that consists of smaller, independent producers who focus on producing high-quality, handcrafted spirits that are typically produced in smaller batches using traditional methods and often emphasize unique flavours, local ingredients, and artisanal techniques and include various types of liquor such as whiskey, vodka, gin, rum, tequila, and others.
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Consumers are willing to pay a premium for products that offer superior quality, unique flavours, and a sense of luxury or exclusivity. Craft distillers are capitalizing on this trend by focusing on quality, authenticity, and innovation, positioning their products as premium offerings that cater to discerning consumers seeking distinctive taste experiences. For instance, in October 2022, Pernod Ricard revealed its acquisition of majority stakes in the ultra-premium tequila brand, Código 1530, aiming to fortify its portfolio in the spirits industry. By integrating Código 1530 into its lineup, Pernod Ricard seeks to enhance its offerings and meet the evolving preferences of consumers seeking high-quality tequila options.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2023
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Craft Spirits Market by Product Type
- Whiskey
- Vodka
- Gin
- Rum
- Brandy
- Liqueur
Global Craft Spirits Market by Distribution Channel
- On-Trade Channel
- Off-Trade Channel
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Bacardi Ltd.
- Balcones Distilling
- Black Button Distilling
- Campari Group
- Catoctin Creek Distilling Company, LLC
- Constellation Brands
- Copper Fox Distillery
- Coppersea Distilling (COPPERSEA)
- DRY FLY DISTILLING
- Fifth Generation Inc.(Producer of Tito’s Handmade Vodka)
- FINGER LAKES DISTILLING COMPANY
- Greenbar Distillery
- Heaven Hill Brands
- Highwood Distillers
- HOTALING & CO.
- Ian Macleod Distilleries Ltd
- Iron Smoke Whiskey LLC.
- Leopold Bros
- New Holland Brewing & Distilling (New Holland Brewing Company, LLC)
- New York Distilling Company
The Report Covers
- Market value data analysis of 2023and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global craft spiritsmarket. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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