Craft Spirits Market Size Worth $80.43 Bn by 2025 | Cagr: 33.4%

Tuesday 5 December 2017, Amsterdam

The global craft spirits market is expected to reach USD 80.43 billion by 2025, according to a new report by Grand View Research, Inc. The demand for craft spirits is mainly driven by consumers growing a preference for premium and authentic drinks with unique tastes. People born between 1980s and early 2000s have accounted for the largest share of consumers in the industry.

A major share of the millennial population has just reached the Legal Drinking Age (LDA), while the other section comprises employed consumers with significantly higher purchasing power. The millennial population segment has fueled significant demand, owing to their preference for unconventional and experimental alcoholic beverages.

Whiskey was the most consumed variety of the craft spirits, followed by gin, vodka, and rum. Gin has gained wide consumer acceptance owing to its unique taste and flavor developed by juniper berries. The craft distillers focus on the use of different spices, fruits, herbs, and botanicals to produce innovative products. They procure raw materials from family-owned farming houses who have strong experience in producing grains and fruits.

The industry is mainly concentrated in North America, owing to sizeable demand in the U.S. Europe has been the second-largest market for the product over the past few years. The economically developing countries in Asia Pacific, Central & South America, and the Middle East & Africa are expected to gain traction over the forecast period. The industry in these countries is not entirely explored and thus offer huge growth opportunities for players.