What is Craft Spirits Market?
Craft spirits also known as distilled spirit is a type of liquor that is an alcoholic drink produced by distillation of grains, fruit, or vegetables that have already gone through alcoholic fermentation. Largest spirit market is comprised of main spirit beverages like whiskey, vodka, and rum. Rising demand for liquor from the emerging economies and a shift in the consumers’ preference towards brandy-based drinks will help market to grow at faster rate. Secondary Factors such as increasing urbanization, rising disposable income, and changing consumer demographics towards spending money are also driving the market. India, Philippines, and China are the key revenue-contributing regions, whereas in Europe regions like Russia, the UK, and Germany lead the market in the future. The high level of vendor competition has led to an increase in Mergers and Acquisitions and many small vendors are acquired by larger entities in the market.
The market study is being classified by Type (Whiskey, Vodka, Gin, Rum, Brandy, Liqueur and Others), by Application (commercial, Hotel industry and Others) and major geographies with country level break-up. According to AMA, the Global Craft Spirits market is expected to see growth rate of 33.33%
Pernod Ricard (France), Rémy Cointreau (France), Diageo Plc (United Kingdom), Anchor Brewers & Distillers (United States), House Spirits (United States), William Grant & Sons (United Kingdom), Rogue Ales (United States), Copper Fox Distillery (United States) and Chase Distillery, Ltd. (United Kingdom) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Constellation Brands, Inc. (United States), Woodinville Whiskey Co. (United States) and Tuthilltown Spirits (United States).
Key players are adopting numerous strategy to gain market attention and to increase their market share, this strategy can be listed as increasing product portfolio, making partnership to adopt certain technologies and acquiring small players to finish competition in the future. As well as investing money in R&D sector to make up-gradations in the product. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Craft Spirits market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Craft Spirits market by Type, Application and Region.
On the basis of geography, the market of Craft Spirits has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Growing demand for premium drinks
- Rising number enjoyments and parties due to Increasing disposable income
- Legal Drinking Age (LDA) should be followed as per the rules and regulations specified by the regulatory body
- Whiskey is widely consumed variety
- premiumization of the product
- Availability of substitutes
- Growing promotional activities like using popular person as brand ambassador
- Booming consumption of craft spirits in Asian markets
Key Target AudienceProducts manufacturers, Raw material suppliers, Technology, equipment, and solution providers, Private utility players, Government and research organizations and End users
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Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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