The global Craft spirits market was valued at $18.06 billion in 2022. It is projected to expand significantly, reaching $178.66 billion by 2032, and displaying a rapid compound annual growth rate (CAGR) of 29% throughout the forecast period. The main drivers behind the upward trajectory of market revenue include the growing demand for locally sourced ingredients, the surging popularity of handcrafted cocktails, and the utilization of unique and high-caliber spirits.
Craft spirits stand out due to their distinct and exceptional flavors, premium constituents, and unique production methodologies, often carried out in limited batches. Furthermore, the appreciation of consumers for the authenticity and artistry embodied in these products, along with the increasing trend of supporting local and small-scale producers, contribute substantially to the expansion of market revenue.
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Top Companies Operating in the Global Craft Spirit Market Report:
· Jain Irrigation Systems Ltd.
· Netafim Limited
· Lindsay Corporation
· Rain Bird Corporation
· T-L Irrigation Co.
· Valmont Industries, Inc.
· Rivulis Irrigation
· Toro Company
· EPC Industries Limited
· Nelson Irrigation Corporation
Key Trends of Craft Spirit Market
· Rise of Artisanal and Small-Batch Production: Craft spirits are known for their emphasis on traditional and hands-on production methods. Consumers have shown a growing interest in products that are made in smaller quantities, often with a focus on quality and unique flavors.
· Local and Authentic Storytelling: Craft spirit producers often highlight their local origins, unique production processes, and the stories behind their brands. This emphasis on authenticity and locality resonates with consumers who seek a connection to the products they consume.
· Innovation in Ingredients and Flavors: Craft distillers have been pushing the boundaries when it comes to ingredients and flavors. They experiment with a wide range of botanicals, herbs, fruits, and spices to create unique and unexpected flavor profiles.
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The surge in demand for craft spirits can be attributed to the growing popularity of artisanal cocktails, with individuals seeking novel and captivating flavors to incorporate into their beverages. Additionally, the increasing enthusiasm for cocktails has led customers to seek premium ingredients to craft unique and delectable drinks, a trend poised to boost market revenue in the foreseeable future.
Consumers are showing a preference for F&B products that are sourced locally and produced sustainably. This inclination is driven by a desire to have transparency about the origins of their food and beverages. Craft spirits often incorporate locally procured ingredients, thereby elevating their appeal and imbuing them with distinct flavor characteristics.
The global Craft Spirit market is segmented into:
· North America (U.S.A., Canada, Mexico)
· Europe (Italy, U.K., Germany, France, Rest of Europe)
· Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
· Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
· Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Further market segmentation
Product Type Outlook:
· Whiskey
· Vodka
· Gin
· Rum
· Others
Distribution Channel Outlook:
· On-trade
· Off-trade
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