Global Craft Spirits Market is valued at approximately USD XX billion in 2021 and is anticipated to grow with a healthy growth rate of more than XX % over the forecast period 2022-2028. Craft spirits are handcrafted beverages that are produced using locally sourced materials and ingredients. Craft spirits are distilled in small quantities, and some of the famous forms of craft spirits are gin, vodka, and rum. Growing popularity of alcohol among millennials is majorly growing craft spirit market. Such as, alcoholic beverage consumption in India in 2020 was 4.86 billion liters which surged to 5.34 billion liters in 2021 and is expected to reach 6.21 billion liters by 2024. Additionally, strategic initiatives taken by market players to cater to the growing demand are also acting as a driving factor for the market. In December 2021, United Spirits Limited launched Diageo's limited edition Epitome Reserve in India. This edition was a peated single malt, with just 3,600 numbered bottles. Furthermore, introduction of new flavors, rising number of craft distillers around the world, and growing alcohol consumption in pubs and restaurants are anticipated to fuel growth in the market. According to the Institute of Alcohol Studies, in 2019, 28% of alcohol sold in Great Britain was bought and drunk in pubs, clubs, cafes, and restaurants. However, health issues due to higher consumption and stringent government regulations are expected to hamper growth in the coming years.

The key regions considered for the Global Craft Spirits Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is leading the global market in terms of revenue, owing to frequent product launches coupled with rising number of craft distilleries in the region. Whereas, Asia Pacific is anticipated to grow at the fastest pace during forecast period, due to rising popularity among millennials and growing income level in countries such as India and China.

Major market players included in this report are:

Pernod Ricard

Remy Cointreau

Diageo Plc

William Grant & Sons Ltd.

Rogue Ales

Copper Fox Distillery

Dark Corner Distillery

F.E.E Spirits

Tito's Handmade Vodka

Asheville Distilling Company

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:

Whiskey

Gin

Vodka

Brandy

Rum

Other Types

By Distribution Channel:

On-trade Channels

Off-trade Channels

By Region:

North America

U.S.

Canada

Europe

UK

Germany

France

Spain

Italy

ROE

Asia Pacific

China

India

Japan

Australia

South Korea

RoAPAC

Latin America

Brazil

Mexico

Rest of the World

Furthermore, years considered for the study are as follows:

Historical year - 2018, 2019, 2020

Base year - 2021

Forecast period - 2022 to 2028

Target Audience of the Global Craft Spirits Market in Market Study:

Key Consulting Companies & Advisors

Large, medium-sized, and small enterprises

Venture capitalists

Value-Added Resellers (VARs)

Third-party knowledge providers

Investment bankers

Investors