The global craft spirits market size is expected to grow by USD 25.34 billion as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. Moreover, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of 19%. Request Free Sample Report on COVID-19 Impacts
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200907005050/en/
Technavio has announced its latest market research report titled Global Craft Spirits Market 2020-2024 (Graphic: Business Wire)
Read the 120-page report with TOC on "Craft Spirits Market Analysis Report by Product (Craft gin, Craft whiskey, and Other craft spirits) and Geography (North America, Europe, APAC, South America, and MEA), and the Segment Forecasts, 2020-2024".
The market is driven by the increasing number of craft distilleries. In addition, the growing demand for craft spirits is anticipated to boost the growth of the Craft Spirits Market.
The increase in the number of craft distilleries that produce craft spirits in various countries such as the US and the UK will drive the growth of the market. With the increase in demand for craft spirits, the number of new players entering the market is also rising. The number of craft gin distilleries in the UK increased by about 100% between 2010 and 2015. The number of active craft distilleries in the US grew by around 15% in 2019 compared with 2018 to 1,835 distilleries. Washington had the highest number of craft distilleries in the country, followed by California and New York. The number of craft distilleries is also rising in countries such as Germany, Belgium, and Switzerland.
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.
View market snapshot before purchasing
Major Five Craft Spirits Companies:
Bacardi Ltd. has business operations under segments such as BACARDI Rum, and DEWAR'S Blended Scotch Whisky. The company offers craft spirits such as Rum, Vodka, Gin, Whisky, Wine and Tequila.
Beam Suntory Inc.
Beam Suntory Inc. operates its business through segments such as whiskey, tequila, and others segment, which include rum, vodka, gin, cognac, and others liquor products. The company offers Roku Japanese Craft Gin, Oaksmith Whisky, and others in Craft Spirits.
Constellation Brands Inc.
Constellation Brands Inc. has business operations under two segments: beer, and wine and spirits. The company offers craft spirits under the brand Crafters Union.
Diageo Plc operates its business through various geographic segments such as North America, Europe and Turkey, Africa, Latin America and Caribbean, and Asia Pacific. The company offers craft whisky, Vodka and Rum.
Distell Group Ltd.
Distell Group Ltd. has business operations under three segments: wines, spirits, and cider and RTD. The company offers Wine and Beer under craft spirit.
Register for a free trial today and gain instant access to 17,000+ market research reports.
Technavio's SUBSCRIPTION platform
Craft Spirits Market Product Outlook (Revenue, USD bn, 2020-2024)
- Craft gin size and forecast 2019-2024
- Craft whiskey size and forecast 2019-2024
- Other craft spirits size and forecast 2019-2024
Craft Spirits Market Regional Outlook (Revenue, USD bn, 2020-2024)
- North America size and forecast 2019-2024
- Europe size and forecast 2019-2024
- APAC size and forecast 2019-2024
- South America size and forecast 2019-2024
- MEA size and forecast 2019-2024
Technavio's sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Media Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200