Craft sprits are extensively produced by licensed and independent distilleries that produces liquor of volume less than 750,000 gallons. Depending on production capacity, these distilleries are categorized into small size, medium size and large size.
Innovative Products with Special Ingredients
Crafted sprits are broadly segmented based on products such as whiskey, gin, vodka, rum, brandy, and liqueur, others. In 2016, whiskey accounted for the largest market share of 42.5% of overall industry. It is also expected to increase its demand in the coming years. Increasing consumer demand for flavored whiskey blended using special ingredients is likely to boost segment over the forecast period (2014 to 2025). The ingredient may include regional botanicals, spices, herbs, and others. For instance, Whyte & Mackay, manufacturer of Scotch whisky recently developed a scotch whisky called Shackleton, which is available in the U.S. It is formed using blended malt. The malts are placed for extended period in an amalgamation of Spanish Sherry butts and ex-bourbon American white oak barrels to match flavors. The whiskey is available in many flavors such as vanilla, ginger, honey, and liquorice.
Gin segment is expected to show rapid growth during the forecast period due to increasing consumer demand. Rising use of the product in cocktails can drive the segment. Distilleries are using strategic approaches to use unconventional ingredients to improve taste and flavor of the product. They are making use of ingredients like orange peels, lemon, almond, saffron, grape, coriander, anise, cinnamon, and different spices.
Market Overview
According to a report by Grand View Research, Inc., the worldwide craft spirits market is likely to reach USD 80.43 billion by 2025. Increasing consumer demand for authentic and quality drinks with special tastes and essence can drive the market. Younger people just completed the legal drinking age (LDA) and consumers with high procuring power will boost the product demand.
In 2016, North America acquired the largest market share around 53% of total revenue due to favorable government policies and existence of several regional manufacturers.
Key players operating in the market include Anchor Brewers & Distillers, William Grant & Sons, Pernod Ricard, Rogue Ales, and Diageo plc.
In-Depth Research Report On Craft Spirits Market:
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