Craft sprits are created by licensed and independent distilleries that have a production volume of less than 750,000 gallons. Depending on production capacity, these distilleries are categorized into small-, medium- and large-sized.
Innovative Products with Special Ingredients
Craft spirits are broadly segmented on the basis of products such as whiskey, gin, vodka, rum, brandy, and liqueur. In 2016, whiskey accounted for the largest market share of 42.5% of overall industry and is also expected to witness maximum demand throughout forecast period (from 2018 to 2025). Increasing consumer demand for flavored whiskey blended using special ingredients is likely to boost segment over the coming years.
These ingredients 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 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 a 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, like orange peels, lemon, saffron, grape, anise, cinnamon, and different spices, to improve taste and flavor of the product.
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. Growing target population base across the globe along with increased consumer disposable income levels will boost the product demand.
Geographically, North America accounted for over 53% of total revenue in 2016 due to favorable government policies and strong presence of several craft spirits makers in this region. Some of the key companies in the market include Anchor Brewers & Distillers LLC, William Grant & Sons Ltd., Pernod Ricard, Rogue Ales, and Diageo plc.
In-Depth Research Report On Craft Spirits Market:
https://www.grandviewresearch.com/industry-analysis/craft-spirits-market
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