Craft Spirits Market To Hit US$80.4 Billion By 2025
Monday, December 4th, 2017 | 230 Views
The global craft spirits market is expected to grow at an impressive compound annual growth rate of 33.4 percent from 2017 to 2025, according to market intelligence company Grand View Research.
Asia Pacific is expected offer lucrative opportunities for distillers owing to tremendous potential in countries such as China, India, Thailand, Indonesia, Malaysia, South Korea, Australia, and Japan.
The market was valued at US$6.13 billion in 2016, and is projected to reach US$80.4 billion by the end of the forecast period.
The demand for craft spirits is mainly driven by consumers growing a preference for premium and authentic drinks with unique tastes. People born between 1980s and early 2000s have accounted for the largest share of consumers in the industry, due to their preference for unconventional and experimental alcoholic beverages.
Whiskey was the most consumed variety of the craft spirits, followed by gin, vodka, and rum. Gin has gained wide consumer acceptance owing to its unique taste and flavour developed by juniper berries. The craft distillers focus on the use of different spices, fruits, herbs, and botanicals to produce innovative products. They procure raw materials from family-owned farming houses that have strong experience in producing grains and fruits.
The economically developing countries in Asia Pacific, Central and South America, as well as the Middle East and Africa are expected to gain traction over the forecast period.
China accounted for the largest share in Asia Pacific in 2016, due to growing millennial population in the country. The country’s market share is expected to increase at a significant rate with increased consumer spending on recreational activities such as eating and drinking out.