The Craft Spirits Market size is expected to reach USD 1.70 billion by 2028 and register a CAGR of 5.5% over the forecast period, according to the latest report by Reports and Data. Global market revenue growth can be primarily attributed to rapid demand for craft liquor such as Craft Spirits among younger consumers, rising number of craft distilleries worldwide, and resilient pub and discotheque culture in countries across the globe. The rising endorsements of craft spirits and luxury alcoholic beverages on social media platforms, increasing availability of Craft Spirits at bars and pubs, increasing consumption of packaged alcoholic beverages at parties, raves, and social gatherings, and changing lifestyle and tastes of millennial consumers are some other key factors expected to continue to support revenue growth of the global Craft Spirits market going ahead. Rum is a strong-tasting, sweetened distilled alcoholic beverage available widely in various types including dark rum, light rum, gold rum, black rum, white rum, and vintage rum. Craft Spirits is a unique modification of commercial rum that offers a twist to the authentic flavor of rum. It is made with handpicked ingredients and unique flavor combinations, with spiced rum being the most popular type of Craft Spirits infused with ingredients such as cinnamon, ginger, vanilla, pepper, clove, nutmeg, rosemary, coconut, and various tropical fruits.
Craft Spirits manufacturers around the world have been making product innovations using ingredients and flavors like buttery caramel, smoky licorice, vanilla, and sugary syrups to enhance taste. Rising demand for premium alcoholic beverages, including Craft Spirits cocktails, increasing awareness about potential health benefits associated with consumption of rum, and rising purchasing power of consumers are factors expected to further bolster global market growth. However, various side-effects associated with excessive consumption of rum such as indigestion, diarrhea, and vomiting are factors expected to impact market growth to some extent.
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Competitive Landscape:
The research report offers details about leading companies in the global Craft Spirits market along with global position, financial standing, license agreement, products and services portfolio and revenue contribution of each market player. Key players in the market are focusing on adopting various strategies such as mergers and acquisition, business expansion plans, new product launches, partnerships, collaborations, joint ventures to enhance their product base and gain robust footing in the market.
Some of the Leading Market Players Are Listed Below:
- Wicked Dolphin Rum,
- Drum Circle Distilling,
- Drum & Black,
- Burning Barn,
- Others
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Market Segmentation:
The Craft Spirits industries are also studied based on leading segments, and examines dominant product and application segments in detail. The report aims to help reader’s benefits from the growth prospects existing in the market in the global Craft Spirits industries. It offers key information on drivers and restraints influencing the leading segments in the global Craft Spirits industries.
Craft Spirits Market Segmentation based on Product Type:
- Spiced Rum
- White Rum
- Coconut Rum
- Others (Orange Rum, Vanilla Rum, etc.)
Craft Spirits Market Segmentation based on Price Range:
- Low
- Medium
- High
Craft Spirits Market Segmentation based on Distribution Channel:
- Hotels & Restaurants
- Bars & Pubs
- Cafes
- Others
For comprehensive coverage, the report discusses growth prospects, opportunities, and challenges. The market report considers various key factors across the leading regions.
Craft Spirits Market Segmentation based on Regions:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Spain, Benelux, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, UAE, South Africa, Rest of Middle East & Africa)
Key Features of the global Craft Spirits Market:
- The report offers detailed estimations at the regional level with manufacturers, consumption, sales and import/export dynamics.
- The report provides accurate details related of the manufacturers/vendors in the market, company overview, pricing analysis, financial standing, product portfolio, and gross profit of leading companies.
- Company profiling with prevalent expansion strategies, revenue generation, and recent developments.
- Optimum strategic initiatives for new players in the market.
- Manufacturing processes, suppliers, cost, rates of production and consumption, transport mode and cost structuring, and value chain analysis.
- The study also includes supply chain trends, including elaborate descriptions of the latest technological development
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