Craft Spirits Market During 2021-2025: 42% of Market growth will Originate from North America

The craft spirits market size is set to post an incremental growth of USD 36.82 billion, accelerating at a CAGR of 22.56% during the forecast period. The growing demand for craft spirits is notably driving the craft spirits market share, although the fluctuations in raw material price may impede the market growth. Technavio's research report analyses the growth trajectory of the market with a scope of the prevalent market scenario, trends, and drivers. It also provides competitive bench-marking of the key market players and their product portfolios.

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Craft Spirits Market: North America to lead market growth during the forecast period

• The craft spirits market is segmented by Product (Craft gin, Craft whiskey, and Other craft spirits) and Geography (North America, Europe, APAC, South America, and MEA).
• Based on the market segmentation by product, the craft spirits market share in the craft gin segment will be significant during the forecast period. 
• Factors such as the increasing number of craft distilleries and the rising disposable incomes of people will facilitate the craft spirits market growth in North America.
• 42% of the market growth will originate from North America during the forecast period. The craft spirits market report provides an accurate prediction of the contribution of all the geographic segments to the growth of the craft spirits market size.
• Growing demand for craft spirits will be a significant factor in driving the growth of the craft spirits market. In addition, rapid urbanization is one of the major craft spirits market trends supporting the craft spirits market growth 

Craft Spirits Market: Key Competitors

The market is fragmented due to the presence of several players. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

Bacardi Ltd., Beam Suntory Inc., Black Button Distilling, Constellation Brands Inc., Diageo Plc, Distell Group Ltd., Durham Distillery, House Spirits Distillery, Montanya Distillers, and Pernod Ricard SA are some of the major craft spirits market vendors.

The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Download Free PDF Sample Report

The report provides insights into the following FAQs:

1. What is the market CAGR?
   The market is accelerating at a CAGR of 22.56%.
    
2. What is the incremental growth of the market?
   The market is expected to grow up to USD 36.82 billion.
    
3. What is a key factor driving this market?
   Growing demand for craft spirits will drive market growth over the forecast period.
    
4. What are the key regions covered in this market research report?
   North America, Europe, APAC, South America, and MEA are the key regions featured in this research report.
    
5. Which is the leading geographic region for this market?
   42% growth will originate from North America.
    
6. Who are the leading market vendors?
   The leading vendors in this market are Bacardi Ltd., Beam Suntory Inc., Black Button Distilling, Constellation Brands Inc., Diageo Plc, Distell Group Ltd., Durham Distillery, House Spirits Distillery, Montanya Distillers, and Pernod Ricard SA.
    
7. What are the market segments covered in this report?
   The market is segmented by Product (Craft gin, Craft whiskey, and Other craft spirits) and Geography (North America, Europe, APAC, South America, and MEA).