As per the research report titled ‘Global Craft Spirits Market Size study, by Type (Whiskey, Gin, Vodka, Brandy, Rum, Other Types), by Distribution Channel (On-trade Channels and Off-trade Channels), and Regional Forecasts 2022-2028’, available with MarketStudyReport, global craft spirits market is slated to attain a decent valuation by the year 2028. 

Increasing number of craft distilleries, growing popularity of alcoholic beverages among millennials, and presence of spirit options like rum, vodka, an gin are the major factors driving global craft spirits market.

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Reliable sources claim that India alone consumed around 4.86 billion liters of alcoholic beverage in 2020, which increased to 5.34 billion liters in 2021 and this volume is anticipated to reach 6.21 billion liters by the end of 2024.

For the uninitiated, craft spirits are manufactured using native ingredients and materials according to the preference of the consumer. They are prepared in small quantities.

In addition, growing consumption of craft spirits across pubs and restaurants, alongside the introduction of new flavors are likely to impel growth dynamics of the industry over the forecast duration.

For instance, Diageo’s limited edition, dubbed as Epitome Reserve, was launched in India in December 2021 by United Spirits Limited to further its sales in the country. This edition contained 3600 numbered bottles of single peated malt.

However, increasing cognizance among consumers regarding the ill effects of alcohol consumption, and strict government norms will impede the profitability graph of the market in the ensuing years.

From a regional frame of reference, Asia Pacific, Europe, North America, and Latin America are thoroughly assessed in the document to inspect the current growth rate and avenues for revenue generation during the review period.

North America accounts for a major industry share at present, on account of frequent product launches, and increasing number of craft distilleries in the region.

Meanwhile, Asia Pacific exhibits lucrative prospects for revenue generation over the analysis period, attributable to rising income levels in emerging economies like India and China as well as growing popularity of the product among millennials in the region.  

Speaking of the competitive terrain, key players such as Rogue Ales, Diageo plc, Copper Fox Distillery, William Grant & Sons Ltd., F.E.E. Spirits, Dark Corner Distillery, Asheville Distilling Company, Tito's Handmade Vodka, Remy Cointreau, and Pernod Ricard S.A. are influencing global craft spirits market trends.