Craft spirit is used in production of premium alcohol which are not produced at mass rate and has a limited distribution. Increasing consumption of unconventional drinks among young adults across the globe is expected to drive the craft spirit market growth. North America, Asia Pacific, and Middle East & Africa accounted major share of the adult population in 2016.
Production of vodka does not require many ingredients as compared to gin and whiskey. As the result, lack of innovative drinks coupled with rising health concerns about the alcohol consumption is anticipated to retrain the growth of vodka market over the forecast period.
Source segment includes vodka, whiskey, rum, gin, brandy, and others. Craft gin segment is expected to witness significant growth over the forecast period. The manufacturers or distillers are involved in different strategic initiatives such as use of unconventional ingredients namely lemon, orange, grape, spices, saffron, coriander, and anise to improve the taste of the product.
Based on the region the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America is estimated to be fastest growing region. Increasing demand for alcoholic beverages in US and Canada is expected to fuel the market growth in the region. Presence of key manufacturers in the region is expected to have a positive impact on the market growth. The Asia Pacific is expected to account the major share of the market.
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Changing lifestyle and increasing disposable income of the people in the region is expected to drive the craft spirit market. Huge potential in the unexplored markets of this region is expected to create potential opportunities for the manufacturers in this region.
Key players operating in the global craft spirits market include Woodinville Whiskey Co., House Spirits Distillery, Diageo plc, William Grant & Sons, Constellation Brands, Inc., HOTALING & CO., Chase Distillery, Ltd., Copper Fox Distillery, Tuthilltown Spirits, and Rogue Ales & Spirits.