Market Overview

Craft Spirits Market in the US to Post a CAGR of 26%| Technavio

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The craft spirits market in the US is expected to post a CAGR of close
to 26% during the period 2018-2022, according to the latest market
research report by Technavio.

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Technavio has published a new market research report on the craft spirits market in the US from 2018 ...

Technavio has published a new market research report on the craft spirits market in the US from 2018-2022. (Graphic: Business Wire)

A key factor driving the growth of the market is the rising demand for
craft spirit among millennials and Gen X consumers. Consumers,
especially young consumers in the millennial and Gen X groups, seek
authenticity in terms of quality and techniques used for manufacturing
alcoholic beverages, such as spirits. Moreover, many millennials and
consumers of the Gen X group show a high inclination toward craft
products and ask for more than just taste and ease of purchase. This is
because they want to learn about the product, its history, and the
traditions involved in the manufacture. Small-batch products are also
becoming popular, with one in seven new products that were introduced in
2016 being craft or small batch spirit. During the forecast period, the
demand for craft spirits is expected to increase at a fast pace among
millennials and Gen X groups in the US, which will eventually raise the
revenue of the craft spirits market in the US.

This market research report on the craft
spirits market in the US 2018-2022
also provides an analysis of
the most important trends expected to impact the market outlook during
the forecast period. Technavio classifies an emerging trend as a major
factor that has the potential to significantly impact the market and
contribute to its growth or decline.

This report is available at a USD 1,000 discount for a limited time
only:
View
market snapshot before purchasing

In this report, Technavio highlights the strategic initiatives taken by
alcoholic drink players as one of the key emerging trends in the craft
spirits market in the US:

Craft spirits market in the US: strategic
initiatives taken by alcoholic drink players

Several alcoholic-drink players are actively pursuing deals, in the form
of acquisitions or taking minority positions. In some cases, the focus
of these players lies in filling the portfolio gaps by acquiring brands
with the craft label to capitalize on the trust that consumers have
developed for small brands. Currently, many alcoholic-drink
manufacturers that traditionally focused on beer and wine have also been
evaluating options to tap into this trend. They are also trying to
expand by adding some craft labels to their portfolio, consequently,
boosting sales for the overall craft spirits industry.

"With several millennials and consumers of the Gen X willing to pay
premium prices for fresh brands, many vendors are taking strategic
initiatives to form acquisitions and pursue deals to capitalize on the
interests of the consumers and enhance the overall growth of the
market,"
says a senior analyst at Technavio for research on food and
beverage.

Craft spirits market in the US: Segmentation
analysis

This market research report segments the craft spirits market in the US
by product to include craft whiskey, craft gin, craft vodka, other craft
spirits.

The craft whiskey segment led the market in 2017 with a market share of
more than 37%, followed by craft gin and craft vodka respectively.
However, during the forecast period, the craft vodka segment is expected
to show the highest incremental growth, followed by the craft gin
segment.

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Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market sizing
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

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