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Craft Spirits Market 2022: Top Growth Trends

24 May 2022 by Mordor Intelligence

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Craft Spirits Market 2022: Top Growth Trends

– The global craft spirits market is projected to register a CAGR of 10.51% during the period (2022-2027).

– The demand for ethnic premium, super-premium spirits, and flavored spirits, including craft and artisanal varieties, increased among global consumers. This fueled the growth of the craft spirits market in the forecast period. Exclusivity and premiumization are the key trends that played a significant role in this market spurt, especially in emerging markets.

– The craft spirits boom has led to the flooding of the market with hundreds of new brands that have successfully carved out a niche for themselves by leveraging package designs that promise quality through evocative design and hand-crafted sensibilities.

– In December 2021, United Spirits Limited, a wholly-owned subsidiary by Diageo PLC, launched Diageo’s limited edition Epitome Reserve in India; this edition of Epitome Reserve is a peated single malt, with just 3,600 numbered bottles.

– An increasing number of consumers are looking for new, more exciting offerings compared to their usual spirit options thus pushing up the revenue generation in the craft spirit market.

A Brief Look at The World of Beer

– The global beer market is projected to register a CAGR of 2.7% during the forecast period 2022-2027.

– Over the medium term, the changing lifestyles, increasing consumption rate of alcoholic drinks, rapid urbanization, high disposable incomes, and popularity of beer among the young population are a few factors driving the global beer market.

– The growing number of breweries across the globe and the rising demand for beer worldwide are some of the major factors driving the global beer market.

– Changing taste preferences among people with the launch of new products is also expected to positively influence the market growth during the forecast period 2022–2027.

– Another driving factor is that the low-alcohol beers are now cheaper than their high alcoholic equivalents, for those of 2.8% ABV and less.

– According to EU laws, alcoholic beverages with an alcohol by volume (ABV) content of over 1.2% have no legal obligation to list out the ingredients and calorie content.

Read More on  Craft Beer Market

News Snippets from 2022

– In February 2022, Remy Cointreau’s Islay Scotch whisky distiller, Bruichladdich, released the final bottling from its Octomore 12s line of single malts; The expression is available exclusively from the company’s website and distillery shop and is limited to 3,500 bottles.

– In February 2022, Anheuser Busch InBev launched Stella Artois Unfiltered. The standard Stella Artois has a 4.6%, abv and is available in six- and 12-packs of 33cl cans and 66cl individual cans.

– In January 2022, Utopian Brewery added two new beers to its existing product line. These beers showcase the interplay of English hops with a traditional European style.

This insight was contributed by knowledge partner:

 

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