Global crafts spirits market soars

THE GLOBAL craft spirits market is expected to reach USD80.43 billion by 2025, according to Grand View Research, Inc. which notes the following trends in a recent report:

• The global craft spirits market is expected to grow at CAGR of 33.4% from 2017 to 2025 as consumer prefer unconventional and experimental alcoholic beverages

• Asia Pacific is expected create lucrative opportunities for distillers owing to high potential in countries such as China, India, Thailand, Indonesia, Malaysia, South Korea, Australia, and Japan

• China accounted for the largest share of the Asia Pacific industry in 2016, due to growing millennial population in the country. The share of China is expected to increase at a significant rate with increased consumer spending on recreational activities such as eating and drinking out.

• Whiskey was the largest product segment, owing to surging demand for flavoured products formulated using ingredients such as whole spices and herbs

• Gin is anticipated to be the fastest-growing product segment owing to augmented use of the products in cocktails

• Large distilleries will account for around 59.7% share of the industry volume by 2025. The shares of medium and small distilleries could decline over the next few years, with large players focusing on acquisitions to strengthen their competitive positions

• Key players include Pernod Ricard, Diageo plc, Rémy Cointreau, Anchor Brewers & Distillers, Rogue Ales, and William Grant & Sons. The market is likely to move towards consolidation, owing to entrance of established players in the market through acquisitions.

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