The brandy segment dominated a significant market share in 2017, growing at a CAGR of around 41% in the US Craft Spirit Market
Arizton’s recent market research report on the US craft spirits market identifies Diageo, Pernod Ricard, Bacardi, St. George’s Spirits, and House Spirits Distillery as the leading vendors that are likely to dominate the market during the forecast period. This research report provides detailed analysis of market segmentation by product (whiskey, gin, vodka, brandy, rum, liqueurs, and others), by product size (large craft producers, medium craft producers, and small craft producers), and by distribution (out of state sales, home state sales, and direct sales).
The US craft spirits market is expected to generate revenues of over $20 billion by 2023, growing at a CAGR of more than 32% during 2018-2023.
The US craft spirits market is divided into three major segments consist of product, product size, and distribution channels.
Craft brandy segment to grow at the fastest CAGR in the US craft spirits market during forecast period
The US craft spirits market by product is segmented into whiskey, gin, vodka, brandy, rum, liqueurs, and others. The brandy segment dominated a significant market share in 2017, growing at a CAGR of around 41% during the forecast period. The recent revival of classic cocktails such as Sidecars, Sazeracs, and the Old Fashioned is augmenting the demand for brandy in the US market. Bartenders are showcasing an immense range of new drinks inspired by brandy to target millennial consumers in the US market. The potential of craft brandy is very high, as it has new styles due to the range of variables offered by new age bartenders in the US craft spirits market. For instance, Constellation Brands has purchased a minority interest in the Copper & Kings American Brandy Co., an independent distiller of brandy, absinthe and gin products, according to the Kentucky Distillers' Association. The influx of new generation brandy makers that are adopting methods and practices, relying on American distilling traditions, aging brandy in the Bourbon barrels of American oak will result in the evolution of the US craft spirits market.
Medium craft producers to grow at an impressive CAGR in the US craft spirits market during forecast period
The product size segment in the US craft spirits market is classified as large craft producers, medium craft producers, and small craft producers. Medium craft producers occupied a significant market share in 2017, growing at CAGR of more than 40% during the forecast period. Medium sized producers are better placed in terms of the choices they have to seek support or go all the way by themselves in the US market. Additionally, increasing number of marketing cooperatives and accelerators and incubators is propelling the growth of medium craft producers in the US craft spirits market. One such initiative is by Distill Ventures, who are helping vendors grow beyond the area they serve have mushroomed in the US market. These producers are expanding their product portfolio and driving up their volume production to attract a maximum number of consumers in the US market. One of the most popular methods adopted by mid-sized producers is selling off a brand in order to further the growth of the company overall and boost the production levels in the US craft spirits market.
Direct sales segment to grow at a significant CAGR in the US craft spirits market during forecast period
The US craft spirits market by distribution channel is divided into out of state sales, home state sales, and direct sales. Direct sales segment dominated a portion of the market share in 2017, growing at a CAGR of around 37% during forecast period. The growing number of craft distilleries are leveraging their location to sell directly and build a loyal consumer based in the US market. The development and popularity of various kinds of tourism such as gastronomic, cultural, and industrial tourism are augmenting the evolution of the US craft spirits market. Millennials are seeking local connection with what they drink and eat, driving the need for increased interaction and popularity of direct sales through local distilleries in the US market. The leading vendors are investing in state-of-the-art tasting centers and are offering tactile friendly perks to gain a larger US craft spirits market share during the forecast period.
The leading vendors operating in the US craft spirits market are Balcones Distilling, Corsair Distillery, Fifth Generation, Glen Moray Distillery, Koval Distillery, Louisiana Spirits, Middle West Spirits, New Deal Distillery, Oregon Spirit Distillers, and Philadelphia Distilling.
The complete overview of the latest market research report on US craft spirits market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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