Craft Spirits Market Capacity, Conceptions, Application, Segmentation and Research Outlook: Diageo Plc., Pernod Ricard, Remy Cointreau, William Grant and Sons Ltd., Rogue Ales, Anchor Brewers & Distillers
Posted on Nov 27 2020 4:12 PM
"The rising demand of Craft Spirits in the market for premium sized alcoholic beverages is expected to drive the global craft spirit market during the forecast years. The tremendously increasing number of craft spirit distilleries is anticipated to boost the sales of craft spirit. For instance, in 2018, the number of craft distilleries in the United States raised by 15.5% to 1,835 distilleries, according to the American Craft Spirit Association."
The tremendously rising demand for premiumized and high-quality craft spirits among consumers is driving the global market of craft spirits. The Growth in the craft spirits sector is prominently attributed by the growing social acceptability of mild alcohol consumption among consumers, especially amongst the youth. The rapid emergence of demand for premium quality craft spirits owing to changing cultural attitudes of the young and affluent population is a major contributor to the growth of craft spirits market worldwide.
The prominent industry players are embarking upon various business activities and strategies such as adopting new marketing technques, expanding product portfolio, and merger & acquisition activities to increase their prominence in the global market. For instance, in August 2017, Diageo has completed 100% acquisition of one of the fastest-growing tequila brand Casamigos. Diageo has paid USD 1 billion to acquire Casamigos.
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The customer preferences about craft spirit seem to be associated with the innovation of fresh flavors, exploration of quality as well as product craftsmanship. The changing consumer taste and expectations is gradually altering their buying behavior which triggers them to favor on-trade consumption of craft spirits. Therefore, an increasing number of restaurants and brewpubs are anticipated to leverage the sales of craft spirit positively. Furthermore, the perception towards the consumption of alcoholic beverages has changed and the young generation is casual about the habit of consuming alcohol which in turn is expected to increase the sales of craft spirits..
Top Key Players of Craft Spirits Market:-
- Diageo Plc.,
- Pernod Ricard,
- Remy Cointreau,
- William Grant and Sons Ltd.,
- Rogue Ales,
- Anchor Brewers & Distillers,
- House Spirits,
- Copper Fox Distillery,
- and Others.
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The constant changes in consumer preference with the emergence of healthy food products and exotic flavors are expected to boost the global Craft Spirits Market growth in the coming years. Also, the increasing adoption of food delivery services, namely, Zomato, Swiggy, and Deliveroo across the globe is one of significant trends that would accelerate growth with time. Apart from that, the introduction of convenient packaging, such as bowl-based food items featuring kale and quinoa is anticipated to propel consumers to look for healthy and quick eating options. Therefore, key players are trying to better understand the lifestyle of their larger consumer bases for keeping up with their changing preferences.
COVID-19: Shutdown of Restaurants & Cafes May Hinder Growth
The outbreak of the COVID-19 pandemic worldwide has taken a toll on the Craft Spirits Industry. Almost every offline food chain, such as cafeterias and restaurants are shut down completely in various countries. But, online food delivery services are still under operation. In addition to this, companies manufacturing packaged food and beverages are exhibiting a high rate of sales because of their possession of certain beneficial properties. These products have long shelf-lives and hence consumers are stocking up their pantries, fearing the lockdown.
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Key Industry Developments:-
- In January 2019, Jameson announced the launch of its new bottle of Irish Whiskey. The bottle is made using pressure sensitive label technology at Irish Distillers’ Fox & Geese bottling facility in Dublin, which allows for split labels to be applied to the glass bottles
- In December 2016, Pernod Richard announced the complete acquisition of Smooth Amebler. This acquisition is expected to help the Pernod Richard to increase their market prominence.
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