Unlock the Future of Craft Spirits: Market Insights and Opportunities
The global craft spirits market is expected to reach USD 115.45 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 28.4% from 2024 to 2030. The whiskey craft spirit segment contributed a majority of the share to become the largest division in the global revenue in 2021. Increased disposable wealth among young customers, such as millennials, is expected to improve whiskey consumption during the forecast period. In addition, the increased usage of craft whiskey in cocktails is expected to boost the industry in the coming years. Over the last few years, the market has shown strong responsiveness to customer expectations, as seen by the emergence of numerous craft whiskey goods. The on-trade segment is expected to register the largest market share of 58.7% in 2021. The primary distribution outlets are bars, taverns, and restaurants. Craft spirits manufacturers typically begin selli...