Dublin, Jan. 09, 2019 (GLOBE NEWSWIRE) -- The "Craft Spirits Market in the US - Industry Outlook and Forecast 2018-2023" report has been added to ResearchAndMarkets.com's offering.
The US craft spirits market is expected to reach revenues of more than $20 billion by 2023, growing at an impressive CAGR of over 32% during 2018-2023.
The changes in taste and the growing demand for small batch, handmade beverages with unique flavor profiles is contributing to the growth of the US craft spirits market. The growing number of younger demographic is encouraging the market of these beverages in the US market. The growth of the economy is driving greater flexibility and giving consumers the luxury to demand handcrafted alcoholic beverages in the US market.
The increasing in tourism and growing interest in visiting distilleries is encouraging manufacturers to invest in the development of new breweries in the US market. The rapid change in consumer palates, jaded existing products, ease in production, ease in regulations, and intensification of social drinking are some of the factors driving the growth of the US market. These factors will promote the demand for premium and artisanal craft beers with distinctive flavors in the US market over the next few years. The distilleries in the US market are adopting the incubator model of business which allows small brands to access corporate money, either through capital investments or by selling a majority stake while remaining in control of the trade. These business models will promote the growth of the market and result in the production of unique beverages in the US. The availability of best-selling gins, whiskeys, rums, and vodkas will also contribute to the revenues in the US craft spirits market.
The focus on the mixing of handmade craftsmanship, tons of culture, and locavore ethics are resulting in the thriving craft brewing industry and distilling industries in the US market. The new trends of consuming and producing absinthe, liqueur, Amaro, and aquavit will add to the growing revenues in the US market.The report also includes market size in terms of volumes produced during the forecast period.
US Craft Spirits Market - Dynamics
The growing investments in delivering the perfect on-site experiences are augmenting the growth of the US craft spirits market. The new trend of agritourism is leading to the promotion of craft distilleries demonstrating their manufacturing process thereby, simultaneously building brand awareness and loyalty in the US market. The increasing focus on consumer engagement and leveraging it to fortify authenticity of their brand and product will help vendors to attract new consumers and increase their market share during the forecast period.
The market is witnessing the use of space of a rag factory for a distillery to acquiring a property that uses solar power to offset its carbon footprint, craft makers are going great lengths to weave elements of interest to their sites to gain larger consumer groups in the US market. The increase in innovations at tasting rooms and distilleries that enrich the experience of a distillery-tourer will boost demand in the US craft spirits market. For instance, Anchor Distilling Company in San Francisco has a provision of a walk through an edible roof garden along with a penthouse bar to engage consumers in the US market.
Key Vendor Analysis
The US craft spirits market is highly fragmented and is witnessing consolidation activities by large producers acquiring established craft distilleries. The leading players in the market control majority of the market share and competition in the US. The introduction of different product categories will help vendors sustain the competition in the US market.
The increasing influx of women entrepreneurs in the industry that is bringing in whole new perspectives will result in the evolution of the US craft spirits market during the forecast period. The top companies in the US market are competing on the basis of accessibility, taste, variety, ingredients, quality, price, versatility, and flavor.
The major vendors in the US market are:
- Diageo
- Pernod Ricard
- Bacardi
- St. George's Spirits
- House Spirits Distillery
Other prominent vendors include
- Balcones Distilling
- Corsair Distillery
- Fifth Generation
- Glen Moray Distillery
- Koval Distillery
- Louisiana Spirits
- Middle West Spirits
- New Deal Distillery
- Oregon Spirit Distillers
- Philadelphia Distilling
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Report Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of Study
4.3.1 Market Segmentation by Product
4.3.2 Market Segmentation by Distribution
4.3.3 Market Segmentation by Producer Size
5 Report Assumptions and Caveats
5.1 Key Caveats
5.2 Inclusions
5.3 Exclusions
5.4 Currency Conversion
5.5 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
7.1.1 US Economy: An Overview
7.2 Overview of the Beverage Market In US
7.3 Consumer Behavior
7.4 The Craft Market
7.4.1 Craft Beer and Craft Spirits - A comparison
7.4.2 Craft Spirits Market across US States
8 Market Dynamics
8.1 Market Growth Enablers
8.1.1 Growing Share of Throat of Spirits against Beers
8.1.2 The Cocktail Renaissance
8.1.3 Gradual Loosening of Regulations
8.1.4 Intensifying Farm-to-flask Movement
8.1.5 Reduced FET
8.1.6 YOY Impact of Market Growth Enablers
8.2 Market Growth Restraints
8.2.1 Vague Definition
8.2.2 Difficulties with Expansion and Mainstream Attention
8.2.3 Time and Cost Factors Create Quality Vacuum
8.2.4 Complex Regulatory Environment
8.2.5 YOY Impact of Market Growth Restraints
8.3 Market Opportunities and Trends
8.3.1 Evolution of Hybrid Distillery Concepts
8.3.2 Craft Spirit Events on the Rise
8.3.3 Integration of Tourism and Trails
8.3.4 Major Firms on the Movement
8.3.5 Growing Investments in On-Site Experiences
8.3.6 YOY Impact of Market Opportunities and Trends
9 Craft Spirits Market in US
9.1 Market Overview
9.1.1 By Revenue
10 Porter's Five Forces Analysis
10.1 Threat of New Entrants
10.2 Bargaining Power of Suppliers
10.3 Bargaining Power of Buyers
10.4 Threat of Substitutes
10.5 Competitive Rivalry
11 Craft Spirits Market In US By Product
11.1 Market Overview
11.2 Craft Whiskey
11.3 Craft Gin
11.4 Vodka
11.5 Craft Brandy
11.6 Craft Rum
11.7 Craft Liqueurs
11.8 Others
12 Craft Spirits Market In US By Producer Size
12.1 Market Overview
12.2 Large Craft Producers
12.3 Medium Craft Producers
12.4 Small Craft Producers
13 Craft Spirits Market In US By Distribution
13.1 Market Overview
13.2 Out of State
13.3 Home State Sales
13.4 Direct Sales
14 Competitive Landscape
14.1 Market Overview
14.1.1 Performance Demands among Distillers, Distributors, and Operators
14.1.2 Marketing Tactics
15 Market Vendor Analysis
15.1 Market Ranking Analysis
16 Key Company Profiles
17 Other Prominent Vendors
18 Report Summary
18.1 Key Takeaways
18.2 Strategic Recommendations
18.3 Qualitative Summary: Craft Spirits market in US
18.4 Quantitative Summary: Craft Spirits market in US
18.4.1 Market Size
For more information about this report visit https://www.researchandmarkets.com/research/qvz3xf/united_states?w=12
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