NEW YORK, July 28, 2021 /PRNewswire/ — Technavio has been monitoring the global craft spirits market and it is poised to grow by USD 36.82 billion during 2021-2025, progressing at a CAGR of almost 23% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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Impact of COVID-19
The craft spirits market will witness a neutral impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio’s pandemic-focused market research, market growth is likely to grow in 2021 as compared to 2020.
Frequently Asked Questions:
- Based on segmentation by product, which is the leading segment in the market?
Based on the product, the market witnessed maximum growth in the craft gin segment in 2020.
- What are the major trends in the market?
Growing disposable incomes of consumers is identified as one of the major trends in the market.
- At what rate is the market projected to grow?
The market is projected to grow at a CAGR of almost 23% during the forecast period.
- Who are the top players in the market?
Bacardi Ltd., Beam Suntory Inc., Black Button Distilling, Constellation Brands Inc., Diageo Plc, Distell Group Ltd., Durham Distillery, House Spirits Distillery, Montanya Distillers, and Pernod Ricard SA are the top players in the market.
- What are the key market drivers and challenges?
The market is driven by the growing demand for craft spirits. However, fluctuations in raw material prices might hamper growth.
- How big is the North America market?
North America occupied about 42% of the total market share in 2020.
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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Bacardi Ltd., Beam Suntory Inc., Black Button Distilling, Constellation Brands Inc., Diageo Plc, Distell Group Ltd., Durham Distillery, House Spirits Distillery, Montanya Distillers, and Pernod Ricard SA are some of the major market participants. Although the growing demand for craft spirits and the increasing number of craft distilleries will offer immense growth opportunities, fluctuations in raw material prices are likely to pose a challenge for the market vendors. In a bid to help players strengthen their market foothold, this craft spirits market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.
Technavio’s custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Craft Spirits Market 2021-2025: Segmentation
Craft Spirits Market is segmented as below:
- Craft Gin
- Craft Whiskey
- Other Craft Spirits
- North America
- South America
Craft Spirits Market 2021-2025: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The craft spirits market report covers the following areas:
- Craft Spirits Market Size
- Craft Spirits Market Trends
- Craft Spirits Market Industry Analysis
This study identifies growing disposable incomes as one of the prime reasons driving the Craft Spirits Market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Craft Spirits Market 2021-2025: Key Highlights
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will assist craft spirits market growth during the next five years
- Estimation of the craft spirits market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the craft spirits market across North America, Europe, APAC, South America, and MEA
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of craft spirits market vendors
Table of Contents:
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2020
- Market outlook: Forecast for 2020 – 2025
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product
- Craft gin – Market size and forecast 2020-2025
- Craft whiskey – Market size and forecast 2020-2025
- Other craft spirits – Market size and forecast 2020-2025
- Market opportunity by Product
- Geographic segmentation
- Geographic comparison
- North America – Market size and forecast 2020-2025
- Europe – Market size and forecast 2020-2025
- APAC – Market size and forecast 2020-2025
- South America – Market size and forecast 2020-2025
- MEA – Market size and forecast 2020-2025
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- Bacardi Ltd.
- Beam Suntory Inc.
- Black Button Distilling
- Constellation Brands Inc.
- Diageo Plc
- Distell Group Ltd.
- Durham Distillery
- House Spirits Distillery
- Montanya Distillers
- Pernod Ricard SA
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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