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The Craft Spirits Market size is estimated to reach $124.7 billion by 2027 and is poised to grow at a CAGR of 21.4% over the forecast period of 2022-2027.

HYDERABAD, TELANGANA, INDIA, November 2, 2022 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that the Craft Spirits Market size is estimated to reach $124.7 billion by 2027 and is poised to grow at a CAGR of 21.4% over the forecast period of 2022-2027. A craft distillery follows the importance of transparency in distilling, which translates into a fair use of ingredients. Moreover, the craft distiller should not produce more than 750,000 gallons annually. Lastly, the spirits distillation location should be communicated to the concerned authorities with that bottling location, and the process along with the aging process should be communicated as well.

Click here to browse the complete report summary:
https://www.industryarc.com/Research/Craft-Spirits-Market-Research-504982

Key takeaways:

This IndustryARC report on the Craft Spirits Market highlights the following areas -

1. Geographically, North America held a dominant market share in the year 2021 owing to a vast network of craft distilleries. Additionally, the millennial population of the west has been adopting and demanding such locally crafted spirits as each one of them offer something different, and studies have indicated that people tend to drink more when they associate liquor with emotion. However, Asia-Pacific is expected to offer lucrative growth opportunities to the marketers owing to the rising millennial population and their inclination to consume alcohol as the trend governs.

2. The consolidation of the industry along with the consumption of alcohol which follows sustainable production methods are some of the factors driving the Craft Spirits Market. However, high cost pertaining to craft spirits in comparison with bulk manufacturers has been a market impeding factor.

3. A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Craft Spirits Market Report.

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Segmental Analysis:

Craft Spirits Market Segmentation Analysis - By Type : The Craft Spirits Market based on type can be further segmented into Whiskey, Gin, Vodka, Brandy, Rum, and Others. Whiskey held a dominant market share in the year 2021. It is owing to the extreme and unique taste which is offered by the said product domain. Product innovations over the years have allowed whiskey to provide certain medicinal benefits as well.

Craft Spirits Market Segmentation Analysis - By Distribution Channel : The Craft Spirits Market based on distribution channels can be further segmented into Off-Trade Channels and On-Trade Channels. On-Trade Channels held a dominant market share in the year 2021. It is owing to the opening of restaurants-bars and pubs- and various other ancillaries whose sales have substantially picked up post-vaccination and opening of economies.

Craft Spirits Market Segmentation Analysis - By Geography : The Craft Spirits Market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held the largest share of 38% as compared to the other regions in 2021.

Competitive Landscape:

The top 5 players in the Craft Spirits Industry are -

1. Asheville Distilling Company
2. BALCONES Distilling
3. Black Dirt Distillery
4. Copper Fox Distillery
5. Dark Corner Distillery

Click on the following link to buy the Craft Spirits Market Report:
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IndustryARC is one of the leading market research and consulting firms in the world. It produces over 500 unique market reports annually. If you are looking for a detailed overview of a particular market, you can simply connect with the team at IndustryARC. You can not only buy your preferred market report from the website, but also get personalized assistance on specific reports.

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A. Spirits Packaging Market
https://www.industryarc.com/Research/Spirits-Packaging-Market-Research-504586

B. Ardent Spirits Market
https://www.industryarc.com/Report/17829/ardent-spirits-market.html

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