Craft Spirits Market in the US to Post a CAGR of 26%| Technavio
23 Juli 2018 - 07:17PM
Business Wire
The craft spirits market in the US is expected to post a CAGR of
close to 26% during the period 2018-2022, according to the latest
market research report by Technavio.
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Technavio has published a new market
research report on the craft spirits market in the US from
2018-2022. (Graphic: Business Wire)
A key factor driving the growth of the market is the rising
demand for craft spirit among millennials and Gen X consumers.
Consumers, especially young consumers in the millennial and Gen X
groups, seek authenticity in terms of quality and techniques used
for manufacturing alcoholic beverages, such as spirits. Moreover,
many millennials and consumers of the Gen X group show a high
inclination toward craft products and ask for more than just taste
and ease of purchase. This is because they want to learn about the
product, its history, and the traditions involved in the
manufacture. Small-batch products are also becoming popular, with
one in seven new products that were introduced in 2016 being craft
or small batch spirit. During the forecast period, the demand for
craft spirits is expected to increase at a fast pace among
millennials and Gen X groups in the US, which will eventually raise
the revenue of the craft spirits market in the US.
This market research report on the craft spirits market in
the US 2018-2022 also provides an analysis of the most
important trends expected to impact the market outlook during the
forecast period. Technavio classifies an emerging trend as a major
factor that has the potential to significantly impact the market
and contribute to its growth or decline.
This report is available at a USD 1,000 discount for a
limited time only: View market snapshot before
purchasing
In this report, Technavio highlights the strategic initiatives
taken by alcoholic drink players as one of the key emerging trends
in the craft spirits market in the US:
Craft spirits market in the US:
strategic initiatives taken by alcoholic drink
players
Several alcoholic-drink players are actively pursuing deals, in
the form of acquisitions or taking minority positions. In some
cases, the focus of these players lies in filling the portfolio
gaps by acquiring brands with the craft label to capitalize on the
trust that consumers have developed for small brands. Currently,
many alcoholic-drink manufacturers that traditionally focused on
beer and wine have also been evaluating options to tap into this
trend. They are also trying to expand by adding some craft labels
to their portfolio, consequently, boosting sales for the overall
craft spirits industry.
“With several millennials and consumers of
the Gen X willing to pay premium prices for fresh brands, many
vendors are taking strategic initiatives to form acquisitions and
pursue deals to capitalize on the interests of the consumers and
enhance the overall growth of the market,” says a senior analyst at
Technavio for research on food and beverage.
Craft spirits market in the US:
Segmentation analysis
This market research report segments the craft spirits market in
the US by product to include craft whiskey, craft gin, craft vodka,
other craft spirits.
The craft whiskey segment led the market in 2017 with a market
share of more than 37%, followed by craft gin and craft vodka
respectively. However, during the forecast period, the craft vodka
segment is expected to show the highest incremental growth,
followed by the craft gin segment.
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Five Forces Analysis
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Market Drivers
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Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS:
+1 844 364 1100UK: +44 203 893 3200www.technavio.com