Craft Spirits to Dominate Global Spirit Market: Ken Research

Ken Research has announced publication titled, “Opportunities in Craft Spirits” which explores the top trends and innovation themes within the craft spirits industry.

The report is a requisite guide that covers the present scenario and further provides for the growth prospects of the craft beer market in the years to come. It evaluates the current and future growth occasions across regions and countries with the motive of supporting corporate development and related initiatives.

It helps in gaining a broader appreciation of the fast-moving consumer goods industry by gaining insights from within as well as outside. It gets easier to access valuable strategic take-outs that help in directing future decision-making and informing about new products development.

The preferences of beer consumers have changed due to the introduction of craft beers, which typically contains higher alcohol content. Tracking the success of craft beers over the past few decades, the spirits industry is commencing to take hold of the craft movement.

Trustworthy experiences are in demand and more consumers are looking to experiment with innovative and strange flavored spirits. As a result, a number of distillers are expected to raise their craft offerings to gain an early foothold in the emerging market.

In 2003, there were 60 craft distillers operating in the United States. Today, that total is 760, according to the American Distilling Institute (ADI), and a further 200 are under construction. There are numerous opportunities within the craft spirits market and they are expected to bring innovation themes such as the incorporation of innovative and/or medicinal ingredients.

Some recent mergers and acquisitions are pledging to continue changing the industry. In 2015, Mahalo Spirits Group invested in Bardstown Bourbon Co. of Kentucky, financing a USD 25 million distillery and Angels Envy Bourbon sold itself to Bacardi for USD 150 million. Hood Rivers Distillers of Oregon acquired Seattle’s Big Gin last May, and Constellation Brands acquired High West Distillers of Park City, Utah in 2016.

Most recently, Davos Brands of New York acquired Aviation Gin of Portland, Ore., and Remy Cointreau of France obtained Seattle’s Westland Distillery.

Topics Covered in The Report