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Craft spirits are becoming increasingly widespread across a range of markets as interest for artisanal products grows in the wake of shifting lifestyle trends. But just how big is the craft spirits market? And what are the challenges facing craft producers, and the spirits industry as a whole? We explore the key issues impacting the craft spirits market, not least by trying to better understand what ‘craft’ actually means, while also exploring the parallels and divergences with craft beer.
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.
Many trade associations exist representing the interests of micro-distillers, but they each define “craft” in a different way. There are some common themes across definitions, however; namely quantity of production and independent ownership.
The market share of craft spirits remains very small. The most developed market, and the market where the trend began, is the US, with a 2.6% volume share of the overall spirits market. Gin, vodka and whiskies are the biggest categories within craft spirits, as well as local country-specific liqueurs.
The convergence of lifestyle trends in certain markets has led to the growth of craft spirits, notably the rise of the hip urbanite culture in much of the West, as a reaction against mainstream and corporate offerings and a desire for originality.
The growth of interest in locally-produced, authentic products across a range of categories favours the further growth of craft spirits. Furthermore, tax incentives in certain markets will also facilitate the creation of new micro-distilleries.
A lack of consensus on a range of issues, including the use of bulk spirits, the definition of hand-made and the quantity of production, could erode the term “craft”, and subsequently, consumer confidence in craft spirits.
The relative expense of setting up a micro-distillery and the time to get spirits, especially brown spirits, to market, are key barriers to growth. Also, the fact that industrial producers are now creating interesting stories around their brands and producing spirits with complex taste profiles means craft spirits will find it harder to differentiate.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.