Global Craft Spirits Market Size & Outlook, 2023-2030
Global craft spirits market, 2017-2030 (US$M)
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Global craft spirits market highlights
- The global craft spirits market generated a revenue of USD 21,184.3 million in 2023 and is expected to reach USD 117,374.3 million by 2030.
- The market is expected to grow at a CAGR (2024 - 2030) of 27.7% by 2030.
- In terms of segment, whiskey accounted for a revenue of USD 9,516.8 million in 2023.
- Gin is the most lucrative product segment registering the fastest growth during the forecast period.
- In terms of region, North America was the largest revenue generating market in 2023.
- Country-wise, Saudi Arabia is expected to register the highest CAGR from 2024 to 2030.
Global data book summary
| Market revenue in 2023 | USD 21,184.3 million |
| Market revenue in 2030 | USD 117,374.3 million |
| Growth rate | 27.7% (CAGR from 2023 to 2030) |
| Largest segment | Whiskey |
| Fastest growing segment | Gin |
| Historical data covered | 2017 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Whiskey, Vodka, Gin, Rum, Brandy, Liquer |
Other key industry trends
- In terms of revenue, the North America accounted for 60.4% of the global craft spirits market in 2023.
- By country, the U.S. is projected to lead the global market in terms of revenue in 2030.
- By country, Saudi Arabia is the fastest growing regional market and is projected to reach USD 157.8 million by 2030.
Whiskey was the largest segment with a revenue share of 44.92% in 2023. Horizon Databook has segmented the Global craft spirits market based on whiskey, vodka, gin, rum, brandy, liquer covering the revenue growth of each sub-segment from 2017 to 2030.
Millennials refer to people born between the 1980s and early 2000s. This generation have accounted for a significant percentage of alcohol drinkers in the recent past and this trend is anticipated to continue over the forecast period as well. The generation is above the legal drinking age (LDA) and exhibits a significant purchasing power.
There are around 1.8 billion millennials across the globe, equal to 23% of the global population, according to World Economic Forum. In the U.S., they constitute approximately 32% of the total consumption of these spirits, according to a survey conducted by FHE Health in May 2020.
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Craft Spirits Market Scope
Craft Spirits Market Companies
| Name | Profile | # Employees | HQ | Website |
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Global craft spirits market size, by regions, 2017-2030 (US$M)
Top 10 countries: Craft spirits market size, 2023 (US$M)
Global craft spirits market share, by product, 2023 & 2030 (%, US$M)
Craft spirits market: Opportunity assessment by country
Global craft spirits market, by region, 2023 (US$M)
| Product | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | CAGR |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| North America | 4,975.2 | 6,586.5 | 8,574.3 | 7,884.2 | 9,061.4 | 10,697.2 | 12,805.6 | 15,563.2 | 19,224.6 | 24,168.0 | 30,963.2 | 40,479.1 | 54,096.2 | 73,899.8 | 28.5% |
| Europe | 2,611.1 | 3,195.1 | 3,872.8 | 3,448.5 | 3,856.1 | 4,351.3 | 4,977.6 | 5,781.4 | 6,825.2 | 8,200.7 | 10,041.3 | 12,546.4 | 16,027.2 | 20,676.7 | 22.6% |
| Asia Pacific | 737.1 | 1,011.8 | 1,364.3 | 1,301.2 | 1,559.7 | 1,919.6 | 2,395.7 | 3,035.7 | 3,909.7 | 5,125.0 | 6,846.7 | 9,333.4 | 13,023.0 | 18,586.1 | 34.0% |
| Latin America | 280.2 | 354.7 | 438.6 | 388.4 | 430.6 | 497.5 | 582.8 | 693.0 | 837.5 | 1,029.4 | 1,291.2 | 1,651.6 | 2,159.4 | 2,886.3 | 25.7% |
| MEA | 93.6 | 165.0 | 253.6 | 196.4 | 231.8 | 320.2 | 422.6 | 537.9 | 669.7 | 818.3 | 978.7 | 1,141.4 | 1,278.8 | 1,325.4 | 17.7% |
| Overall | 8,697.2 | 11,313.1 | 14,503.6 | 13,218.7 | 15,139.6 | 17,785.8 | 21,184.3 | 25,611.2 | 31,466.7 | 39,341.4 | 50,121.1 | 65,151.9 | 86,584.6 | 117,374.3 | 27.7% |
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