Asia Pacific Craft Spirits Market Size & Outlook
Asia Pacific craft spirits market, 2017-2030 (US$M)
Related Markets
Asia Pacific craft spirits market highlights
- The Asia Pacific craft spirits market generated a revenue of USD 2,395.7 million in 2023.
- The market is expected to grow at a CAGR of 34% from 2024 to 2030.
- In terms of segment, whiskey was the largest revenue generating product in 2023.
- Gin is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, Japan is expected to register the highest CAGR from 2024 to 2030.
Asia Pacific data book summary
| Market revenue in 2023 | USD 2,395.7 million |
| Market revenue in 2030 | USD 18,586.1 million |
| Growth rate | 34% (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 |
| Key market players worldwide | Diageo PLC, Pernod Ricard SA, Constellation Brands Inc Class A, Suntory Beverage & Food Ltd, Bacardi, Heaven Hill Distilleries, Campari Group, Sazerac Company, Highwood Distillers, Rogue Ales |
Other key industry trends
- In terms of revenue, Asia Pacific region accounted for 11.3% of the global craft spirits market in 2023.
- Globally, North America is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 18,586.1 million by 2030.
Whiskey was the largest segment with a revenue share of 44.93% in 2023. Horizon Databook has segmented the Asia Pacific craft spirits market based on whiskey, vodka, gin, rum, brandy, liquer covering the revenue growth of each sub-segment from 2017 to 2030.
In 2021, Asia Pacific countries such as China, Japan, and South Korea, emerged as some of the major markets for craft spirits, globally. Asian craft spirits are increasing in popularity among consumers who want to seek out new flavors and drinking experiences. This trend is expected to drive the market during the forecast period.
Countries such as China, Hong Kong, and Singapore have long been viewed as promising markets for distillers, and large investors are investing in new distilleries. Distillers in Japan, Vietnam, Singapore, and India have attempted to meet the global demand for artisan gin by creating their own versions of the spirit, incorporating local botanicals, and employing novel manufacturing processes.
For instance, the Sông Cái Distillery in Vietnam offers two gins, Floral Gin and Dry Gin, which are produced with cassia and star anise, as well as Vietnamese botanicals including clausina indica. The trend of locally sourced ingredients in spirits has gained traction among producers as well as consumers who want to try new flavors and experiences.
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Craft Spirits Market Scope
Craft Spirits Market Companies
| Name | Profile | # Employees | HQ | Website |
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Asia Pacific craft spirits market size, by country, 2017-2030 (US$M)
Asia Pacific Craft Spirits Market Outlook Share, 2023 & 2030 (US$M)
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