Specialty Spirits Market Size to Worth USD 46.4 Billion by 2032 | With a 4.37% CAGR

𝐆𝐥𝐨𝐛𝐚𝐥 𝐒𝐩𝐞𝐜𝐢𝐚𝐥𝐭𝐲 𝐒𝐩𝐢𝐫𝐢𝐭𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐭𝐚𝐭𝐢𝐬𝐭𝐢𝐜𝐬: 𝐔𝐒𝐃 𝟒𝟔.𝟒 𝐁𝐢𝐥𝐥𝐢𝐨𝐧 𝐕𝐚𝐥𝐮𝐞 𝐛𝐲 𝟐𝟎𝟑𝟐

𝐒𝐩𝐞𝐜𝐢𝐚𝐥𝐭𝐲 𝐒𝐩𝐢𝐫𝐢𝐭𝐬 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲

𝐒𝐮𝐦𝐦𝐚𝐫𝐲:

● The global specialty spirits market size reached USD 31.2 Billion  in 2023.
● The market is expected to reach USD 46.4 Billion by 2032, exhibiting a growth rate (CAGR) of 4.37% during 2024-2032.
● North America leads the market, accounting for the largest specialty spirits market share.
● Baijiu accounts for the majority of the market share in the product type segment as it is a suitable choice for gifting purposes during holidays and celebrations. 
● Business to consumers holds the largest share in the specialty spirits industry.
● Changing consumer preferences is a primary driver of the specialty spirits market.
● The rising cocktail culture and health consciousness among individuals are reshaping the specialty spirits market.   

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐚 𝐬𝐚𝐦𝐩𝐥𝐞 𝐜𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭: https://www.imarcgroup.com/specialty-spirits-market/requestsample

𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐓𝐫𝐞𝐧𝐝𝐬 𝐚𝐧𝐝 𝐃𝐫𝐢𝐯𝐞𝐫𝐬:

● 𝐂𝐡𝐚𝐧𝐠𝐢𝐧𝐠 𝐂𝐨𝐧𝐬𝐮𝐦𝐞𝐫 𝐏𝐫𝐞𝐟𝐞𝐫𝐞𝐧𝐜𝐞𝐬:

The growing demand for specialty spirits due to consumer preferences for premium and artisanal spirits is offering a favorable market outlook. Modern buyers are prioritizing authenticity, quality, and unique experiences. This trend reflects a move away from mass-produced products, with more consumers seeking handcrafted and small-batch spirits that offer distinctive flavors and stories behind their production. This preference for high-end and niche products is catalyzing the demand for specialty distilleries that focus on creating exclusive offerings. In response, brands are experimenting with rare ingredients, unconventional aging processes, and innovative distillation techniques to meet the evolving tastes of individuals across the globe. Apart from this, as consumers become more educated about spirits through tastings, events, and online platforms, they are willing to spend more on specialty spirits that align with their values, such as sustainability and craftsmanship.      

● 𝐑𝐢𝐬𝐞 𝐨𝐟 𝐂𝐨𝐜𝐤𝐭𝐚𝐢𝐥 𝐂𝐮𝐥𝐭𝐮𝐫𝐞:

The increasing cocktail culture among individuals is contributing to the market growth. Bars and restaurants are increasingly focusing on providing unique and handcrafted cocktails that feature specialty spirits as key ingredients. Both bartenders and consumers are appreciating the artistry behind mixology. Specialty spirits, with their distinct flavors and premium quality, are ideal for creating signature cocktails that stand out in a competitive market. Social media plays a crucial role in amplifying this trend, with visually appealing drinks gaining attention online, prompting more establishments to experiment with inventive beverages. Consumers' interest in trying new drinks is expanding the demand for craft spirits, especially those with unique flavor profiles.

● 𝐇𝐞𝐚𝐥𝐭𝐡 𝐂𝐨𝐧𝐬𝐜𝐢𝐨𝐮𝐬𝐧𝐞𝐬𝐬 𝐀𝐦𝐨𝐧𝐠 𝐈𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥𝐬:

Health-conscious consumers are increasingly favoring low-alcohol-by-volume (ABV) and low-calorie beverage options. As people become more mindful of their alcohol consumption, they seek spirits that align with their wellness goals without sacrificing taste. This trend is leading to a rise in the demand for low-ABV specialty spirits, including botanical gins, aperitifs, and other craft liquors that offer a refined drinking experience with lower alcohol content. These products cater to the growing segment of consumers who practice mindful drinking and are looking for a balance between social indulgence and personal health. Additionally, alcohol-free spirits are driving innovation in the industry, with distilleries creating unique blends that offer complexity and flavor without high alcohol levels.

𝐀𝐬𝐤 𝐀𝐧𝐚𝐥𝐲𝐬𝐭 𝐟𝐨𝐫 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.imarcgroup.com/request?type=report&id=7674&flag=C

𝐒𝐩𝐞𝐜𝐢𝐚𝐥𝐭𝐲 𝐒𝐩𝐢𝐫𝐢𝐭𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:

𝐁𝐫𝐞𝐚𝐤𝐮𝐩 𝐁𝐲 𝐏𝐫𝐨𝐝𝐮𝐜𝐭 𝐓𝐲𝐩𝐞:

● Baijiu
● Shochu
● Sake
● Soju
● Cachaca

Baijiu accounts for the majority of shares as it is a suitable choice for gifting purposes during holidays and celebrations.    

𝐁𝐫𝐞𝐚𝐤𝐮𝐩 𝐁𝐲 𝐃𝐢𝐬𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧 𝐂𝐡𝐚𝐧𝐧𝐞𝐥:  

● Business to Business
● Business to Consumers

Business to consumers dominates the market due to the rising focus on enhanced user experience.    

𝐁𝐫𝐞𝐚𝐤𝐮𝐩 𝐁𝐲 𝐑𝐞𝐠𝐢𝐨𝐧:

● North America (United States, Canada)
● Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
● Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
● Latin America (Brazil, Mexico, Others)
● Middle East and Africa

North America enjoys the leading position owing to a large market for specialty spirits driven by rapid product innovations.    

𝐓𝐨𝐩 𝐒𝐩𝐞𝐜𝐢𝐚𝐥𝐭𝐲 𝐒𝐩𝐢𝐫𝐢𝐭𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐋𝐞𝐚𝐝𝐞𝐫𝐬:

The specialty spirits market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:    

● Craft Distillers
● HiteJinro Co. Ltd
● Kirishima Shuzo Co. Ltd
● Lotte
● Sanwa Shurui Co.ltd.
● Takara Shuzo Co. Ltd

𝐈𝐟 𝐲𝐨𝐮 𝐫𝐞𝐪𝐮𝐢𝐫𝐞 𝐚𝐧𝐲 𝐬𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐭𝐡𝐚𝐭 𝐢𝐬 𝐧𝐨𝐭 𝐜𝐨𝐯𝐞𝐫𝐞𝐝 𝐜𝐮𝐫𝐫𝐞𝐧𝐭𝐥𝐲 𝐰𝐢𝐭𝐡𝐢𝐧 𝐭𝐡𝐞 𝐬𝐜𝐨𝐩𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐫𝐞𝐩𝐨𝐫𝐭, 𝐰𝐞 𝐰𝐢𝐥𝐥 𝐩𝐫𝐨𝐯𝐢𝐝𝐞 𝐭𝐡𝐞 𝐬𝐚𝐦𝐞 𝐚𝐬 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐭𝐡𝐞 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧.

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬:

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