Global Craft Spirits Market to Reach $41.9 Billion by 2030
The global market for Craft Spirits estimated at US$22.9 Billion in the year 2023, is expected to reach US$41.9 Billion by 2030, growing at a CAGR of 9% over the analysis period 2023-2030. Large Craft Spirits, one of the segments analyzed in the report, is expected to record a 8.2% CAGR and reach US$23.4 Billion by the end of the analysis period. Growth in the Medium Craft Spirits segment is estimated at 11.2% CAGR for the next 7-year period.
The U.S. Market is Estimated at $6 Billion, While China is Forecast to Grow at 12.1% CAGR
The Craft Spirits market in the U.S. is estimated at US$6 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$9.4 Billion by the year 2030 trailing a CAGR of 12.1% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.1% and 7.2% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 6.9% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$6.4 Billion by the year 2030.
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