Craft Cocktails Market Size (2023 – 2030)

Global Craft Cocktails Market was estimated to be worth USD 304 Million in 2022 and is projected to reach a value of USD 837.22 Million by 2030, growing at a CAGR of 13.5% during the forecast period 2023-2030.

Request Sample PDF @ https://virtuemarketresearch.com/report/craft-cocktails-market/request-sample

Craft cocktail sales have recently increased as a result of rising consumer demand for distinctive and expensive beverages. In order to create a one-of-a-kind drinking experience, craft cocktails typically include artisanal spirits, uncommon and fresh ingredients, and cutting-edge techniques. Bartenders’ trials with cutting-edge techniques and ingredients led to the founding of the craft cocktail movement in the early 2000s. The concept gained popularity as consumers’ desire for locally made, handcrafted products, such as spirits and mixers, expanded. Another concern is the dearth of skilled mixologists and bartenders. Craft cocktails call for a deep understanding, but many fields are underrepresented incompetent workers. Sales of craft cocktails may not rise since it may be difficult for pubs and restaurants to locate people who can concoct these original mixtures. Due to a flourishing and expanding craft cocktail market, consumers can engage in an intriguing and unique drinking activity. Despite some difficulties caused by this trend, it is anticipated that the demand for premium ingredients and cutting-edge methods will continue to fuel the growth of the craft cocktail industry in the forecasted years. 

Global Craft Cocktails Market Drivers:

The Growing Demand for Unique and High-Quality Drinking Experiences is fuelling the craft cocktails market

The rising demand for distinctive and top-notch drinking experiences is one of the key factors driving the global craft cocktail industry. Customers want beverages that offer them an engaging, memorable experience that appeals to all of their senses, not just a way to quench their thirst. Craft cocktails, which offer distinctive and inventive flavours not normally found in classic cocktails, have grown in popularity as a result of this demand. Each handmade cocktail is a one-of-a-kind creation thanks to the emphasis on premium ingredients and cutting-edge methods, which further improve the drinking experience.

The increasing awareness and Interest in Artisanal Spirits and Locally Sourced Ingredients is boosting market growth.

The rising awareness of and interest in artisanal spirits and locally sourced ingredients is another factor driving the worldwide craft cocktail sector. Customers are becoming more aware of the origins of their food and beverages, and they are looking for goods that are produced using high-quality, locally sourced ingredients. The desire for artisanal spirits, which are frequently produced in small batches and have distinctive flavours and qualities, has surged as a result of this trend. In order to produce inventive and distinctive flavour combinations, bartenders and mixologists are also incorporating locally obtained ingredients including fresh herbs, fruits, and vegetables. Consumers who wish to support small businesses and lessen their environmental impact are drawn to this emphasis on quality and sustainability.

Global Craft Cocktails Market Challenges:

The high cost of making these drinks is one of the main obstacles in the global market for craft cocktails. Craft cocktails may cost more than standard drinks due to the utilization of premium ingredients, cutting-edge methods, and skilled labour. This could restrict the market to a particular consumer group prepared to spend more for an exceptional drinking experience. In addition, consumers might find it harder to justify the cost of craft cocktails in tough economic times, which would reduce demand.

COVID-19 Impact on Global Craft Cocktails Market:

The development of packaged drinks and DIY cocktail kits is one significant business opportunity for artisan cocktails worldwide. Consumers may now readily buy pre-packaged craft cocktails that come with pre-measured ingredients and simple directions thanks to the growth of e-commerce. This eliminates the need for customers to travel to a specialist bar or restaurant in order to enjoy the distinctive and superior drinking experience of artisan cocktails. Additionally, this offers a chance for craft cocktail bars and mixologists to present their recipes and expertise in a novel way, thereby growing their clientele and sources of income.

Global Craft Cocktails Market Recent Developments:

In January 2023, the Diplomático Rum brand and associated assets from Destillers United Group S.L. by Brown-Forman Corporation have been finalized. With the acquisition, which was announced in October 2022, Brown-Forman will have access to the expanding super-premium+ rum market.

CRAFT COCKTAILS MARKET REPORT COVERAGE:

Global Craft Cocktails Market Segmentation: By Type

• Classics Craft Cocktails

• Contemporary Craft Cocktails

• Seasonal Craft Cocktails

Three categories of craft beverages are available on the international market: traditional craft cocktails, modern craft cocktails, and seasonal craft cocktails. The Martini and the Old Fashioned are two examples of well-known classic artisan cocktails that have been around for a while. Cocktails produced by modern artisan mixologists use distinctive and creative flavours, methods, and ingredients. A limited-edition offering that wonderfully captures the flavours of the season is seasonal handmade cocktails. Fresh, in-season ingredients are used in their preparation. Due to customer demand for novel and cutting-edge drinking experiences, the category of contemporary craft cocktails now enjoys the biggest market share. However, the seasonal craft cocktail market is also expanding in popularity due to its appeal to consumers’ needs for fresh, locally sourced Ingredients.

Global Craft Cocktails Market Segmentation: By Ingredients

• Spirits

• Juices

• Syrups

• Bitters

• Herbs

Spirits, juices, syrups, bitters, and herbs are just a few examples of the elements that can be used to divide the global market for handmade cocktails. As the main component of the majority of craft cocktails and frequently the most expensive ingredient, spirits command the largest market share. Juices and syrups are also frequently used, with the popularity of fresh, natural ingredients driving the juices section and the emergence of artisanal and flavoured syrups driving the syrups market. Bitters and herbs are frequently added in tiny amounts but have a big impact on the flavour and scent of a beverage. There is increased interest in incorporating herbs and botanicals in craft cocktails as a result of the rising desire for locally produced and sustainable ingredients. Overall, it is anticipated that the Spirits section will continue to dominate the market, while the Juices and Syrups segments will continue to gain popularity as a result of consumers' growing interest in natural and distinctive flavours.  

Global Craft Cocktails Market Segmentation: By Packaging

• Cans

• Bottles

The bottles segment held the highest market share in 2022 and accounted for a revenue share of over 55.0%. The shortage of aluminum in countries, such as the U.S. led to the introduction of glass bottles and the trend increased the demand for glass bottles across the globe. The cans segment is estimated to expand at the fastest growth rate of 13.9% from 2022 to 2030. They are lightweight and compact which makes them a perfect packaging choice.

Global Craft Cocktails Market Segmentation: Distribution Channel

• Online

• Liquor Stores

• Hypermarkets/Supermarkets

• Bars

• Others

The online segment is predicted to witness the fastest CAGR of 14.4% from 2022 to 2030. The segment comprises of company websites and several e-commerce platforms through which their cocktails are sold. Therefore, the growing consumer preference for the online e-commerce platform has encouraged companies to offer products through this channel.

Global Craft Cocktails Market Segmentation: By Region

• North America

• Europe

• Asia Pacific

• South America

• Middle East & Africa

The continents of North America, Europe, Asia-Pacific, South America, the Middle East, and Africa can be divided into submarkets in the worldwide market for artisan cocktails. Due to the prevalence of upscale bars and eateries in big cities like New York, Los Angeles, and Chicago as well as the acceptance of handcrafted cocktails, North America has a lopsided market share. Craft drinks are favoured throughout Europe, which has numerous cocktail bars and mixologists in cities like Barcelona, London, and Paris. The rapid growth of upmarket dining and lodging alternatives in Asia Pacific and the acceptance of artisanal beverages in nations like Singapore and Japan serve as indicators of the region's rapid expansion. Smaller but expanding markets exist in South America, the Middle East, and Africa for handmade cocktails, with Brazil and Dubai taking the lead. In general, North America and Europe are anticipated to continue to dominate the market, while the Asia Pacific area is anticipated to rise rapidly over the next few years. 

Global Craft Cocktails Market Key Players:

1. Diageo plc

2. Brown-Forman

3. Bacardi Limited

4. Asahi Group Holdings, Ltd.

5. PernodRicard

6. Halewood Wines & Spirits

7. SHANGHAI BACCHUS LIQUOR CO., LTD.

8. Suntory Holdings Limited

9. Manchester Drinks Company Ltd.

10. Anheuser-Busch InBev