Latest TMR Report Explores Impact of COVID-19 Outbreak on Craft Spirits Market
Global Craft Spirits Market: Overview
The domestic production of liquor, through the process of fermentation and distillation, encompassed the global craft spirits market. They are typically produced in a specified production volume, and the norm is below a standard of 750,000 gallons. Licensed distillers having independent operations with operational control from an alcoholic beverage vendor, and less than 25% capital investment, can produce craft spirits. The global craft spirits market, though at a nascent stage is expected to gain traction in the coming years. This could be accounted to the product’s novelty, taste, and premium quality associated with it. The global craft spirits market is thus expected to gain momentum in the coming years.
This report offers a comprehensive study of the global craft spirits market, with focus on market opportunities and possible constraints, along with the latest trends driving the market.
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Global Craft Spirits Market: Notable Developments
The global craft spirits market is currently growing at a swift pace, and a number of factors are expected to propel the market. Here are some notable developments that could impact the craft spirits market to an extent:
- Adoption of Automation:
Filling is one of the first manual tasks that craft manufacturers automate. Manual filling is difficult and can lead to significant product losses. The automation with a small mobile filling line increases production speed, frees up personnel for use elsewhere and limits product loss because of human error. One of the most time consuming handicraft processes that beer and spirits manufacturers try to automate is labeling, a process that can also lead to substantial material loss due to human error. Craft manufacturers seek out OEM partners who understand their production process and advise them about the gradual implementation of affordable automated machines which will improve efficiency. Thus the uptake of automation is a key development that is likely to boost sales in the global craft spirits market.
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Global Craft Spirits Market Dynamics
Due to increased consolidation activities in the industry, the demand for large distillers is expected to grow over the period. Market players use large distillers to produce alcohol because they reduce the production costs which are expected to drive the market in turn over the forecast period. Craft distillation–having learned from the beer industry–seeks to increase its capabilities and budgets at a controlled rate. This is expected to be a key trend in the global craft spirits market in the coming years.
A large demographic section of the consumers of alcoholic drinks, born between the 1980s and early 2000s, accounts for a significant proportion of consumers visiting frequent restaurants and pubs. Due to their uniqueness and taste, the increased preference of unconventional drinks among millennials is expected to boost demand in the global craft spirits market.
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North America to be Prominent Regional Market
The global craft spirits market is expected to be dominated by North America, on account to of the presence of large pool of vendors. Additionally, region is witnessing high investments in the sectors, fuelling the regional market.
The dense millennial population in China is anticipated to boost the Asia Pacific craft spirits market in the coming years.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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