Europe Craft Spirits Market Size & Outlook, 2023-2030
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Europe craft spirits market highlights
- The Europe craft spirits market generated a revenue of USD 4,977.6 million in 2023.
- The market is expected to grow at a CAGR of 22.6% 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, Germany is expected to register the highest CAGR from 2024 to 2030.
Europe data book summary
| Market revenue in 2023 | USD 4,977.6 million |
| Market revenue in 2030 | USD 20,676.7 million |
| Growth rate | 22.6% (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, Europe region accounted for 23.5% 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 44.92% in 2023. Horizon Databook has segmented the Europe craft spirits market based on whiskey, vodka, gin, rum, brandy, liquer covering the revenue growth of each sub-segment from 2017 to 2030.
The rapid rise in demand for premium quality craft spirits as a result of altering cultural views among the region's young and affluent population is a primary driver of the craft spirits market's expansion in the region. In comparison to their normal spirit selections, an increasing number of European consumers are looking for new, more exciting offerings, which is driving revenue generation in the craft spirits sector.
Furthermore, James Simmonds, a partner at UHY Hacker Young Group in Nottingham, notes that during the lockdown, spirits sales outperformed beer sales, implying that many customers had switched to cocktails. The growing popularity of cocktails is fueling the demand for handmade spirits in the region.
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Craft Spirits Market Scope
Craft Spirits Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Rogue Ales | View profile | - | Portland, Oregon, United States, North America | https://www.rogue.com/ |
| Highwood Distillers | View profile | 11-50 | Calgary, Alberta, Canada, North America | https://www.highwood-distillers.com |
| Campari Group | View profile | 1001-5000 | Sesto San Giovanni, Lombardia, Italy, Europe | https://www.camparigroup.com |
| Sazerac Company | View profile | 1001-5000 | Metairie, Louisiana, United States, North America | https://www.sazerac.com/ |
| Heaven Hill Distilleries | View profile | 501-1000 | Bardstown, Kentucky, United States, North America | http://www.heavenhill.com/ |
| Bacardi | View profile | 5001-10000 | Hamilton, Hamilton, Bermuda, North America | https://www.bacardilimited.com/ |
| Constellation Brands Inc Class A | View profile | 10600 | 207 High Point Drive, Building 100, Victor, New York, NY, United States, 14564 | https://www.cbrands.com |
| Diageo PLC | View profile | 30269 | 16 Great Marlborough Street, London, United Kingdom, W1F 7HS | https://www.diageo.com |
| Pernod Ricard SA | View profile | 20617 | 5, Cours Paul Ricard, Paris, France, 75008 | https://www.pernod-ricard.com |
| Suntory Beverage & Food Ltd | View profile | 24641 | 3-1-1 Kyobashi, Tokyo Square Garden, Chuo-ku, Tokyo, Japan, 104-0031 | http://www.suntory.co.jp |
Europe craft spirits market size, by country, 2017-2030 (US$M)
Europe Craft Spirits Market Outlook Share, 2023 & 2030 (US$M)
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