Millennials represent a major demographic for the alcoholic beverages market as they form a major percentage of consumers frequently visiting restaurants and pubs. They have accounted for a significant percentage of alcohol drinkers in the recent past and this trend is anticipated to continue over the forecast period as well. This generation is above the legal drinking age (LDA) and exhibits a significant purchasing power. So, they appear to be the most powerful buyers of various food and drink items, including craft spirits. According to the World Economic Forum, there are around 1.8 billion millennials across the globe, equal to 23% of the global population. They constitute approximately 32% of the total U.S. consumption of these spirits.
Increasing disposable income allows customers to choose the best available brands in the market, and acts as a major driver for the craft spirits market. As consumers are becoming more conscious about their drinking habits, they are spending on quality and premium products with high value. Growing disposable income enables them to spend more on bars, pubs, and restaurants and increase their frequency of drinking. The availability of craft sprits products at pubs and bars has increased its consumption. The rising population and disposable incomes, along with the emerging trend of craft spirits over beer, are major factors driving the market.
The American Distilling Institute (ADI) has specified some categorization criteria for craft spirits producers and offers certification of craft distiller spirits and craft blended spirits. The spirit must have been run through a still by a certified craft producer, and the TTB-approved label must state “Distilled By” followed by the name of the DSP. Also, less than 25% of the craft distillery (distilled spirits plant or DSP) is owned or controlled (or equivalent economic interest) by alcoholic beverage industry members who are not themselves craft distillers. The U.S. courts have had to decide cases that place the Commerce Clause in conflict with the 21st Amendment. Most often these cases relate to a state’s right to regulate alcohol within its borders and allegations from out-of-state entities that these laws unjustifiably favor in-state businesses. The Commerce Clause refers to Article I, Section 8, Clause 3 of the U.S. Constitution, which grants Congress the authority “to regulate commerce 4 with foreign nations, and among the several states, and with the Indian tribes.” This is likely to restrain the growth of the brands.
This section will provide insights into the contents included in this craft spirits market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.
Market drivers and restraints
Key market opportunities prioritized
Latest strategic developments
Market size, estimates, and forecast from 2018 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance
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