LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global craft spirits market report. This research report also lists eight other prominent vendors that are expected to impact the market during the forecast period.
Technavio’s market research analysts predict that this market will grow at a CAGR of nearly 27% until 2021. The demand for craft spirits is expected to increase during the forecast period due to the perception among consumers that craft spirits are better in terms of quality and taste than mainstream spirits brands. Also, the entry of new players and launch of new products by players will aid the market growth during the forecast period. Large players are acquiring small players to increase their presence in the market.
Competitive vendor landscape
The global craft spirits market is dynamic with the presence of a large number of regional as well as international players. The large players are trying to increase their presence in the market by acquiring small players. The acquisition of small players will give large players access to new markets and new products.
“Players in the market are coming up with new products to meet the rising consumer demand. Also, players are investing in increasing their production and distribution capabilities. They are also investing in developing innovative products with unique ingredients. Players in the market are also trying to promote tourism at their production sites by organizing distillery tours and also setting up tasting rooms,” says Manjunath Jagannath, a lead alcoholic beverages research analyst from Technavio.
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Top five craft spirits market vendors
Bacardi
Bacardi is the world's largest privately held spirits company that produces and markets a wide range of spirits and wines. It has more than 200 brands and labels. Some of its major subsidiaries are Bacardi-Martini Austria, Bacardi-Martini Finland, Bacardi-Martini Germany, Bacardi-Martini Japan, Bacardi USA, Bacardi Netherlands, and Bacardi-Martini Belgium.
Beam Suntory
In May 2014, Suntory Holdings acquired Beam and changed its name to Beam Suntory. Both companies became one unit, and Beam Suntory now operates as a manufacturer and retailer of distilled spirits in the global market. The company functions through various business models to sell and distribute its products in the market.
Constellation Brands
Constellation Brands is investing in small and upcoming craft distilleries to help improve its presence in the market. Through its venture capital division, the company has acquired minority stakes in two companies: Crafthouse Cocktails, which is based in Chicago, US, and Nelson's Green Brier Distillery, which is headquartered in Tennessee, US.
Distell
Distell is Africa's leading producer of wines, spirits, ciders, and other ready-to-drink beverages. The company was created in 2001 as a result of the merger between Distillers Corporation and Stellenbosch Farmers Winery Group. The company claims to be the second-largest producer of cider globally.
Pernod Ricard
Pernod Ricard manufactures spirits and wines. It offers vodka, rum, gin, champagne, bitter, and brandy, among others. The company is a leader in the US market. Absolut, the vodka brand of the company, launched new packaging bottles called Absolut Electric bottles on September 21, 2015. They are available in striking silver and electric blue.
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