Fact.MR reports that the Global Craft Spirit Market is expected to achieve a valuation of $230 billion by the conclusion of 2033. The market is anticipated to experience a substantial Compound Annual Growth Rate (CAGR) of 29% from 2023 to 2033.
Craft spirits, encompassing domestically manufactured alcoholic beverages, are crafted through distillation and fermentation techniques. Typically produced in limited quantities, often below 750,000 gallons, their production requires individuals to hold a distiller's license specifying production capacity and emphasizing independent operation. Regulatory oversight is provided by a major player in the alcoholic beverage industry, and in the United States, certification for craft spirit production involves label approval by the Alcohol and Tobacco Tax and Trade Bureau (TTB).