Spirit Trends 2024

Craft spirits, including gin, whiskey, rum, and vodka, are experiencing a surge in popularity within the beverage market. This growth is fueled by a combination of evolving consumer tastes and the innovative approaches of craft distillers. Among these spirits, gin, whiskey, rum, and vodka stand out as the fastest-growing categories, each offering unique flavors and characteristics that cater to a diverse range of preferences.

 

Gin

Gin is the fastest-growing spirits category of the four, with a growth of over 22 percent in value. Craft distillers have enhanced gin’s unique texture, flavor, and taste of juniper berries, and have responded to consumer taste for artisan gins by using regional botanicals, aged expressions, and creating new flavors.

Gin can be produced without the lengthy barrel-aging period that other products like rum and whiskey require, making it a more accessible product for new distillers looking to enter the market.

 

Whisky

It is worth noting that while gin emerged as the leading spirit by category overall, the whiskey segment made a noteworthy contribution, accounting for a 45 percent share of global spirits revenue. There is reason to believe that this trend will continue in the future. The on-trade craft whiskey segment is also expected to make a notable impact, with a projected share of 59 percent. Additionally, the growing popularity of craft whiskey-based cocktails is likely to contribute to a positive shift in the industry.

 

Rum

Craft rum is anticipated to reach a value of USD 1.7 billion by 2028. Like other craft spirit categories, this growth can largely be attributed to rising demand from younger consumers. Rum has traditionally been widely available in various forms, including dark, light, gold, black, and white rums, and coconut and vintage rums.

Rum distillers have created a new and exciting way to enjoy the authentic flavor of rum by using handpicked ingredients and unique flavor combinations. One of the most popular types of craft rum is spiced rum, which has been infused with a variety of spices including cinnamon, ginger, vanilla, nutmeg, and pepper.

 

Vodka

With over 1,000 different brands, vodka is one of the most popular beverage categories internationally. In the US alone, approximately 75 million cases are consumed annually, accounting for approximately 23 percent of the total. Furthermore, approximately one-third of US spirits sales are made up of vodka. Vodka can be produced using any grain, including barley, corn, wheat, and rye. Even fruits and vegetables such as potatoes and grapes can be utilized as a base material.

As the craft spirit market continues to expand, gin, whiskey, rum, and vodka remain at the forefront of this growth. Their appeal lies not only in their traditional flavors but also in the creativity and craftsmanship of distillers who are constantly pushing boundaries to create new and exciting products. With increasing demand from consumers, particularly younger generations, the future of craft spirits looks bright, promising continued innovation and exploration within these vibrant categories.

 

It seems that there is a growing interest in craft spirits, with a particular focus on gin, whiskey, rum, and vodka. It appears that their appeal lies not only in their traditional flavors, but also in the creativity and craftsmanship of distillers. These factors contribute to the development of new and exciting products.

With the growing demand from consumers, particularly younger generations, it seems that craft spirits may well continue to innovate and explore within the vibrant categories in which they operate.