CRAFT SPIRITS

• Craft spirits are referred to as the "next big thing" in the US spirits industry. Since 2015, the craft spirits industry has grown by 19% annually and is expected to "grow by approximately 15%-20% per year through 2022." 
• Experts predict that craft spirits will eventually have more relevance in the US liquor industry than craft beer has in the US beer industry.
• In 2018, it was reported that craft spirits "significantly outperformed" its expectation, by volume and value growth in the US spirits industry.
• The compound annual growth rate for overall spirits from 2010 to 2017 was 2.8% while that of craft spirits was 25.8%.
• From 2018 to 2022, "total spirits volumes are expected to have a CAGR of 2.1%, while craft spirits is forecast to have a CAGR of 22%."
• As described by experts, "the recent growth trajectory of craft spirits coupled with the vast number of distilleries currently in planning suggests the future is bright for the craft spirits industry.” 
• In 2017, there were 760 craft distilleries in the US compared to only 60 in 2013.  
• While craft liquor is "growing at a crazy rate," to say it is disrupting the spirits industry might be a stretch seeing as it only accounts for 2% of the US spirits market. By 2020, however, it is expected to make up 8% of the spirits market and might be considered disruptive at that time.
• Most US consumers, however, prefer buying craft spirits. To combat this threat, large spirit companies in the US are buying small craft companies. For example, "William Grant & Sons bought Hudson whiskey, Proximo Spirits purchased Hangar 1 vodka and Stranahan whiskey, Gruppo Campari bought Forty Creek whisky, and Bacardi purchased Angel's Envy Bourbon." 

CRAFT WHISKEY