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Alcohol: From Distillation to Delivery

Spirits: Legacy, Luxury, and Global Growth

The spirits industry represents one of the most established yet consistently resilient segments of consumer demand. From craft distilleries to global heritage brands, spirits combine cultural legacy, lifestyle branding, and premium margins in a way few consumer goods can match. Even in economic downturns, consumers demonstrate a “trade-down but not trade-out” mentality, shifting preferences but maintaining steady demand for alcohol as a social and cultural staple.


Yet the market is evolving. Consolidation among global majors, rising consumer interest in premium and craft offerings, and shifting regulatory landscapes around distribution and advertising are creating both friction and opportunity. International markets, particularly in Asia and Latin America, continue to expand, while in the U.S., demand for agave spirits, whiskey, and ready-to-drink cocktails signals a generational shift in taste.


At Forbidden Brands Capital, we see spirits not merely as a consumer goods play, but as a heritage asset class—one where branding, distribution, and regulatory acumen determine long-term winners. Our expertise in underwriting risk and structuring capital for industries often excluded from mainstream finance allows us to deliver intelligent exposure to an industry with deep cultural roots, steady cash flows, and scalable global upside.

Spirits Licensing Snapshot (U.S.)

  • TTB (Alcohol & Tobacco Tax and Trade Bureau) New Applications
    • Distilled Spirits Plants: Averaging 52–67 applications/month in 2025.
    • Importers: ~40–47 new applications per month.
    • Wholesalers: ~38–49 new applications per month.
  • Total Industry Permits
    • As of 2024, there were ~2,500 active DSP permits in the U.S., ranging from craft operations to large-scale producers.
    • Craft distilling remains the fastest-growing segment, accounting for over 50% of new applications.


  • Processing Times
    • Average time for a new TTB spirits permit: ~75 days (longer if tied to bonded warehouses or multiple state-level approvals)


  • Geographic Trends
    • Growth hotspots: Texas, California, New York, Colorado, and Kentucky (craft and premium brands expanding rapidly).
    • Tariff volatility remains a concern: renewed whiskey tariffs in 2025 slowed export licensing activity.

Forbidden Brands Capital LLC

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