Whiskey refers to a type of distilled alcoholic beverage made from distinctive varieties of grain including, wheat, barely, corn, rye and others. It is typically aged in wooden casks that are made from charred white oak. The global whiskey market was valued at $59,631.2 million in 2019, and is projected to reach $86,389.5 million by 2027, registering a CAGR of 4.9% from 2020 to 2027. Changing consumer tastes and resurgence of the cocktail trend is one of the major factors that drives the market globally. In addition, whiskey manufacturers are investing in R&D to promote product innovation and sustainability, in order to enhance characteristics, taste, and meet the changing preferences of their consumers.
Young consumers are more inclined toward well-crafted, flavored spirits that are artisanally
produced and have an authentic, heritage-rich brand story. For this reason, whiskey particularly has become one of the fastest selling products among other alcoholic beverages. Bartenders are increasingly using top-tier whiskey brands as an ingredient in cocktails. Hence, the "cocktail culture" trend has become one the driving factors for the whiskey market. Furthermore, the rise in spirit-led tourism, especially in the western countries, has propelled tourists from overseas to indulge and develop taste for local beverages, including whiskeys. Countries such as the UK, France, the U.S., Scotland and others, have developed spirit led-tourism, which enables tourists to comprehend the history and distillation processes involved in producing whiskeys. This factor is expected to drive the whiskey market globally.
In the recent past, the number of bars, pubs, breweries and restaurants serving alcohol has increased manifold. The major factors driving this growth are rise in consumer spending, rapid urbanization, product innovation and rising demand from millennial population. The acceptance of alcoholic beverages, for social events including marriages, events, award functions, and several similar social gatherings has generated a positive growth prospect for the whiskey market.
The whisky market has developed at a fast pace in the recent years, and more people than ever now consider whisky an affordable luxury. The increase in acceptance also led to growth in demand for different whisky such as premium and organic whisky. The general shift in consumer consciousness and demand for innovative products, has led to an increased desire for whiskey distilled with organic malted barley and grains. This consumer demand can be regarded as an opportunity by whiskey manufactures to broaden the market base.
According to the whiskey market analysis, the whiskey market is segmented on the basis of product type, distribution channel and region. Based on product type, the market is categorized into Irish whiskey, Scotch whiskey, Japanese whiskey, American whiskey and Canadian whiskey. By distribution channel, the market is bifurcated into on-trade and off-trade. Region wise, the market is studied across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, New Zealand and Rest of Asia-Pacific), and LAMEA (Middle East, Latin America, and Africa).
The key players operating in the whiskey market include Diageo plc., Pernod Ricard, William Grant & Sons Ltd, Bacardi Limited, Beam Suntory, Inc., The Brown-Forman Corporation, Constellation Brands, Inc., Asahi Group Holdings, Ltd., La Martiniquaise and Loch Lomond Distillers Ltd.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides a quantitative analysis of the current whiskey market trends, estimations, and dynamics of the market size from 2020 to 2027 to identify the prevailing opportunities.
- Porter;s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis and the market size and segmentation assists in determining the prevailing whiskey market opportunities.
- The major countries in each region are mapped according to their revenue contribution to the market.
- The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the whiskey industry.
KEY MARKET SEGMENTS
- By Product Type
o Irish Whiskey
o Scotch Whiskey
o Japanese Whiskey
o American Whiskey
o Canadian Whiskey
- By Distribution Channel
- By Region
o North America
? Rest of Europe
? New Zealand
? Rest of Asia-Pacific
? Latin America
? Middle East
Publisher : Allied Market Research