Whiskey Market Analysis: Size, Share, and Industry Report
Whiskey Market Overview:
The global whiskey market can reach a valuation of USD 83.32
billion by 2032. It is predicted to expand at a CAGR of 3.80% over the forecast
period. Health benefits associated with consumption of the beverage in losing
weight and prevention of diabetes can drive the market demand. It is useful in
the treatment of sore throat and common cold. The demand is fueled by health-conscious
consumers.
Whiskey is an alcoholic spirit or beverage consumed by
customers. Its consumption can be marked by the sales of premium and ultra rare
blends by the elite. The large source of expendable income levels by consumers
in developed and developing countries can drive the sales numbers of the
beverage. The global Whiskey
Market report by Market Research Future (MRFR) highlights
various drivers and challenges for the period of 2024 to 2032 (forecast period)
amid the outbreak of the COVID-19 virus.
Rise of recreational activities and the popularity of the
beverage among the demographic of 18-50 are likely to drive the demand for
whiskey. Innovation of new flavors by whiskey producers and inclusion of local
aromas to improve the popularity among the masses can augur favorably for the
market. Changing lifestyles of the public and establishment of new restaurants
and lounges can lead to heavy demand for the beverage. New experiments in
whiskey production for the production of rare blends will be favorable for the
market in the long run.
The COVID-19 pandemic has led to a surge in whiskey demand
owing to strict curfew periods and the inability to venture in public places.
Production manufacturers are communicating through special communication
channels to ensure a constant supply inflow. s
But strict regulations and taxes on whiskey production can
hamper its growth.
Competition Outlook:
Pernod Ricard, Brown-Forman, Allied Blenders and Distillers
Pvt. Ltd., William Grant & Sons Holdings Ltd, Constellation Brands, Inc.,
Moët Hennessy Louis Vuitton, Suntory Holdings Ltd., Diageo Plc, La
Martiniquaise, King Car Group, The Edrington Group, Bacardi Limited, Asahi
Group Holdings, and Angus Dundee Distillers Plc. The global Whiskey
Market Companies.
Segmentations:
The global whiskey market has been segmented based on type,
packaging type, distribution channels.
Based on type, it is segmented into Irish whiskey, scotch
whiskey, American whiskey, Canadian whiskey, and others.
By packaging type, it is segmented into bottles and cans.
Major modes of distribution channel discussed are
foodservice and retail. The retail segment is further segmented into
supermarket and hypermarket, specialty stores, and others.
Regional Analysis:
The global whiskey industry
has been analyzed for four key regions—North America, Europe, Asia Pacific
(APAC), and Rest- of-the-World (RoW).
APAC is projected to grow at the highest growth rate during
the forecast period due to the large number of bars and restaurants in the
region. Rise in per capita income of consumers, setup of foreign distilleries,
and development of new food menus to complement the taste of various blends of
whiskey can fuel the regional whiskey market growth. Australia, New Zealand,
China, and India are the biggest revenue generators of the region.
Europe is expected to weather a slow spell of returns during
the forecast period owing to the effects of the COVID-19 pandemic. The closure
of the hospitality industry and paucity of tourism can negatively affect the
global whiskey market in the region. However, reopening of tourist spots and
permission for international travel can bode well for the market. The
acquisition of rare blends of whiskey by high-net-worth individuals (HNWIs) can
be lucrative for whiskey producers.
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