The growth of the Global Whiskey Market is the result of cumulation of various factors such as changing lifestyle, increase in drinking population and greater appeal of alcoholic beverages. Whiskey is among the most popular alcoholic beverages and the Global Whiskey Market is estimated to expand at a CAGR of 5% over the forecast period of 2016-2022, affirms Market Research Future (MRFR) in a minutely studied report.
The Trend of premiumization has reflected positively on the growth of the Global Whiskey Market and resulted in increased demand for premium whiskey. Moreover, premium whisky is quite popular among affluent consumers. This coupled with increase in disposable income and the growing trend of partying has been a key growth influencer. Urbanization and the trend of spending at night clubs has also fostered market growth.
Easy availability through stores and online sales channel along with new product launches is significantly driving the growth of the market. Innovation in whiskey such as organic whiskey is likely to catapult the growth of the market.
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There has been a slew of new whiskey manufacturers who are keen on entering the market which has stirred up competition within the global whiskey market. Besides, rise in number of whiskey tasking festivals has also affected the market growth positively.
On the downside, health issues aligned with consumption of whiskey and greater awareness regarding the same among consumers is likely to result in decline of whiskey market sales. Presence of counterfeit products is another key bottleneck. Moreover, alcohol consumers are increasingly turning towards beer and wine which have health benefits. in addition, high cost of premium whiskey varieties and higher tax levied on them are likely to impede the growth of the market. Whiskey market is governed by strict federal laws which also remain a challenge to the growth of the market.
Market Players & Growth Strategies
- Pernod Ricard (France)
- Allied Blenders and Distillers Pvt. Ltd (India)
- Bacardi (Bermuda)
- Diageo (U.K.)
- Brown-Forman (U.S.)
- Heaven Hill Distilleries (U.S.)
- Radico Khaitan (India)
- Beam Suntory (U.S.)
- Constellation Brands, Inc. (U.S)
- Distell Group limited (South Africa)
March 2019– Diageo plc, a multinational producer of spirits and alcoholic beverages, has launched a new 2-year-old expression from its Bulleit American whiskey stable which is the first extension of the brand. made up of 95% rye and 5% malted barley, the whiskey is being aged for a minimum of 12 years in charred oak. The new variant will be available in selected markets in the US.
By Region, the global whiskey market has been segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW).
The whiskey market is mainly consolidated in North America and Europe. Concentration of key market players in the region coupled with high demand for whiskey from affluent consumers is driving the market growth in the region. Scotland and Ireland are the key markets within the Europe market while the US and Canada are the country-specific markets within the North America market.
APAC is expected to be an emerging market for whiskey. Growing investment in the region from major market players coupled with rising disposable income and affluence among the population is likely to foster the growth of the market.
The Global Whiskey Market has been segmented based on Source, Type, Origin, and Process
- Cask Finish
- Pot still distillation
- Column still distillation