- Many whiskey manufacturers are attaching tasting bars and restaurants to their distilleries.
- Creative branding and packaging are encouraging consumers of various alcohol preferences to try whiskey.
- Europe leads the global Whiskey Market.
The Whiskey Market is expected to register 4.26% CAGR from 2019 to 2024 and reach $60.29 Billion by the end of 2024. Whiskey has been synonymous with luxury for a long time due to its long distillation and aging process. However, the emergence of various craft whiskeys are challenging the notion that aged whiskey is better and are driving a renewed growth and demand among consumers.
With the wide variety of whiskey available and the ongoing innovations in distilling the product, curious consumers have propelled demand and, consequently, Whiskey Market growth.
Many whiskey manufacturers are attaching tasting bars and restaurants to their distilleries, to sell the whiskey experience while learning more about the process and the product itself, thus further facilitating demand. Additionally, the high social and cultural status associated with premium whiskeys is driving growth for the same globally.
At the same time, innovative whiskeys that are creatively branded and packaged are encouraging consumers of various alcohol preferences to try and hopefully adopt whiskey. For example, the availability of whiskeys made from organic products with no additives, vacuum-aged whiskey and whiskeys made from various grains such as quinoa, buckwheat, sorghum, and oats.
Key players profiled in the MRFR’s Whiskey Market report include Radico Khaitan, Allied Blenders and Distillers Pvt. Ltd., Beam Suntory, Brown-Forman, Pernod Ricard, Diageo, Bacardi, Heaven Hill Distilleries, Constellation Brands Inc., and Distell Group Limited.
The global Whiskey Market has been segmented by source, type, origin, process, and region.
By source, the market has been segmented into malt, grain, blended, and others. By type, the market has been segmented into bourbon/rye, scotch, cask finish and others. By origin, the market has been segmented into U.S., Canadian, Irish, Japanese and others. By process, the market has been segmented into pot still distillation, column still distillation and others. By region, the market has been segmented into North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW).
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Europe leads the global Whiskey Market due to a strong presence of prominent players in the region. Additionally, the area includes countries such as Scotland and Ireland, which are known for their production and consumption of whiskey. For example, the famous Scotch whiskey is only truly considered scotch if it has been distilled and aged in Scotland. These countries’ climate have the optimal conditions for whiskey manufacturing which allows for minimum loss during the aging process as compared to other countries.
North America also has a significant share of the market due to the high popularity of American whiskey. Many innovations in whiskey production have occurred in this region, particularly the U.S. and Canada. This is expected to boost market growth during the forecast period.
The Asia-Pacific is projected to see rapid growth during the forecast period due to countries such as India and China driving strong demand for luxury products as a result of rising disposable incomes. Japan is another key country that contributes growth in this region due to a presence of whiskey manufacturer.