IMARC Group, a leading market research company, has recently releases report titled “Whiskey Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global whiskey market Analysis, share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the whiskey market?
The global whiskey market size reached US$ 64.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 91.3 Billion by 2028, exhibiting a growth rate (CAGR) of 6% during 2023-2028.
What is whiskey?
Whiskey is a type of distilled alcoholic beverage made from fermented grain mash. The grains used in whiskey production can vary and typically include barley, corn, rye, and wheat. The process of making whiskey involves fermenting the grain mash to produce alcohol, which is then distilled to separate the alcohol from the water and other impurities. After distillation, the whiskey is typically aged in wooden barrels, commonly oak, for a specific period. In addition, whiskey is known for its complex flavor profile, which can include notes of caramel, vanilla, spices, oak, and various fruit or grain characteristics. The flavors are influenced by the type of grains used, the distillation process, the aging conditions, and the environment in which the whiskey is matured. Whiskey is often consumed neat without ice or mixers or on the rocks. It is also a key ingredient in numerous classic cocktails like the Old Fashioned, Manhattan, and Whiskey Sour.
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Whiskey Market Trends and Drivers:
The global whiskey market is experiencing significant growth, driven by several key factors and trends. One of the primary drivers fueling the market expansion is the increasing popularity of whiskey consumption across diverse demographics and geographies. In recent years, there has been a notable surge in the appreciation of premium and craft whiskeys, particularly among millennials and affluent consumers. This trend is driven by the growing interest in unique and high-quality spirits, where consumers seek distinctive flavors, craftsmanship, and a sense of authenticity. As consumers become more discerning about their beverage choices, the demand for premium and aged whiskeys has soared, propelling the growth of the market. Furthermore, the globalization of whiskey culture has played a pivotal role in expanding the market’s reach. The rise of whiskey appreciation clubs, festivals, and social media communities has fostered a sense of camaraderie among whiskey enthusiasts, fostering a shared passion for exploring new brands and expressions. As a result, whiskey has transcended its traditional strongholds, such as Scotland and Ireland, and is now witnessing considerable consumption in emerging markets like Asia-Pacific and Latin America. Additionally, the proliferation of cocktail culture has been instrumental in boosting whiskey consumption. Bartenders and mixologists worldwide are creating innovative whiskey-based cocktails, appealing to a broader consumer base and introducing the spirit to new audiences. This trend has significantly contributed to the overall whiskey market’s growth and has expanded the product’s versatility beyond straight sipping. Besides, in the wake of growing environmental consciousness, sustainability has emerged as a critical trend in the whiskey industry. Distilleries are increasingly adopting eco-friendly practices, including sustainable sourcing of raw materials, energy-efficient production processes, and recyclable packaging. Moreover, the whiskey market has witnessed a surge in collaborations and limited-edition releases, where distilleries partner with artists, celebrities, or other brands to create unique and exclusive whiskey offerings. These limited releases generate excitement among consumers, driving the market growth.
The report has segmented the market into the following categories:
Breakup by Product Type:
- American Whiskey
- Irish Whiskey
- Scotch Whiskey
- Canadian Whiskey
Breakup by Quality:
- High-End Premium
- Super Premium
Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Discount Stores
- Online Stores
- Restaurants and Bars
- Liquor Stores
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
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Who are the key players operating in the industry?
The report covers the major market players including:
- Diageo plc
- Bacardi Limited
- Suntory Beverage & Food Limited
- Pernod Ricard
- The Brown–Forman Corporation
- Asahi Group Holdings Ltd
- William Grant & Sons Holdings Ltd
- The Edrington Group
- Allied Blenders and Distillers Pvt Ltd
- Constellation Brands
- La Martiniquaise
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