February 13, 2020
As per the report titled ‘Whiskey Market Size By Product (Scotch Whiskey, American Whiskey, Canadian Whiskey, Irish Whiskey, Other Whiskey), By Distribution Channel (On-Trade, Off-Trade) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Poland, Ireland, Belgium, China, India, Japan, South Korea, Australia, Thailand, Taiwan, Brazil, Argentina, Mexico, Venezuela, South Africa, UAE, Angola), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025’ available with Market Study Report LLC, the global whiskey market is projected to witness high CAGR during 2019-2025.
Rising consumer expenditure on alcoholic beverages for better tasting products and improved experience is driving the growth of whiskey market. Changing consumer preference and varied product offerings such as organic, single malt, and flavored distilled beverages are augmenting the market growth. Variation in raw ingredients and varied production process used in different region play key role in product differentiation, which facilitates the market growth.
Increasing population with legal drinking age, changing lifestyle, rising disposable income, and booming tourism are some of the other rationales propelling the market growth. Moreover, an established distribution network in tandem with expansion of distilleries is having a favorable impact on whiskey trade. On the reverse, high cost of raw materials and rise in import duties may hamper the market growth in the coming years.
Based on the product type, scotch whiskey market segment held a significant share in 2018 and is expected to witness a considerable growth over the forecast timeline. Easy availability, superior product taste, and enhanced marketing strategies in conjunction with increasing demand for single malt flavor is driving the segment growth.
Speaking of the distribution channels, whiskey market from off-trade distribution segment registered sales of over 2.8 billion liters in 2018. Sales through supermarkets, liquor stores, auctions, and duty-free outlets account for majority share in off-trade distribution channel. Rising tourism and increasing product demand across duty-free stores will foster the market growth in the coming years.
Considering the geographical landscape, North America whiskey market is projected to grow significantly and surpass USD 17 billion by 2025. As per the report, the U.S. is the top importer of Irish whiskey beverages. Increasing demand for American and Canadian distilled beverages coupled with high imports of Canadian and Irish products is driving the regional growth. Furthermore, product innovations and growing regional production will escalate the market growth in North America in the years to come.
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Likewise, Asia Pacific whiskey market is slated to see a considerable growth over the predicted timeframe, owing to the presence of key whiskey producing nations such as India, Japan, Taiwan, and Australia. India accounts for half of the global whiskey consumption share. Increasing demand for premium Japanese barrel-aged whiskey is supporting the regional growth.
Major players of whiskey market include Diageo, Pernod Ricard, Bacardi, Beam Suntory, William Grant and Sons, Allied Blenders & Distillers (ABD), and Brown Forman Crown Royal.
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