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In 2023, the whiskey market was worth 56.48 billion USD. With a predicted compound annual growth rate (CAGR) of 6.35 percent from 2024 to 2031, the whiskey market is expected to go from 59.87 billion USD in 2024 to 83.82 billion USD in 2031. The primary factors fueling the market's expansion include whiskey's cultural history, whisky tourism, cocktail culture, mixology, globalization, growing markets, and increasing consumer demand.
The important factors propelling the sector forward are the increasing purchasing power of consumers, the changing lifestyles of consumers, and the increasing demand for whiskey products among the younger generation. One of the most important things driving the industry is the dramatic increase in the number of bars, restaurants, and distilleries around the world. The huge consumer base and strong demand for super-premium drinks in developed nations like the U.S., France, UK, and Canada, along with the increasing demand for blended whiskey, are expected to further fuel the industry's expansion.
There has been a meteoric rise in the number of eateries, watering holes, and distilleries offering alcoholic drinks in the last several years. Rising demand from younger consumers, new product developments, increased urbanization, and overall consumer expenditure are the main factors propelling this trend. The consumption of spirits has increased, whereas that of beer and wine has decreased. The millennium generation is prepared to shell out extra cash for products they know and trust to be of high quality and origin. As a result of millennia's penchant for mixing and matching alcoholic drinks, "cocktail culture" has flourished. The worldwide whiskey market has been experiencing strong expansion due to this trend, which has increased the use of whiskey as an ingredient.
Furthermore, there has been a recent uptick in spirit tourism, particularly in Western nations, which brings in international visitors who often sample and even develop a preference for local libations, such as whiskeys. Some countries, like Scotland, the United Kingdom, France, and the United States, have created spirit led-tourism so that visitors can learn about the history and techniques used to make whiskey. This is considered a major revenue generator for the whiskey industry. But, problems with dependence, addiction, and overconsumption could arise as a result of alcoholic beverages' widespread appeal. Governments are worried about the increasing number of people who are addicted to alcohol. This is why a lot of nations have put restrictions on the distribution and sale of these goods. The expansion of the worldwide whiskey market is thus anticipated to be impeded by these regulations.
Increases in demand for premium and ultra-premium whiskeys in both developing and developed countries will influence the growth of the whiskey market in the coming years. The expansion of whiskey refineries and improvements in the mixing process will also contribute to the growth of the global whiskey market during the forecast period. Along with shifting customer life examples, business patterns will be guided by an increasing trend among working professionals towards more mingling and end-of-week meetings. Increases in web-based media, web, television, and print media's limited-time exercises and commercial missions will also contribute to the company's growth. In addition, the figure time frame will see the growth of the market propelled by online shopping, retail, and thriving internet company activities. The expansion of the product line will boost the company's growth during the projected period.
There has been a meteoric rise in demand for whisky as a result of its enduring allure. The captivating attraction of its rich history and cultural worth, together with shifting consumer preferences, could be other factors contributing to this increasing demand. One of the key reasons contributing to the increased demand for whisky is the changing preferences of customers. Whisky is seeing a surge in popularity among younger drinkers, who are looking for spirits with more complex flavors and aromas. This change in taste is a result of people's increasing attraction to whiskey for its unique and varied flavor profiles, which include caramel, vanilla, oak, and spice aromas.
More and more, consumers are drawn to whisky for its artistic and handcrafted qualities, and they appreciate the premium spirit's use of time-tested techniques and careful attention to detail. The whisky culture has also contributed to a dramatic uptick in sales. Whisky holds a unique place in the cultural traditions of numerous nations, including Japan, the US, Ireland, and Scotland. Whisky from these nations is famously different from one another, thanks to their specific production methods and individual flavors. The traditions, myths, and stories that surround this illustrious spirit are much appreciated by customers as they get a deeper understanding of whisky. The whisky market has also been significantly influenced by the premiumization and luxury market trends. People are looking for rare and special bottlings and are prepared to pay a premium for aged, limited-edition expressions. The growth of the luxury whisky market is a direct result of the whiskey's growing association with affluence and refinement. In recent years, whisky tourism has grown in importance as a driver of consumer demand.
Distilleries all over the world are opening their doors to tourists with tours, whisky tastings, and informative seminars. Many tourists and whisky enthusiasts are taking advantage of the opportunity to witness the distillation process firsthand, get knowledge about different whisky variations, and create unforgettable experiences. There has been a rise in the demand for whiskey due to the rise of mixology and cocktails. Traditional whiskey-based drinks are making a comeback, and new and interesting cocktails are popping up as a result of bartenders and consumers trying out different ways to incorporate whisky into cocktails. Thanks to this trend, whisky has reached a wider audience that might not have tried it neat or with a glass of water before.
Report Coverage
Global Whiskey research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Whiskey report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Whiskey competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Whiskey market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Whiskey market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Whiskey market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Accolade Wines, Ace Spirits, Allagash Brewing Company, Allied Blenders and Distillers Pvt. Ltd., Brown-Forman, Diageo, ASAHI GROUP HOLDINGS, LTD., Bacardi, Pernod Ricard, Beam Suntory, Inc., Carlsberg Breweries A/S, Constellation Brands, Inc., Distell, Davide Campari-Milano N.V., John Distilleries, India, Molson Coors Beverage Company, Alko, WILLIAM GRANT & SONS, Anchor Brewing, and Chivas Brothers International Ltd among other domestic and global players.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Whiskey market based on the below-mentioned segments:
Global Whiskey Market, By Product Type
Irish Whiskey
Scotch Whiskey
Japanese Whiskey
American Whiskey
Canadian Whiskey
Global Whiskey market, By DISTRIBUTION CHANNEL
On-Trade
Off-Trade
Global Whiskey market, Regional Analysis
The important factors propelling the sector forward are the increasing purchasing power of consumers, the changing lifestyles of consumers, and the increasing demand for whiskey products among the younger generation. One of the most important things driving the industry is the dramatic increase in the number of bars, restaurants, and distilleries around the world. The huge consumer base and strong demand for super-premium drinks in developed nations like the U.S., France, UK, and Canada, along with the increasing demand for blended whiskey, are expected to further fuel the industry's expansion.
There has been a meteoric rise in the number of eateries, watering holes, and distilleries offering alcoholic drinks in the last several years. Rising demand from younger consumers, new product developments, increased urbanization, and overall consumer expenditure are the main factors propelling this trend. The consumption of spirits has increased, whereas that of beer and wine has decreased. The millennium generation is prepared to shell out extra cash for products they know and trust to be of high quality and origin. As a result of millennia's penchant for mixing and matching alcoholic drinks, "cocktail culture" has flourished. The worldwide whiskey market has been experiencing strong expansion due to this trend, which has increased the use of whiskey as an ingredient.
Furthermore, there has been a recent uptick in spirit tourism, particularly in Western nations, which brings in international visitors who often sample and even develop a preference for local libations, such as whiskeys. Some countries, like Scotland, the United Kingdom, France, and the United States, have created spirit led-tourism so that visitors can learn about the history and techniques used to make whiskey. This is considered a major revenue generator for the whiskey industry. But, problems with dependence, addiction, and overconsumption could arise as a result of alcoholic beverages' widespread appeal. Governments are worried about the increasing number of people who are addicted to alcohol. This is why a lot of nations have put restrictions on the distribution and sale of these goods. The expansion of the worldwide whiskey market is thus anticipated to be impeded by these regulations.
Increases in demand for premium and ultra-premium whiskeys in both developing and developed countries will influence the growth of the whiskey market in the coming years. The expansion of whiskey refineries and improvements in the mixing process will also contribute to the growth of the global whiskey market during the forecast period. Along with shifting customer life examples, business patterns will be guided by an increasing trend among working professionals towards more mingling and end-of-week meetings. Increases in web-based media, web, television, and print media's limited-time exercises and commercial missions will also contribute to the company's growth. In addition, the figure time frame will see the growth of the market propelled by online shopping, retail, and thriving internet company activities. The expansion of the product line will boost the company's growth during the projected period.
There has been a meteoric rise in demand for whisky as a result of its enduring allure. The captivating attraction of its rich history and cultural worth, together with shifting consumer preferences, could be other factors contributing to this increasing demand. One of the key reasons contributing to the increased demand for whisky is the changing preferences of customers. Whisky is seeing a surge in popularity among younger drinkers, who are looking for spirits with more complex flavors and aromas. This change in taste is a result of people's increasing attraction to whiskey for its unique and varied flavor profiles, which include caramel, vanilla, oak, and spice aromas.
More and more, consumers are drawn to whisky for its artistic and handcrafted qualities, and they appreciate the premium spirit's use of time-tested techniques and careful attention to detail. The whisky culture has also contributed to a dramatic uptick in sales. Whisky holds a unique place in the cultural traditions of numerous nations, including Japan, the US, Ireland, and Scotland. Whisky from these nations is famously different from one another, thanks to their specific production methods and individual flavors. The traditions, myths, and stories that surround this illustrious spirit are much appreciated by customers as they get a deeper understanding of whisky. The whisky market has also been significantly influenced by the premiumization and luxury market trends. People are looking for rare and special bottlings and are prepared to pay a premium for aged, limited-edition expressions. The growth of the luxury whisky market is a direct result of the whiskey's growing association with affluence and refinement. In recent years, whisky tourism has grown in importance as a driver of consumer demand.
Distilleries all over the world are opening their doors to tourists with tours, whisky tastings, and informative seminars. Many tourists and whisky enthusiasts are taking advantage of the opportunity to witness the distillation process firsthand, get knowledge about different whisky variations, and create unforgettable experiences. There has been a rise in the demand for whiskey due to the rise of mixology and cocktails. Traditional whiskey-based drinks are making a comeback, and new and interesting cocktails are popping up as a result of bartenders and consumers trying out different ways to incorporate whisky into cocktails. Thanks to this trend, whisky has reached a wider audience that might not have tried it neat or with a glass of water before.
Report Coverage
Global Whiskey research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Whiskey report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Whiskey competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Whiskey market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2031 |
| Base Year | 2023 |
| Forecast Period | 2023-2031 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Accolade Wines, Ace Spirits, Allagash Brewing Company, Allied Blenders and Distillers Pvt. Ltd., Brown-Forman, Diageo, ASAHI GROUP HOLDINGS, LTD., Bacardi, Pernod Ricard, Beam Suntory, Inc., Carlsberg Breweries A/S, Constellation Brands, Inc., Distell, Davide Campari-Milano N.V., John Distilleries, India, Molson Coors Beverage Company, Alko, WILLIAM GRANT & SONS, Anchor Brewing, and Chivas Brothers International Ltd among other domestic and global players. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Whiskey Market from 2021 to 2031.
- Market Forecast for Whiskey Market from 2021 to 2031.
- Regional Market Share and Revenue from 2021 to 2031.
- Country Market share within region from 2021 to 2031.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Whiskey competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Whiskey
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Whiskey market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Whiskey market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Accolade Wines, Ace Spirits, Allagash Brewing Company, Allied Blenders and Distillers Pvt. Ltd., Brown-Forman, Diageo, ASAHI GROUP HOLDINGS, LTD., Bacardi, Pernod Ricard, Beam Suntory, Inc., Carlsberg Breweries A/S, Constellation Brands, Inc., Distell, Davide Campari-Milano N.V., John Distilleries, India, Molson Coors Beverage Company, Alko, WILLIAM GRANT & SONS, Anchor Brewing, and Chivas Brothers International Ltd among other domestic and global players.
Primary Target Market
- Market Players of Whiskey
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Whiskey market based on the below-mentioned segments:
Global Whiskey Market, By Product Type
Irish Whiskey
Scotch Whiskey
Japanese Whiskey
American Whiskey
Canadian Whiskey
Global Whiskey market, By DISTRIBUTION CHANNEL
On-Trade
Off-Trade
Global Whiskey market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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