According to the MRFR reports, the global whiskey market is anticipated to grow at a robust CAGR of over 4.35% during the forecast period. The report further states that the market will acquire over USD 84 Billion by the end of 2027.
Whiskey refers to a beverage high in alcohol content. It is prepared from the mash grains, which are fermented before starting. The whiskey has numerous health benefits to offer. The consumption of whiskey helps intemperance offer help in preventing weight loss and diabetes. It is also useful in treating a cold and a sore throat. The global whiskey market has registered a noteworthy spike in the growth rate in the last few years. The market's growth is primarily being driven by the increasing mindset of professional people towards global trends like socializing and partying.
Furthermore, the growing adoption of western lifestyle across the emerging economies, growing alcohol consumption, and changing lifestyle are also projected to boost the demand for whiskey over the forecasted era. On the other hand, the regulations and taxations imposed on alcoholic beverages will likely impede the market's growth over the assessment era. In addition, the various issues and health concerns regarding the large consumption of whiskey and alcohol are also projected to impact the market's growth adversely.
COVID 19 Analysis
The impact of the pandemic has knocked off how people used to live their lives and conduct their daily activities. As a healthcare emergency, the pandemic has accelerated various kinds of changes, and the production and manufacturing units of the businesses are the most affected. The businesses are facing the unavailability of raw materials that are hampering the ability to produce and maintain a smooth flow of whiskey supply in the Whiskey Market. Lockdown has also been imposed by the government to curb the spread of the pandemic and hence, this is resulting in wider unavailability of whiskey.
However, the government is slowly opening the shops and outlets that sell whiskey to the target audience. Also, the key market producers of whiskey are coming up with new flavors that are already experiencing a huge demand amongst the various market end-users of whiskey during the forecast period of 2021-2028.
The most prominent major key players in the Whiskey Market all across the globe are mentioned below:
These major key players use various strategies to sustain their market position in the whiskey market in the global market by going for mergers, and acquisitions, by collaborating, setting up a new joint venture, establishing a partnership, developing a new production process, developing a new product line, innovation in the existing product, and many others to expand their customer base in the untapped market of the whiskey all across the globe.
During the historic forecast period that ended in 2019, India emerged as the largest consumer of whiskey that amounted to 1.5 billion liters. Also, as per a research note that was formed from the Bank of America, the United States consumed 462 million liters. These trends are likely to prevail and hence, the demand for whiskey in the North American and the APAC region will rise to a good level by the end of the forecast period in 2028.
Whisky production is witnessing many regulations and taxations being rendered by various governments that belong to different global locations. Also, various issues and health concerns related to the large consumption of whiskey and alcohol are presenting major challenges on the way of its growth for the global market during the forecast period.
Regional Market Summary
Global Whiskey Market Share (%), by Region, 2018
Source: Secondary Sources and MRFR Analysis
The penetration involved in the process of curating alcoholic beverages alongside the increase of whiskey distilleries is one of the major forces that will drive the global market towards good global growth. Also, people are coming across employment and earning opportunities that are rising their disposable income. This is pushing them to opt for beverages while socializing and attending parties. Also, there is an increase in the population of whiskey drinkers that is a beneficial factor for the market. The living standard of people belonging to developing countries is increasing that will rise the global market operations.
The whiskey market has been divided all across the globe based on the type, packaging type, distribution channels, and region.
Based on the Type
The market has been divided all across the globe based on the type into Canadian whiskey, Irish whiskey, American whiskey, Scotch whisky, and many others.
Based on the Packaging Type
The market has been divided all across the globe based on the packaging type into cans packaging and bottle packaging.
Based on the Distribution channels
The market has been divided all across the globe based on the distribution channel into retail and food service. The retail dividend is further sub-divided into specialty stores, hypermarkets, supermarkets, and many others.
Based on the Region
The market has been divided all across the globe based on the region into the North American region, Asia-Pacific region, European region, and the Middle East and African region.
The market has been divided all across the globe based on the region into the North American region, Asia-Pacific region, European region, and the Middle East and African region. The largest market share in the global market is held by the Asia-Pacific region owing to the increasing number of restaurants and bars especially in countries like China, Australia, India, and New Zealand.
The second-largest market share in the global market is held by the North American region owing to the increasing per capita income of the population. Also, the presence of countries like Mexico, Canada, and the US drives the demand for whiskey in this region.
The third-largest market share in the global market is held by the European region owing to changing lifestyle and growing drinking culture. Also, the presence of countries like the UK, Spain, Italy, France, and Germany drives the demand for whiskey in this region.
The Middle East and African region show a slow growth rate towards the whiskey market owing to low disposable income coupled with a lack of bars and restaurants.
This global whiskey market research report consists of the following elements mentioned below:
This market research report contains factors that drive the growth of the whiskey market in the global market along with the factors that restrict its growth in the global market. The technical analysis for the growth estimation during the forecasted period is mentioned. The impact of COVID 19 on the sales revenue of the whiskey market all across the globe is mentioned. The future growth rate during the forecasted period is estimated and mentioned.
Frequently Asked Questions (FAQ) :
Whiskey is an alcoholic beverage that is made from fermented mash of grains. Whiskey can offer several health benefits, if consumed in moderation, such as it helps in losing weight and preventing diabetes. It is also useful in treating common cold and soothing the sore throat.
whiskey market is expected to exhibit a strong 4.26% CAGR over the forecast period from 2019 to 2024.
The growing demand for whiskey is the major driver for the whiskey market.
North America dominates the global whiskey market.
Key players in the market include Bacardi Limited, Angus Dundee Distillers, and Pernod Ricard, among others.
Whiskey market is expected to reach USD 60.29 billion by 2024.