Whiskey Market Scope:
The global whiskey market can reach a valuation of USD 83.32 billion by 2032. It is predicted to expand at a CAGR of 3.80% over the forecast period. Health benefits associated with consumption of the beverage in losing weight and prevention of diabetes can drive the market demand. It is useful in the treatment of sore throat and common cold. The demand is fueled by health-conscious consumers.
The North American Whiskey Market encompasses the United States, Canada, and Mexico, reflecting a region with diverse whiskey traditions, consumer preferences, and market dynamics. While the US dominates the North American whiskey landscape with its iconic bourbon and rye brands, Canada and Mexico also play significant roles, each contributing unique styles such as Canadian whisky and Mexican agave spirits. The region is witnessing increasing demand for premium and craft whiskey offerings, driven by growing interest in artisanal production methods, unique flavor profiles, and authenticity. Moreover, the rise of whiskey appreciation clubs, festivals, and educational events foster a vibrant whiskey culture across North America.
Whiskey is an alcoholic spirit or beverage consumed by customers. Its consumption can be marked by the sales of premium and ultra rare blends by the elite. The large source of expendable income levels by consumers in developed and developing countries can drive the sales numbers of the beverage. The global Whiskey Market report by Market Research Future (MRFR) highlights various drivers and challenges for the period of 2024 to 2032 (forecast period) amid the outbreak of the COVID-19 virus.
Rise of recreational activities and the popularity of the beverage among the demographic of 18-50 are likely to drive the demand for whiskey. Innovation of new flavors by whiskey producers and inclusion of local aromas to improve the popularity among the masses can augur favorably for the market. Changing lifestyles of the public and establishment of new restaurants and lounges can lead to heavy demand for the beverage. New experiments in whiskey production for the production of rare blends will be favorable for the market in the long run.
The COVID-19 pandemic has led to a surge in whiskey demand owing to strict curfew periods and the inability to venture in public places. Production manufacturers are communicating through special communication channels to ensure a constant supply inflow. s
But strict regulations and taxes on whiskey production can hamper its growth.
Regional Analysis:
The global whiskey market has been analyzed for four key regions—North America, Europe, Asia Pacific (APAC), and Rest- of-the-World (RoW).
APAC is projected to grow at the highest growth rate during the forecast period due to the large number of bars and restaurants in the region. Rise in per capita income of consumers, setup of foreign distilleries, and development of new food menus to complement the taste of various blends of whiskey can fuel the regional whiskey market growth. Australia, New Zealand, China, and India are the biggest revenue generators of the region.
Europe is expected to weather a slow spell of returns during the forecast period owing to the effects of the COVID-19 pandemic. The closure of the hospitality industry and paucity of tourism can negatively affect the global whiskey market in the region. However, reopening of tourist spots and permission for international travel can bode well for the market. The acquisition of rare blends of whiskey by high-net-worth individuals (HNWIs) can be lucrative for whiskey producers.
Competition Outlook:
Pernod Ricard, Brown-Forman, Allied Blenders and Distillers Pvt. Ltd., William Grant & Sons Holdings Ltd, Constellation Brands, Inc., Moët Hennessy Louis Vuitton, Suntory Holdings Ltd., Diageo Plc, La Martiniquaise, King Car Group, The Edrington Group, Bacardi Limited, Asahi Group Holdings, and Angus Dundee Distillers Plc. The global Whiskey Market Companies.
Segmentations:
The global whiskey market has been segmented based on type, packaging type, distribution channels.
Based on type, it is segmented into Irish whiskey, scotch whiskey, American whiskey, Canadian whiskey, and others.
By packaging type, it is segmented into bottles and cans.
Major modes of distribution channel discussed are foodservice and retail. The retail segment is further segmented into supermarket and hypermarket, specialty stores, and others.
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