Market Overview
Whiskey Market is expected to register 4.26% CAGR over the review period (2019 to 2024) and reach USD 60.29 Billion by the end of 2024.
Market Dynamics
Whiskey is a distilled alcoholic liquor made from fermented grain mash. Whiskey has a number of health benefits when drunk in moderation, including weight loss and diabetes prevention. It may also be used to relieve a cold and soothe a sore throat. The huge demand for premium and super-premium whiskeys in both developing and developed countries is the primary factor driving whiskey demand. Furthermore, moderate consumption of whiskey is beneficial to one's health and decreases the risk of heart disease, as well as the occurrence of high or low blood pressure in individuals, boosting the overall demand for whiskey over the projected period of 2021 to 2028. Because of the demand for traditional beverages, the premium goods market is expected to expand significantly over the forecast period. This demand is expected to increase as the population of people who frequent clubs and pubs grows. Furthermore, the market for premium drinks has increased due to a desire for alcoholic beverages with authentic flavors and strong flavors.
Furthermore, the rise in the proportion of whiskey distilleries, as well as the penetration of the method of producing alcoholic drinks, serves as a major factor for rising the demand for whiskey on a global scale. Furthermore, rising disposable income, which leads to increased demand for premium whiskey goods, rising population, and improving living standards in developing countries are all contributing to the whiskey market's expansion. These factors are driving whiskey demand among health-conscious consumers around the world. The global whiskey market is growing due to evolving lifestyles and customer preferences, as well as rising per capita disposable income. The global whiskey market is expected to rise in response to the increasingly increasing demand for leisure activities and the rapidly growing food service industry. Furthermore, the exponentially rising youth population is expected to drive the global whiskey market forward.
However, regulations and taxes on whiskey production, as well as numerous health concerns and issues associated with whiskey consumption, have the potential to stifle the whiskey market's growth.
Segmental Analysis
The global whiskey market has been segmented based on type, packaging type, distribution channels, and region.
The global whiskey market has been classified, based on type, into scotch whiskey, American whiskey, Irish whiskey, Canadian whiskey, and others.
The global whiskey market has been bifurcated, based on packaging type, into bottles and cans.
The global whiskey market has been divided, based on distribution channel, into foodservice and retail. The retail segment is further classified into supermarket and hypermarket, specialty stores, and others.
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Regional Analysis
North America, Europe, Asia-Pacific, and the rest of the world have all been studied for the global whiskey market.
Because of the high demand for whiskey in the foodservice industry, North America is projected to dominate the market. Over the last few years, the number of luxury product manufacturers in North America has exploded. Increased product demand has drawn a slew of new players to the industry. Furthermore, shorter approval deadlines from federal and state regulatory agencies also encouraged distilleries to begin making whiskey.
In the global whiskey market, Asia-Pacific is expected to rise at the fastest pace. This increase can be due to the region's growing number of bars and restaurants. Furthermore, the population's per capita disposable income in Asia-Pacific is expected to support the region's whiskey demand growth. The main whiskey markets in the area are China, India, Australia, and New Zealand.
Competitive Analysis
Angus Dundee Distillers Plc. (UK), Allied Blenders and Distillers Pvt. Ltd. (India), Bacardi Limited (UK), Pernod Ricard (France), Brown-Forman (US), Constellation Brands, Inc. (US), Diageo Plc (UK), Suntory Holdings Ltd. (Japan), Asahi Group Holdings (Japan), La Martiniquaise (France), William Grant & Sons Holdings Ltd (UK), The Edrington Group (UK), Constellation Brands, Inc. (US), King Car Group (Taiwan), and Moët Hennessy Louis Vuitton (France) are some of the key players in the global whiskey market. Portfolio growth, joint ventures, capacity expansion, mergers and acquisitions, and brand promotion are some of the major manufacturers' main strategies. To increase their customer base, these businesses are concentrating on having unique items in their portfolios and using locally produced grains and spices to impart a distinct taste and flavor.
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