What is the Global market size of Whiskey Market?

Global Whiskey Market size was valued at USD 61.03 billion in 2021 and is poised to grow from USD 65 billion in 2022 to USD 107.57 billion by 2030, growing at a CAGR of 6.5% in the forecast period (2023-2030).

Whiskey Market Size, Share, Growth Analysis, By Product(Irish Whiskey, Scotch Whiskey, Malt Whiskey, Wheat-based Whiskey), By Quality(Scotch Whiskey, Premium Products), By Distribution Channel(On-Trade, Off-Trade), By Region - Industry Forecast 2024-2031

Report ID: SQMIG30D2006 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 92 | Figures: 70

Whiskey Market Dynamics

Drivers

Surge in Demand for Blended Whiskey to Fuel Market Growth

The anticipated surge in demand for blended whiskey indicates a robust growth trajectory, attributed primarily to the expanding consumer base worldwide. Notably, the super-premium segment is poised for significant growth, particularly within developed countries such as the U.K., France, the U.S., and Canada in the forthcoming years. Several factors contribute to this projected expansion, including the driving forces of "innovation and premiumization" within the industry.

Restraints

Emerging Trend of Non-Alcoholic Beverage Alternatives may Impede the Market Demand

The trajectory of the whiskey market faces potential constraints with the emergence and increasing popularity of innovative non-alcoholic beverages, coupled with a shifting consumer preference toward juices and carbonated drinks. Recent years have witnessed a notable surge in the market traction of non-alcoholic alternatives, exemplified by products like Heineken 0.0 and Budweiser Zero, buoyed by a rising awareness of health concerns and a growing penchant for healthier beverage choices.

Whiskey Market Report Snapshots

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FAQs

Global Whiskey Market size was valued at USD 82.8 billion in 2022 and is poised to grow from USD 88.2 billion in 2023 to USD 142.4 billion by 2031, growing at a CAGR of 6.5% in the forecast period (2024- 2031).

The competitive environment of the global Whiskey Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry. 'Diageo', 'Pernod Ricard', 'William Grant and Sons', 'Suntory Holdings Ltd', 'Brown Foreman', 'Allied Blenders and Distillers Pvt Ltd', 'Angus Dundee Distillers Plc', 'Bacardi Limited', 'Constellation Brands Inc', 'King Car Group', 'La Martiniquaise', 'the Edrington Group', 'Chivas Brothers', 'Whyte & Mackay'

The anticipated surge in demand for blended whiskey indicates a robust growth trajectory, attributed primarily to the expanding consumer base worldwide. Notably, the super-premium segment is poised for significant growth, particularly within developed countries such as the U.K., France, the U.S., and Canada in the forthcoming years. Several factors contribute to this projected expansion, including the driving forces of "innovation and premiumization" within the industry.

The rising escalating global demand for alcoholic beverages is poised to significantly bolster the growth of the whiskey industry. This surge is attributed to several factors, including shifting consumer preferences, rapid urbanization trends, and the burgeoning purchasing capacity of the middle-class demographic. In recent years, there has been a notable upswing in alcohol consumption, propelled by these influential factors. As an illustration, data sourced from the American Addiction Centers underscores this trend, indicating an annual consumption exceeding 445 billion liters worldwide across categories encompassing wine, beer, and spirits. This substantial consumption volume underscores the robust and expanding market for alcoholic beverages on a global scale.

In North America, there has been a sharp upsurge in the count of premium product manufacturers, a trend that has gained momentum in recent years. The escalating demand for these products has acted as a magnet, drawing in numerous new companies to enter the market.

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Whiskey Market Size, Share, Growth Analysis, By Product(Irish Whiskey, Scotch Whiskey, Malt Whiskey, Wheat-based Whiskey), By Quality(Scotch Whiskey, Premium Products), By Distribution Channel(On-Trade, Off-Trade), By Region - Industry Forecast 2024-2031

Whiskey Market Dynamics

Whiskey Market Report Snapshots

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