The Premiumization of the Whiskey Market Raising the Bar For Key Players, says Market.us
The global Whiskey Market has seen tremendous growth in recent years, as whiskey has become increasingly popular amongst consumers across the world. As a result, there are a variety of new trends, opportunities, and outlooks for the whiskey market, making it a lucrative investment opportunity for many.
In this blog post, we’ll discuss the global whiskey market overview, including trends, opportunities, and outlooks for the future. We’ll look at the current state of the whiskey market and analyze the industry’s potential for growth and profitability. With this comprehensive overview, you’ll be able to make informed decisions about investing in the whiskey market.
The Whiskey Market size is expected to be worth around USD 111.93 billion by 2032 from USD 62.5 billion in 2022, growing at a CAGR of 6% during the forecast period 2023 to 2032.
According to research by Market.us, “The global whiskey market is growing, driven by factors such as rising demand for premium whiskeys, the growing popularity of whiskey among women, and an increasing number of distilleries.”
The market is segmented by type, distribution channel, and geography. In terms of type, the market includes malt whiskeys, grain whiskeys, rye whiskeys, and other whiskey types. By distribution channel, the market is divided into on-trade and off-trade. On-trade refers to the sales of whiskey at bars, restaurants, clubs, pubs, and other venues. Off-trade refers to the sales of whiskey at supermarkets, hypermarkets, and other retail outlets.
Geographically, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounts for a major share of the global whiskey market.
Anurag Sharma, a senior research analyst at Market.us, said, “Factors such as the presence of prominent whiskey manufacturers in the US and Canada are driving the growth of the market in this region. Europe is another prominent market for whiskey and is driven by factors such as the increased popularity of Scotch whisky.”
Premium whiskeys are driving the global whiskey market, with more and more people opting for these top-notch whiskeys. With their unique taste, flavors, and alcohol content, premium whiskeys are becoming the preferred choice for many consumers. The rising demand for these products has given rise to an increase in the production of these whiskeys.
Women are becoming a powerful force in the whiskey industry, as they have embraced the spirit with open arms. Women now account for almost half of all whiskey consumption and this trend is expected to continue in the near future. The industry has also seen a surge in female distillers, who are bringing fresh perspectives and ideas to the industry.
The number of distilleries around the world is also increasing. With new countries joining the fray and the establishment of small-scale distilleries, there is a greater variety of whiskeys available for consumers. This allows for different flavor profiles and a greater exploration of the spirit.
In conclusion, these factors are driving the growth of the global whiskey market and will continue to do so in the years to come.
By type, the global whiskey market is segmented into scotch whiskey, bourbon whiskey, and others. Scotch whiskey holds the highest share of the global market due to its strong flavor profile. Bourbon whiskey, on the other hand, is a sweeter alternative and has become increasingly popular. Other whiskey types, such as blended and single malt, also have their own niche markets.
Distribution channels for whiskey include supermarkets and hypermarkets, specialty stores, online stores, and liquor stores. Supermarkets and hypermarkets dominate the market due to their widespread availability. Specialty stores provide a more focused selection of whiskeys and serve a smaller yet passionate customer base.
Online stores are gaining popularity due to their convenience and are seeing rapid growth in recent years. Liquor stores are another popular option for those looking for specific brands or aged varieties of whiskeys.
The market is geographically segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America and Europe hold the largest shares of the market due to the popularity of whiskey in these regions.
Asia Pacific is expected to experience significant growth over the forecast period due to the rising demand for premium spirits in this region. Latin America is also growing in popularity due to increasing consumer interest in foreign whiskey varieties. The Middle East and Africa region also have a growing whiskey market, although it is still relatively small compared to other regions.
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