According to the latest report by IMARC Group, titled "Whiskey Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global whiskey market reached a value of US$ 59.8 Billion in 2021. Whiskey is a type of distilled alcoholic beverage that is aged in wooden barrels made of charred white oak. It is prepared by fermenting the grain mash of rye, wheat, barley or corn. This is further followed by the process of mashing, blending and bottling. Whiskey is a rejuvenating and recreational drink that is widely associated with numerous health benefits. Its moderate consumption can aid in enhancing metabolism, regulating cholesterol levels and preventing the chances of stroke, dementia and heart attack.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Whiskey Market Trends:
The global market is primarily driven by the widespread preference for alcoholic beverages among the masses. Supported by rapid urbanization, the shifting lifestyle patterns of the masses and their inflating disposable income levels, this has facilitated the uptake of whiskey across the globe. Along with this, the rising trend of corporate gatherings and mid-week/weekend parties among working professionals is expected to provide a thrust to the market growth. The market is further driven by continual innovations and advancements in the manufacturing processes of alcoholic drinks. Furthermore, the introduction of organic whiskey that is prepared from organic barley aged in virgin oak casks is gaining widespread prominence among the masses. Coupled with the growing popularity of online retail alcohol stores that offer ease of access, a vast array of product selections and a hassle-free shopping experience with flexible payment options, this is expected to provide an impetus to the market growth. Some of the other factors contributing to the market growth include the growing prominence of whiskey-based tourism and the increasing demand for premium and super-premium whiskeys on the global level. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 6.12% during 2022-2027.
- On the basis of the product type, the market has been divided into American whiskey, Irish whiskey, Scotch whiskey, Canadian whiskey, and others.
- Based on the quality, the market has been classified into premium, high-end premium and super premium.
- On the basis of the distribution channel, the market has been bifurcated into off-trade (supermarkets and hypermarkets, discount stores, online stores and others) and on-trade (restaurants and bars, liquor stores, and others).
- On the geographical front, the market has been segmented into Europe, North America, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been analyzed in the report with the detailed profiles of the key players. Some of these players include Diageo plc, Bacardi Limited, Suntory Beverage & Food Limited, Pernod Ricard, The Brown–Forman Corporation, Asahi Group Holdings Ltd, William Grant & Sons Holdings Ltd, The Edrington Group, Allied Blenders and Distillers Pvt Ltd, Constellation Brands, and La Martiniquaise.
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