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Global Whiskey Market to Reach US$ 76.9 Billion by 2024, Triggered by Changing Lifestyles

According to the latest report by IMARC Group, titled “Whiskey Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global whiskey market size reached US$ 56.7 Billion in 2018. Whiskey is a distilled alcoholic beverage which is prepared from the fermented grain mash of corn, rye, wheat and barley. The alcohol content in whiskeys is increased by the process of distillation and is further aged in wooden barrels which are usually made of charred white oak. Some of the most common steps required for preparing good quality whiskey include mashing, fermenting, blending and bottling. Moderate consumption of this beverage is associated with improving the metabolism, preventing stroke, enhancing heart functions, increasing the level of good cholesterol and fighting against cancer cells. Some of the most common types include Irish, Scotch, American, grain and blended whiskeys.

Global Whiskey Market

Global Whiskey Market Trends:

Changing lifestyle patterns, in confluence with inflating per capita income and rapid urbanization, have catalyzed the demand for whiskey, particularly in the emerging economies. In addition to this, the growing trend of socializing and corporate gatherings is boosting the sales of alcoholic beverages across the globe. Growing awareness among consumers regarding the benefits of natural products has led them to shift toward organic whiskey variants which are prepared from organic barley and are aged in virgin oak casks. Innovations in the manufacturing of alcoholic drinks and proliferation of online retail stores providing ease of access, hassle-free shopping experience, along with premium brands and a wide variety to choose from, are also creating a positive outlook for the market. Some of the other major factors contributing to the market growth include constant product innovations, the growing popularity of whiskey-based tourism and extensive promotional activities conducted by manufacturers. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 76.9 Billion by 2024, growing at a CAGR of 5.2% during 2019-2024.

Market Summary:

  • On the basis of the product type, the market has been divided into American whiskey, Irish whiskey, Scotch whiskey, Canadian whiskey and others. Among these, Scotch whiskey is the most preferred segment.
  • Based on the quality, the premium category exhibits a clear dominance in the market. Other major segments include high-end premium and super premium.
  • On the basis of the distribution channel, the market has been classified into off-trade and on-trade.
  • On the geographical front, Asia Pacific holds the leading position in the market. Other major regions include Europe, North America, Middle East and Africa, and Latin America
  • The competitive landscape of the market has also been analyzed with the detailed profiles of the key players operating in the market including 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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