According to IMARC Group latest published report, The global whiskey market size reached US$ 59.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 86.1 Billion by 2027, exhibiting a CAGR of 6.12% during 2022-2027.
Whiskey Market Overview:
Whiskey is an amber-colored, distilled alcoholic drink made from a fermented mash of cereal grains, malted barley, rye, wheat, and corn. It is prepared by malting, mixing the mash grains, cooling, fermenting, distilling, aging, and bottling the final product. It is commonly aged in wooden barrels and consumed as a rejuvenating and recreational drink. It is a gluten-free beverage with less sugar, which helps reduce the risk of developing type 2 diabetes. Its moderate consumption offers numerous potential health benefits, such as cancer prevention, promoting heart health, reducing anxiety, and improving sleep patterns. Besides this, as it aids in treating pneumonia, maintaining blood pressure levels, curing congestion, and relieving joint pain, the demand for whiskey is increasing across the globe.
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.
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Global Whiskey Industry Trends and Drivers:
Rapid urbanization and inflating disposable income levels of individuals are driving the demand for alcoholic beverages worldwide. The growing preferences for premium alcoholic drinks among individuals, especially the millennial population, and the emerging trend of social and cultural gatherings is also escalating the demand for whiskey. Additionally, the emerging trend of mid-week or weekend parties among working professionals is increasing the sales of alcohol. This, along with the rising establishment of pubs, bars, clubs, hotels, and restaurants is increasing the product sales. Besides this, continuous upgradation and advancements in the manufacturing of alcoholic beverages, coupled with the increasing number of whiskey distilleries across the globe, is creating a positive outlook for the market. The burgeoning spirit tourism is encouraging international travelers to develop a taste for local beverages. This, coupled with the changing lifestyle of individuals and rising awareness among consumers about premium and imported whiskeys, is contributing to the market growth.
In line with this, the introduction of organic whiskey that is prepared from organic barley and aged in virgin oak casks is gaining immense traction among the masses. Furthermore, the expansion of organized distribution channels, such as supermarkets, hypermarkets, wine shops, and liquor shops, is offering lucrative growth opportunities to manufacturers. The proliferation of online retailing channels that offer ease of access and provide consumers with a hassle-free shopping experience, doorstep delivery, and secure online payment methods is also strengthening the market growth. Moreover, the rising focus of leading market players on introducing premium product variants with enhanced flavor and aroma is propelling the market growth. They are also investing in several marketing strategies to improve distribution and purchasing channels, which is expected to drive the market in the coming years.
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List of Major Key Players:
The major players in the market are 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, La Martiniquaise, etc.
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
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