Whiskey is without a doubt one of the most loved alcoholic beverage out there. It is sort of omnipresent all across the globe. Be it a party, special occasion or even sadness people always turn towards this golden liquid to unwind themselves. Without it any celebration is incomplete and the demand for this drink is always high whatever the season is. Since the time it was discovered, this alcoholic drink has struck a chord with the general masses and the craze around it is not going to subside anytime soon. This is one of the major reasons why the global whiskey market is on an uphill journey.
Looking at the current trend of throwing parties for every big or small occasion, one thing is for sure and that is that the global whiskey market has a pretty bright and prosperous future ahead. During the forecast period of 2017-2027, the market is expected to generate a revenue of around USD 8 billion. Whereas, in terms of CAGR the market will tread forward at the rate of 5%.
The success and development of this market is a result of the cumulative efforts of a number of growth factors. One of the major ones happens to be the upsurge in the demand for premium whiskey. People all over the world want access to some of the best whiskey brands in the world and this fact is working wonder for the market.
Another aspect that positively impacts this market is the growing popularity of this drink amongst all age groups. Once individuals cross the legal age to start consuming alcoholic beverages, their taste buds takes them over to whiskey owing to unique flavor and texture. Thus, ultimately the market gets benefitted by it.
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Scientifically, whiskey can be described as a kind of distilled alcoholic beverage that is prepared from fermented grain mash. For the creation of this premium drink a number of grains like wheat, corn, barley and rye are used. The choice of grain depends on the variety that one is looking for. Whiskey is called as a ‘luxury drink’ because it is aged in wooden casks that are normally made of charred white oak.
This drink has an eternal quality to it and due to this special characteristic it will never go out of business.
Market Players & Growth Strategies:
Some of the most renowned and longstanding players of this market can be listed as Pernod Ricard, Heaven Hill Distillers, Constellation Brands, Beam Suntory and Bacardi. The major strategies used by these brands to stay ahead of the competition are acquisition and strategic expansion.
The worldwide whiskey market has been divided into five equal portions. They can be listed as processes, sources, geographies, types and origin.
On the basis of processes, the market is bifurcated into column still distillation and pot still distillation.
When it comes to sources, the industry is trifurcated into blended, malt and grain.
Geographically, the market spans across various regions of the world like North America, Europe, Asia Pacific and Rest of the World.
On account of types, the industry is separated into scotch, bourbon/rye and cask finish.
Lastly, based on origin this market is fragmented into Japanese, U.S., Canadian and Irish.
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The global whiskey market is ruled by several growth trends that put in their share of effort to drive the market’s success. Some of the major ones are listed as below:
Hike in promotional activities for the market.
Upsurge in the demand for American and Irish whiskey.
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