Whiskey Market size is projected to reach $86.3 billion by 2027

According to a new report published by Report Ocean, titled, “Whiskey Market by Product Type and Distribution Channel: Opportunity Analysis and Industry Forecast, 2020–2027,”the global whiskey market was valued at $59.6 billion in 2019, and is projected to reach $86.3 billion by 2027, registering a CAGR of 4.9% from 2020 to 2027. The market is expected to exhibit an incremental revenue opportunity of $26.7 billion from 2020 to 2027. The market growth is propelled by the rise in demand for whiskey as a result of rise in preference for premium brands. The rising demand for high-premium whiskeys as a result of change in consumer tastes, rise in standard of living globally and inclination toward innovate products is expected to drive the growth of the global whiskey market size.

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In order to engage tech-savvy young consumers that seek greater value for money, more personalization, and integrated digital access, luxury whiskey brands have started to develop accurate social media platforms to expand consumer reach. Furthermore, millennia also value quality, authenticity and provenance, and hence, are willing to pay more to enjoy this. The young consumers are inclined to experiment with their alcoholic beverages, which has essentially led to the rise in ‘cocktail culture’. This trend has further enhanced the usage of whiskey as an ingredient, thereby propelling the global whiskey market growth.

The global whiskey market is also expected to be explored in terms of development of organic whiskey. With rising consumer consciousness, the demand for beverages produced using organic ingredients is anticipated to grow in the near future. This element creates opportunity for whiskey manufactures to expand the consumer base and generate growth avenues.

COVID-19 was declared a pandemic by the WHO in the earlier half of 2020. The outbreak of coronavirus has significantly impacted not only various food and beverages industries but also all stages of the supply chain and value chain of various industries. In addition, the food and beverage industry is currently facing challenges due to halting of operations, which, in turn, has disrupted the economy of numerous countries. The on-trade segment has especially been impacted since bars, restaurants, pubs, breweries have been shut due to the lockdown and customer visits are entirely restricted. On the contrary, the sales through off-trade sources have experienced a rise during this phase. Consumers purchased alcohol in-stores as well as through online sales channels. Furthermore, the demand for larger pack sizes grew considerably for the wines and spirits category since consumers preferred buying in bulk.

On the contrary, manufacturers are comprehending strategies to revive from the current situation by means of reshaping their sales channels as well as product innovation.

On the basis of global whiskey market analysis, for product type, the market is categorized into Irish whiskey, Scotch whiskey, Japanese whiskey, American whiskey and Canadian whiskey. The scotch whiskey segment was valued at $25.1 billion and is expected to growth with a CAGR of 4.10% during the forecast period. The segment is expected to reach $34.5 billion by 2027. The Canadian whiskey segment is anticipated to be the fastest growing segment, with a CAGR of 6.60% during the forecast period.

On the basis of distribution channel, the market is bifurcated into on-trade and off-trade segments. In the year 2019, the off-trade segment was dominant, which accounted for more than half of the share in whiskey market and is expected to retain its dominance throughout the forecast period. This is due to the high-volume sales through large supermarket chains. However, the on-trade segment is expected to grow at a higher CAGR during the forecast period owing to rise in consumer spending on alcoholic beverages in outlets such as bars, restaurants, coffee shops, clubs, hotels among others.

On the basis of region, the global whiskey market is studied across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, New Zealand and Rest of Asia-Pacific), and LAMEA (Middle East, Latin America, and Africa).Europe was the prominent market in 2019 and accounted for the maximum global whiskey market share owing to the tremendous popularity and substantial consumption of alcohol in the region. However, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period.

Key findings of the study

The whiskey market was valued at $59,631.2 million in 2019and is estimated to reach $86,389.5 million by 2027, registering a CAGR of 4.9% during the forecast period.
By product type, the Canadian whiskey segment is estimated to witness the fastest growth, registering a CAGR of 6.60% during the global whiskey market forecast period.
In 2019, by distribution channel, the off-trade segment held the highest share, however the on-trade segment is anticipated to grow at a higher CAGR during the forecast period.
In 2019, Europe region was the most prominent market however Asia-Pacific region is expected to grow at a significant CAGR throughout the global whiskey market forecast period.
The key players operating in the global whiskey industry include Diageo plc., Pernod Ricard, William Grant & Sons Ltd, Bacardi Limited, Beam Suntory, Inc., The Brown–Forman Corporation, Constellation Brands, Inc., Asahi Group Holdings, Ltd., La Martiniquaise and Loch Lomond Distillers Ltd.

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This release was published on openPR.