Scotch And Irish Whiskey Market To Witness Consistent Growth Through 2025

Constantly rising demand for spirits across developed countries owing to the growing purchasing power of consumers is expected to drive global whiskey market trends in the upcoming years. As per WikiliQ, in terms of annual alcohol consumption, European countries like Germany, Lithuania, Czech Republic, Moldova, and others ranked top among the 20 most alcoholic countries in 2021.

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Whiskey and its different types such as malt whiskey and grain whiskey can be categorized with respect to base products, alcohol content, and quality. The availability of a wide range of whiskey along with rapid urbanization in developing countries is likely to have a positive impact on industry growth. According to Global Market Insights, Inc., forecast, global whiskey market size is estimated to exceed US$84 billion by 2025.

Escalating demand for scotch and Irish whiskey
A robust demand for scotch whiskey across the globe is expected to bring lucrative growth opportunities in the industry. Scotch whiskey is sold in around 180 markets globally. According to the Scotch Whiskey Association, product export rose by 4.4% to worth more than £4.9 billion in 2019. The growth trend is primarily attributed to the increased valuation of scotch whiskey exports to Asia and Africa.

There is a significant growth in the Irish whiskey segment owing to a strong popularity. The substantial rise in Irish whiskey exports by 15% in recent years has prompted the development of existing distilleries along with the construction of new ones. In Ireland, there were nearly 25 operational distilleries along with another 24 that were under construction as of 2019.

On the other hand, the presence of several other types of whiskey similar to the Irish one, such as single malt, blended whiskey, single grain, and pure pot still whiskey is predicted to propel the demand significantly.

Sale of alcoholic beverages in APAC and Europe amid COVID-19 outbreak

Asia Pacific whiskey industry is expected to witness substantial gains owing to the growing urbanization and high adoption of modern culture among youth. Increasing sending capacity of consumers has positively impacted the turnout in restaurants and bars, which is further likely to fuel alcohol demand. Moreover, the rise in alcohol consumption in countries like South Korea and Vietnam should complement the regional industry landscape in the forthcoming years.

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Consuming alcohol at home is the new normal these days. Owing to the shutdown of restaurants and bars amidst the COVID-19 outbreak, the growth in alcohol sales in supermarkets has witnessed a significant rise in Europe.

As per the Office for Budget Responsibility’s economic and fiscal outlook, on average the revised alcohol duties increased by £1 billion a year, as tax receipts and sales data of off-licensed alcohol vendors held up much better in 2020/21. Moreover, consistent trend of alcohol intake among old age people and females should further support industry development in the coming years.

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This release was published on openPR.