Press release
Strong Growth Ahead: Bourbon Spirits Market Size To Grow At Arecord 6.5% Cagr By 2029
Bourbon Spirits
How Big Is the Bourbon Spirits Market Size Expected to Be by 2034?
The bourbon spirits market has experienced strong growth in recent years. It is expected to increase from $8.29 billion in 2024 to $8.85 billion in 2025, at a compound annual growth rate (CAGR) of 6.7%. This growth can be attributed to cultural heritage and tradition, the trend towards premiumization, tourism, whiskey trails, celebrity endorsements, and the craft cocktail movement.
The bourbon spirits market is projected to grow to $11.37 billion by 2029, at a CAGR of 6.5%. Growth is driven by the demand for craft bourbons, inventive cocktails, and expanding cocktail culture. Key trends include flavor innovations, celebrity collaborations, and sustainable practices.
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What Are the Emerging Segments Within the Bourbon Spirits Market?
The bourbon spirits market covered in this report is segmented -
1) By Type: Barrel Select, Wheated, Barrel Finished, Other Types
2) By Alcohol By Volume (ABV): 40%-45%, 46%-55%, 56% And Above
3) By Distribution Channel: On-Trade, Off-Trade
Subsegments:
1) By Barrel Select: Single Barrel Bourbon, Small Batch Bourbon, Premium Barrel Select Bourbon
2) By Wheated: Traditional Wheated Bourbon, High Wheat Bourbon
3) By Barrel Finished: Sherry Barrel Finished Bourbon, Wine Barrel Finished Bourbon, Port Barrel Finished Bourbon, Other Barrel Finished Bourbons
4) By Other Types: Rye Bourbon, High-Rye Bourbon, Craft Bourbon, Flavored Bourbon
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What Long-Term Drivers Are Shaping Bourbon Spirits Market Trends?
The increasing consumption of alcoholic beverages is expected to boost the growth of the bourbon spirits market. The rise in alcohol consumption is driven by changing social norms, increased availability, and marketing efforts. Bourbon spirits are a popular choice due to their distinctive flavor, enjoyed in various settings. According to The House of Commons Library in July 2024, 56% of adults reported consuming alcohol in 2022, a slight increase from 55% in 2021, further fueling the bourbon spirits market.
Who Are the Top Competitors in Key Bourbon Spirits Market Segments?
Major companies operating in the bourbon spirits market are Suntory Holdings Limited, Brown-Forman Corporation, Sazerac Company Inc, MGP Ingredients Inc, Jack Daniel's, Jim Beam, Buffalo Trace, Angel's Envy, Heaven Hill Brands, Four Roses, Maker's Mark, Bardstown Bourbon Company, Laws Whiskey House, Woodford Reserve, Bulleit Bourbon, Old Forester, Knob Creek, Conecuh Brands LLC, Distiller's Way LLC, Evan Willaims, Jos. A. Magnus & Co, Nashville Barrel Company, Michters Distillery LLC, Wyoming Whiskey Inc, Willett Distillery
What Trends Are Expected to Dominate the Bourbon Spirits Market in the Next 5 Years?
Companies in the bourbon spirits market are developing innovative products such as wood-finished bourbon to meet changing consumer demands and differentiate their offerings. Wood-finished bourbon undergoes additional aging in barrels that have previously held other spirits or wines, imparting unique flavors. For example, in May 2024, RD1 Spirits launched a wood-finished bourbon-tasting set that includes bottles of bourbon aged with French Oak, Brazilian Amburana Wood, and double-finished Oak and Maple barrels. The meticulous barrel aging process creates distinct flavor profiles that enhance the tasting experience.
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Which Regions Are Becoming Hubs for Bourbon Spirits Market Innovation?
Europe was the largest region in the bourbon spirits market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bourbon spirits market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Bourbon Spirits Market?
2. What is the CAGR expected in the Bourbon Spirits Market?
3. What Are the Key Innovations Transforming the Bourbon Spirits Industry?
4. Which Region Is Leading the Bourbon Spirits Market?
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