Press release
Global Bourbon Market Size, Share, Forecasts 2023 - 2033 | Top key players: Heaven Hill Distillery, Jim Beam Distillery, Knob Creek Distillery, Luxco, Michter's Distillery, Old Forester Distillery, Parker's Distillery, Sazerac Company, Wild Turkey Distill
Global Bourbon Market Size
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The industry encompassed in the manufacturing, distribution, and consumption of bourbon whiskey is the bourbon market. Bourbon whiskey is whiskey mainly produced from corn and aged in new charred oak barrels. It is regulated under strict guidelines and must include at least 51% of the production having to be a corn-based product to be classified as bourbon. Moreover, customers are ready to pay for bourbons with a unique flavor profile, exquisite craftsmanship, and luxurious taste if produced by good distilleries. As premium and super-premium brands gained increasing demand among discerning consumers due to high-end quality distilleries focused on producing only premium bourbons, the market offers have expanded as well. The premium and super-premium bourbons are most attractive since their very good taste profiles and mastered aging techniques make small availability highly demanded in the market. However, bourbon producers need to maintain their uniqueness and inventiveness in taste profiles and advertising tactics to distinguish themselves. Trade disputes and tariffs can cause disruptions in the supply chain and drive up production costs for bourbon manufacturers, which might, in turn, impact consumer prices and restrict access to foreign markets.
The barrel select segment accounted for the highest share in 2023 and is projected to grow at a substantial CAGR during the forecast period.
Based on the type, the bourbon market is divided into barrel finished, barrel select, wheat, rye, and others. Among these, the barrel select segment accounted for the highest share in 2023 and is projected to grow at a substantial CAGR during the forecast period. The growth is driven by the fact that barrel select bourbon is usually small-batch manufactured, produced, or bottled with single-barrel selections for higher-quality, one-of-a-kind, and elite products targeting knowledgeable consumers seeking fine, exclusive, and unique products that will command their share of markets.
The on-trade segment dominated the market in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
Based on the distribution channel, the bourbon market is divided into on-trade and off-trade. Among these, the on-trade segment dominated the market in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The growth is attributed to increased consumer awareness and experimenting with the product with the right bourbon choice, along with beautifully crafted cocktails through the on-trade segment, which also plays a critical role. Upscale taverns and restaurants offering premium experiences increase demand for the product. The convenience of selling bottled bourbon outside of the trade increases sales, as there are many varieties of the product and it is accessible.
North America holds the majority share of the global bourbon market during the forecast period.
North America holds the majority share of the global bourbon market during the forecast period. A high demand for the product in Kentucky, Pennsylvania, Louisiana, and other nations. The bourbon is mainly manufactured in Kentucky, making it cheap and available. North America has Kentucky with 100 bourbon distilleries. Also, the product is used in several confectionery and authentic American recipes, increasing its demand within the region.
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Asia Pacific is estimated to grow at the fastest pace in the global bourbon market during the forecast period. Increasing the popularity of Western lifestyle and party culture primarily drives the demand for the product in the region. Further, the growth in employment opportunities, purchasing power, and rising youth population is propelling the market growth in the region.
Major vendors in the global bourbon market are Barton Brands, Beam Suntory, Brown-Forman, Eagle Rare Distillery, Four Roses Distillery, Heaven Hill Distillery, Jim Beam Distillery, Knob Creek Distillery, Luxco, Michter's Distillery, Old Forester Distillery, Parker's Distillery, Sazerac Company, Wild Turkey Distillery, Wildcat Distillery and Others.
Key Target Audience
Market Players
Investors
End-users
Government Authorities
Consulting and Research Firm
Venture capitalists
Value-Added Resellers (VARs)
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Key Market Development
In March 2023, Kentucky Peerless Distilling Company unveiled the Toasted Bourbon Batch. The expression in this batch consisted of bourbon matured for five years in char 3 barrels and then transferred to medium toast barrels. Limited edition numbered labels and bottle signatures were reserved for the event.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the bourbon market based on the below-mentioned segments:
Global Bourbon Market, By Type
Barrel Finished
Barrel Select
Wheat
Rye
Others
Global Bourbon Market, By Distribution Channel
On-trade
Off-trade
Global Bourbon Market, By Regional
North America
US
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
Russia
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Australia
Rest of Asia Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
UAE
Saudi Arabia
Qatar
South Africa
Rest of the Middle East & Africa
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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