Sep 16, 2020 2:00 PM ET
iCrowd Newswire – Sep 16, 2020
According to the forecasters at Zion Market Research, the global whiskey market size is projected to spur from around USD 61.75 billion in 2019 to approximately USD 93.36 billion by 2026. Analysts have anticipated that the market is likely to register nearly 6.1% CAGR throughout the projected period. Various factors are driving the market growth such as a significant change in consumer preference, an observable shift in lifestyles, and a considerable rise in disposable income. The ease of access of liquors to the millennial generation is also one of the key factors propelling market growth.
The global whiskey market offers a huge and highly competitive platform for the established and emerging whiskey manufacturers to attain the leading position by grabbing a significant share in the market. Some of the dominating players in the market are Bacardi Limited, Pernod Ricard, Allied Blenders and Distillers Pvt Ltd., Asahi Group Holdings Ltd., La Martiniquaise, The Edrington Group, Diageo plc, Constellation Brands, The Brown–Forman Corporation, Suntory Beverage & Food Limited, and William Grant & Sons Holdings Ltd., among others.
Expanding Consumer Base Likely To Boost Whiskey Consumption
The blended whiskey consumption is projected to witness a significant hike owing to the increasing consumer base at the global level. However, the consumption rate of super-premium drinks is projected to increase swiftly in developed economies, such as France, U.K., Canada, and the U.S. over the forthcoming years. Other factors propelling the global whiskey market include implementation of easygoing and less stringent alcohol-related regulations, the launch of innovative & premium whiskey, increasing demand for craft products across developed countries, and the “cocktail culture” growth.
The global whiskey market report comprehensively evaluates the market performance by categorizing it into different segments, based on the raw material, quality, distribution channel, and geography. By product, the report segments the market into corn, malt, blended, rye, wheat, and others. Among all the product segments, wheat is holding around half of the total market share. Based on quality, the market is divided into high-end premium, super-premium, and premium. By distribution channel, the report segregates the global market into on-trade and off-trade. The former is further segmented into liquor stores, bars & restaurants, and others; while the latter is subdivided into online stores, discount stores, hypermarkets & supermarkets, and others.
U.S. And Europe Likely To Dominate The Market Owing To Huge Demand And Supply
The renowned whiskey manufacturing companies employ distillers for extracting distilled alcoholic beverages using a wide range of grains. To enhance the flavor and taste, a small number of herbs and spices are added to the blend. Europe and North America are the two key regions, where the majority of the leading whiskey manufacturers have established their plants due to the increased customer demand in France, the U.K., and the U.S.
Economically developing regions including Asia Pacific, Middle East & Africa, and Central & South America are also projected to drive the whiskey market gradually during the projected period.
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The report segments the global whiskey market as follows:
By Raw Material
- High-End Premium
- Super Premium
By Distribution Channel
- Liquor Stores
- Bars and Restaurants
- Online Stores
- Discount Stores
- Hypermarkets and Supermarkets
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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Keywords: Global Whiskey Market