USD 65 billion
Global Whiskey Market Size, Share, Growth Analysis, By Product(Irish Whiskey, Scotch Whiskey), By Quality(Scotch Whiskey, Premium Products), By Distribution Channel(On-Trade, Off-Trade) - Industry Forecast 2024-2031
Report ID:
SQMIG30D2006 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
92 |
Figures:
70
Global Whiskey Market Insights
Global Whiskey Market size was valued at USD 65 billion in 2022 and is poised to grow from USD 69.23 billion in 2023 to USD 114.57 billion by 2031, growing at a CAGR of 6.5% in the forecast period (2024- 2031).
The whiskey market is experiencing a significant upswing due to multiple factors, notably the shifting lifestyle choices of working professionals.
There's a discernible trend toward increased socializing and weekend gatherings among this demographic, creating a conducive environment for whiskey consumption.
This surge in social engagements has contributed to the market's growth. Additionally, the whiskey market is strongly influenced by the expanding accessibility of affordable options and a rising desire for premium quality variants.
The escalating demand for premium and super-premium whiskeys stands out as a key driver propelling the whiskey market forward in both developing and developed countries. This demand surge spans various socioeconomic segments, illustrating a widespread preference for high-quality whiskey across diverse consumer bases.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
scotch whiskey
Growth Rate
6.5% CAGR
Global Whiskey Market By Quality ($ Bn)
Country Share for North America Region (%)
Global Whiskey Market By Quality (%)
To get more reports on the above market click here to Buy The Report
Global Whiskey Market Segmental Analysis
The global whiskey market is segmented into three six major segments i.e. by product, distribution channel and region. Based on product type the market is segmented as, irish whiskey, japanese whiskey, american whiskey, malt whiskey, wheat-based whiskey, canadian whiskey. Based on quality the market is segmented as, scotch whiskey, premium products. Based on distribution channel the market is segmented as, on-trade, off-trade. Based on region the market is segmented as, North America, Europe, Asia-Pacific, MEA, and Latin America.
Analysis by Quality
Anticipated over the forecast period is substantial growth within the premium products segment, driven by a heightened demand for traditional drinks. This surge is propelled by the expanding population frequenting clubs and pubs, further fueling the inclination toward these premium offerings. Additionally, there's a discernible shift toward alcoholic beverages characterized by authentic flavors and robust profiles, fostering an increased preference for premium drinks among consumers seeking genuine tastes. This evolving consumer preference for heightened sensory experiences contributes significantly to the escalating demand for premium beverages within the market.
Scotch whiskey, traditionally crafted in Scotland, Canada, and Japan, adheres to stringent regulations: it must be distilled to a maximum of 94.8% alcohol by volume, aged for a minimum of three years and one day within oak casks no larger than 700 liters. This diverse category of Scotch is delineated into five distinct classifications, each boasting unique characteristics.
Analysis by Product
The production of wheat-based whiskey predominantly occurs in the United States, where it's crafted using a minimum of 51% wheat in its composition. Renowned for its distinctive characteristics, this whiskey type boasts a palatable flavor profile characterized by its saporous nature, offering a delightful combination of lightness and a subtle, gentle sweetness.
The trajectory for malt whiskey indicates substantial growth potential, particularly within markets such as China, Taiwan, and South Korea. This surge in demand is expected to be propelled by various factors, including the allure of exclusive whiskey festivals and clubs that cater to enthusiasts seeking unique experiences. Additionally, the increasing visibility of malt whiskey in specific on-trade venues further fuels consumer interest and consumption.
Global Whiskey Market By Quality , 2023 (%)
To get detailed analysis on other segments, Request For Free Sample Report
Global Whiskey Market Regional Insights
In North America, there has been a sharp upsurge in the count of premium product manufacturers, a trend that has gained momentum in recent years. The escalating demand for these products has acted as a magnet, drawing in numerous new companies to enter the market.
The whiskey market in the Asia Pacific region is forecasted to soar, surpassing a value of USD 54.9 billion by 2032, primarily propelled by the increasing purchasing power prevalent in developing nations like India and China. This upward trajectory is fueled by a notable shift in consumer preferences, favoring premium and luxury products, coupled with evolving lifestyles that promote a growing trade in alcoholic beverages across APAC countries.
Global Whiskey Market By Region, 2024-2031
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Global Whiskey Market Dynamics
Drivers
Surge in Demand for Blended Whiskey to Fuel Market Growth
- The anticipated surge in demand for blended whiskey indicates a robust growth trajectory, attributed primarily to the expanding consumer base worldwide. Notably, the super-premium segment is poised for significant growth, particularly within developed countries such as the U.K., France, the U.S., and Canada in the forthcoming years. Several factors contribute to this projected expansion, including the driving forces of "innovation and premiumization" within the industry.
Restraints
Emerging Trend of Non-Alcoholic Beverage Alternatives may Impede the Market Demand
- The trajectory of the whiskey market faces potential constraints with the emergence and increasing popularity of innovative non-alcoholic beverages, coupled with a shifting consumer preference toward juices and carbonated drinks. Recent years have witnessed a notable surge in the market traction of non-alcoholic alternatives, exemplified by products like Heineken 0.0 and Budweiser Zero, buoyed by a rising awareness of health concerns and a growing penchant for healthier beverage choices.
Request Free Customization of this report to help us to meet your business objectives.
Global Whiskey Market Competitive Landscape
The competitive environment of the global Whiskey Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry.
Top Player’s Company Profiles
- William Grant and Sons
- Suntory Holdings Ltd
- Allied Blenders and Distillers Pvt Ltd
- Angus Dundee Distillers Plc
- Bacardi Limited
- Constellation Brands Inc
- King Car Group
- La Martiniquaise
- the Edrington Group
- Chivas Brothers
- Whyte & Mackay
Recent Developments
- In November 2023, Absolut declared the launch of a limited-edition bottle named Absolut Mosaik, planned by Olly Alexander, a British vocalist, lyricist, entertainer, and social lobbyist known for advancing inclusivity. The jug includes a mosaic plan that represents the mixing of individuals from different foundations to drive positive change, mirroring the guiding principle of Absolut's Destined To Blend crusades. Each piece of the mosaic is novel; however, it meets up to make something of excellence, addressing solidarity and coordinated effort.
- In January 2024, Indri Single Malt Whiskey declared a strategic partnership with Black Cap for a 360 brand command. This coordinated effort intends to rethink Indri's computerized presence by executing a thorough system zipped in via virtual entertainment content, rich visuals, and extraordinary advanced properties. Through this drive, the brand means to separate itself in a cutthroat market scene, as framed in the organization's official statement.
Global Whiskey Key Market Trends
- The rising escalating global demand for alcoholic beverages is poised to significantly bolster the growth of the whiskey industry. This surge is attributed to several factors, including shifting consumer preferences, rapid urbanization trends, and the burgeoning purchasing capacity of the middle-class demographic. In recent years, there has been a notable upswing in alcohol consumption, propelled by these influential factors. As an illustration, data sourced from the American Addiction Centers underscores this trend, indicating an annual consumption exceeding 445 billion liters worldwide across categories encompassing wine, beer, and spirits. This substantial consumption volume underscores the robust and expanding market for alcoholic beverages on a global scale.
Global Whiskey Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global whiskey market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The growth trajectory of the whiskey market is fueled by an amalgamation of factors, notably the rise in disposable income levels and the evolving preferences and lifestyles of consumers. A pivotal driving force behind this surge is the substantial purchasing power wielded by the millennial demographic, which has emerged as the primary consumer base for this industry. Distillers craft this product utilizing farm-grown grains, skillfully blending a medley of whole spices, herbs, and grains to enhance their distinctive taste and flavor profiles.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 65 billion |
| Market size value in 2031 | USD 114.57 billion |
| Growth Rate | 6.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Whiskey Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Whiskey Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Whiskey Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Whiskey Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Whiskey Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Whiskey Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Whiskey Market Report Snapshots
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATION
USA (+1) 351-333-4748
