NEW YORK, Sept. 3, 2021 /PRNewswire/ — As per Fact.MR, the demand for whiskey is set to rise at a consistent CAGR of 6% during the assessment period of 2021 and 2031. The market will top the valuation of US$ 60 Bn by 2021-end.
Sales of whiskey will gain traction due to the increasing consumption worldwide. Perceived health benefits of whiskey have made it a preferred drink among those aiming at weight management. Whiskey has no fat and minimum sodium content, which have made it a preferred alcohol for consumption among people with weight issues or obesity.
Prevalence of obesity across developed nations including the U.S., Canada, and the U.K. is high. This also has led to increased consumption of whiskey which contains no fat. According to the report, consumers are expected to show greater inclination towards high-premium brands, given the rising disposable income.
For instance, demand for Irish Whiskey and Single Malt Scotch is expected to witness high growth during the forecast period. As per the survey, revenues of Irish whiskey and single malt scotch will grow at 19% and 13.5%, topping a valuation of US$ 664 million and US$ 732 million, respectively.
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During the FQ-20, disruption in supply-chain and reduced production capacity impacted the market negatively due to the outbreak of COVID-19. Nonetheless rising consumption of premium whiskey globally will aid the overall growth of the market over the course of the assessment period.
“Increasing awareness about health benefits of whiskey in comparison to other forms of alcohol will improve sales prospects through the assessment period. With rising disposable income in developing economies, consumption of whiskey is expected to accelerate over the forthcoming years.” says the Fact.MR analyst.
Key Takeaways from Whiskey Market Survey
- In terms of grain type, blended whiskey is expected to dominate the market, exhibiting growth at healthy CAGR of 6% through 2031.
- Demand for super premium whiskey will continue to rise, holding over 2/5th of market share
- Sales of premium whiskey set to rise at over 7.5% CAGR during the forecast period
- The U.S. is expected to be the most lucrative market, capturing a market share of over 30% of the global revenue
- India’s whiskey market is anticipated to exhibit positive growth at nearly 5% CAGR over the coming years
- Canada will experience high growth on the back of rising consumption of whiskey due to growing obesity rate
- Increasing consumption of whiskey for medicinal purpose to reduce obesity and diabetes will propel the market growth
- Expansion strategies adopted by malt extract and ingredient manufacturers are expected to drive the demand of whiskey market
- Increasing consumption of whiskey in developing countries due to rising health awareness will accelerate the sales over the coming years
- Fluctuating beer market and increasing price pressure on whiskey ingredients and malt is likely to act as a challenge for the market players
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Leading players operating in whiskey market are relying on a slew of expansion strategies to maintain their global foothold. Adoption of inorganic strategies such as mergers and collaboration is also on the cards to expand their product portfolio and customer base.
To cater the surging demand for whiskey, key players are increasing their production and introducing new technologies and products to satisfy the demand.
In July 2021, Diageo India announced its entry in craft whiskey with an exclusive batch of 2,000 bottles of India’s first ever small batch, artisanal craft, 100% rice whiskey, called Epitome Reserve.
In August 2021, Jack Daniel distillery announced the launch of Jack Daniels 10-year old Tennessee Whiskey, the brands first 10-year aged stated whiskey in a millennium.
Some of the leading players operating in the whiskey market profiled by Fact.MR are:
- Chivas Brothers
- William Grant & Sons
- La Martiniquaise
- The Edrington Group
- Beam Suntory
- Whyte & Mackay
- Inver House
- Loch Lomond.
More Valuable Insights on Whiskey Market
Fact.MR, in its new report, offers incisive coverage on the global whiskey market, analysing forecast statistics during the period 2021 and 2031. The survey reveals growth projections on in whiskey market with detailed segmentation:
By Grain Type:
- Malt Whiskey
- Wheat Whiskey
- Rye Whiskey
- Corn Whiskey
- Blended Whiskey
- Other Grain Type Whiskey
- Premium Whiskey
- High-End Premium Whiskey
- Super Premium Whiskey
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa (MEA)
Key Questions Covered in the Whiskey Market Report
- The report offers detailed insights into whiskey demand outlook for 2021-2031
- The market study also highlights projected sales growth for whiskey market between 2021 and 2031
- Whiskey market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Whiskey market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
Explore Fact.MR’s Coverage on the Food & Beverage Domain –
Craft Beer Market– The growth of craft beer industry is being fuelled by an increase in the number of brewers, lounges, and bars. In the forecast term, the growth of millennials is expected to generate a lucrative potential for the craft beer industry. Beer consumption per capita is quite high, and artisan beer is not to be expected. As a percentage of the total beer market, craft beer accounts for more than 15%. Furthermore, premium quality craft beer is preferred by consumers mostly from Europe and North America. Craft beer demand has risen as the number of Generations X and Y has grown.
Fortified Wine Market– Wines are generally fortified to make them stronger and full of flavor. Premiumization of the product is seen to be a primary factor fuelling global demand for fortified wine. The majority of consumers believe that high-quality ingredients are used in premium items. Over the last several years, there has been an increase in demand for new flavours in fortified wine. Leading competitors in the global fortified wine market are focusing on introducing new fortified wine flavours in order to meet shifting client preferences.
Sparkling Wine Market– Rapid growth in emerging nations has resulted in an increase in per-capita disposable income as well as a shift in consumer tastes and preferences. People, on the other hand, have become more aware of the dangers of excessive alcohol intake during “binge-drinking” parties. As a result, they’re looking for beverages with reduced alcohol content, and the sparkling wine market is well positioned to gain from this shift in consumer behaviour. The millennial generation, the senior population, and every group in between all like sparkling wine.
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