The global whiskey industry is poised to record commendable proceeds over the coming years driven by the surging spending capacity, altering taste preferences of consumers, and the rising young population that is becoming legally eligible for the consumption of alcoholic beverages.
The consumption of Scotch whiskey is favored by its unique taste profile and the availability of numerous flavors comprising orange, caramel, peel, spice, and vanilla, and an increase in the number of Scottish distilleries.
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The presence of whiskey reviewers has been instrumental in propelling the demand for different types of whiskey flavors. For instance, in October 2020, esteemed whiskey reviewer, Jim Murray, declared that Paul John’s Mithuna, the Indian whiskey brand, is the third-finest whiskey at the global level. The advancement was disclosed by John Distilleries Private Limited.
Considering the above factors, the Whiskey Market size exceeded USD 60 billion in 2020 and is estimated to grow at over 5.9% CAGR between 2021 and 2027, according to the latest study by Global Market Insights, Inc.
However, the market growth is likely to be hindered by the diversion of manufacturing operators from the production of whiskey to the manufacturing of hand sanitizers and alcohol through the COVID-19 pandemic. These are further accompanied by difficulties in the direct advertisement of alcoholic beverages in few economies at the global level, and escalation in tariff imposed on Irish whiskey and Scotch whiskey in the United States.
Few major trends influencing whiskey industry expansion are as follows:
Rising preference for on-trade distribution channel
The on-trade distribution channel segment recorded a valuation of more than USD 32 billion in 2020 and is expected to expand at a CAGR of 5.7% between the period of 2021 and 2027. The segment expansion is driven by the increasing trend of weekend parties among youngsters and the gradual release of SARS-CoV-2 restrictions in various countries of the world, which is expected to gradually open up bars and restaurants.
The whiskey sales through off-trade distribution channels are, additionally, propelled via the availability of whiskey products of numerous brands at a single location, discounts by supermarkets, hypermarkets, and online retail platforms, and effective marketing strategies.
Increasing demand for the characteristic taste profile of whiskey in Canada
The Canada whiskey market size is estimated to exceed USD 5.5 billion through 2027, exhibiting a CAGR of 5.6% through 2027. The Canadian whiskey is likely to enjoy an upsurge in popularity through the forthcoming years due to its characteristic taste profile.
Furthermore, Canadian whiskey provides an escalated level of formulation flexibility to whiskey formulators via the addition of some quantity of sherry spirit and almost 8% American/Bourbon whiskey to the whiskey blend for improving its taste profile.
Escalating consumer awareness to spend on high quality whiskeys in Europe
The Europe whiskey market share exceeded USD 14 billion in 2020 and will expand at a CAGR of 5.2% through the assessment period. The regional growth is impelled by the surging consumer willingness to spend on high quality premium whiskeys, increasing stress levels, changing consumer lifestyle, and surging disposable income of the European population.
An increase in the number of new distillers opening up in the UK and Scotland should escalate both, the consumption and production of whiskey in the coming years.
On the whole, the surging consumer demand for whiskey’s characteristic smokey flavor and its increasing consumption worldwide will boost whiskey market share through the analysis period.
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