The Global Whiskey Market size was worth US$ 57.96 billion in 2022, and it is estimated to reach a valuation of US$ 89.60 billion by the end of 2028, rising at an annual compound rate of 6.4% between 2023 and 2028. The market is expected to witness growth due to the increased consumption of products worldwide during the forecast period.
Whiskey is an alcoholic beverage and is made by aging in a wooden box. As the cocktail culture grew, the demand for whiskey increased. Whiskey is an alcoholic drink prepared from fermented grain puree. The grains used include barley, rye, malt barley, malt rye, wheat, and corn. In the United States, there is no need to ripen corn whiskey. Whiskey is grown in grain but is produced in most regions where content and quality may differ. It is an alcoholic beverage made from fermented grain puree. As a general rule, these grains are aged with a white oak wood barrel, giving it a unique flavor.
Market Size Available
2022 – 2028
2023 - 2028
By Product, Premium and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
Market Leaders Profiled
Accolade Wines, Angus Dundee Distillers Plc, Constellation Brands, Inc, Allied Blenders and Distillers Pvt. Ltd, Bacardi Limited, Affymetrix, Inc, Alko, Asahi Brewers, Bruker Corporation, Danaher Corporation and Others.
Whiskey is a premium item that is reasonably priced, so consumers drink it more. This factor encourages manufacturing companies to introduce more innovation in their products.
The growth of the global whiskey market has increased due to lifestyle changes, whiskey consumption habits, high disposable incomes, the improved economy of whiskey and the increased demand for premium whiskey. Factors promoting the expansion of the global whiskey market are changes in people's lifestyles and increased disposable income. Increased individual purchasing power has added to increased product consumption. The growing worldwide consumer base has dramatically increased the demand for blended whiskey. The popularity of super-premium drinks is supposed to grow in the coming years, especially in high-end areas. Aspects behind this growth are structured alcohol laws, lower currency taxes, increased demand for processed products, the availability of premium and personalized products, and better consumer choice and access.
Whiskey belongs to the main category, so it must comply with specific regulations. For example, there are regulations related to the sale, production and distribution of alcoholic beverages across borders. Market participants must follow all of these rules. Therefore, these federal and local laws are affecting the growth of the market. Non-dominated countries like China, Brazil and India offer opportunities for industry players. This industry boom is driven by a number of factors, such as an increase in disposable income levels, changes in lifestyle and consumer preferences. The millennial generation with significant purchasing power is the leading consumer in the market. This product uses cultures in a distiller to mix flavors, herbs and grains to improve taste and aroma. The demand for whiskey blend is assumed to grow significantly as the global consumer base increases.
In the coming years, the need for super-premium beverages is expected to increase considerably in developed countries such as the United Kingdom, France, the United States and Canada. Factors responsible for this growth include "innovation and premium", modernized liquor laws that expand consumer choice and access, limiting hospitality taxes, growth in the "cocktail culture" and a focus on "artisanal" products in developed regions. The demand for various Scottish whiskeys in low-growth emerging markets and the need for low-alcohol and organic whiskey varieties among health-conscious drinkers are the driving force behind the market. Also, as interest in healthy living grows around the world, people are choosing this variety of whiskey. Government regulations and tax policies influence market growth.
One of the main factors expected to affect the growth of the global whiskey market is strict regulation and government taxes on alcoholic beverages. Whiskey is an alcoholic beverage and must comply with various government regulations. It is suspected to hamper the market growth in the coming years.
The number of manufacturers of premium products in North America has increased dramatically in recent years. The growing demand for commodities has attracted several new companies to the market. Additionally, whiskey production started at the brewery due to a short time frame for approval by federal and state regulatory agencies. As a result, the number of large breweries in the region will increase significantly in the coming years. The breweries are regulated by the American Distillation Institute, the three commercial offices for alcohol and tobacco, and the American Craft Spirit Association. Consumers who have recently reached the Legal Age for Consumption (LDA) play an essential role in driving the industry in North America. Besides the United States, Canada and Mexico are other vital economies in the region's mixed products sector.
Europe was an essential regional market in 2018, with a 34.8% share. Local markets are mainly driven by higher demand from Belgium, Germany, the United Kingdom, France, Spain and Poland. However, the increase in the elderly population in Western Europe is likely to lead to a relatively slow growth rate compared to developing countries. Europe is the leader in the whiskey market with the highest market share. Germany, Italy, Spain and France are the leading countries in the region in whiskey production and consumption.
South America represented a tenth of the world market share, and the whiskey market is growing slowly. The Asia Pacific area is estimated to be the fastest-growing market for the production and consumption of whiskey. The local whiskey market is mostly backed by a high adoption rate of Western culture and lifestyle, a large population, and a growing middle-class home. China, Japan and India are important markets in this region. India is the largest whiskey consumer in the Asia Pacific region.
Key Players in the Market:
Major Key Players in the Global Whiskey Market are
By 2028, it is predicted that the global Whiskey market can reach a valuation of US$ 89.60 billion.
The global Whiskey market can expand with a CAGR of 6.4% during the forecast period.
Accolade Wines, Angus Dundee Distillers Plc, Constellation Brands, Inc, Allied Blenders and Distillers Pvt. Ltd, Bacardi Limited and Others.
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