The global whiskey market will thrive at a healthy 6% CAGR during 2019 – 2029, as projected by a new Fact.MR report. Key players in the whiskey market are opting for marketing and promotional partnerships in events, and at restaurants and bars, to better penetrate the millennial consumer demographic.
“Production of whiskey in used casks of sherry, rum, cognac, wine, and other alcohols is generating diverse flavors. The global whiskey market is transitioning towards developing countries to leverage infrastructure.” says the Fact.MR report.
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Whiskey Market: Key Findings
- Blended grain whiskeys continue to lead global market demand with promising growth opportunities through the forecast period.
- Premium whiskey brands will gain substantial traction owing to superior price to quality ratios.
- High preference among consumers to drive the wheat based whiskey segment.
- South Asia and Oceania continue to be at the forefront of demand, with considerable expansion of urban cultures.
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Whiskey Market: Key Driving Factors
- Soaring whiskey consumption, particularly by the millennial consumer demographic, will assist the rise of market.
- Expansion of the HoReCa sector and growing inclination towards whiskey blends experimentation will contribute to market growth.
- Increasing preference for premium and super premium whiskey is driving sales of whiskey in developing regional markets.
- Rising demand for single-malt scotch options is a strong factor supporting market growth.
Whiskey Market: Key Restraints
- Development of stable whiskey blends that can potentially be produced at scale will continue as a challenge to market growth.
- Higher tax and strict government regulations continue to restrict market growth.
Manufacturers are leveraging high growth potential of whiskey markets in countries such as Mexico, India, and Indonesia. Industry heavyweights are prioritizing research and development activities for new flavour innovations. Key players are eying profits in evolving demand patters among millennial consumers, besides focusing on setting up new consumer communities. Prominent companies operating in whiskey market include, but are not limited to, Diageo, Loch Lomond Distillery Company, Chivas Brothers, LVMH Moët Hennessy – Louis Vuitton SE, William Grant & Sons, Inver House Distillers Ltd., Bacardi & Company Limited, and Belvédère International Inc.
About the Report
This 170-page study offers detailed market forecast on the whiskey market. The key categories covered in the report include grain type (malt, wheat, rye, corn, blended and others), quality (premium, high-end premium, and super premium). This analysis has been tracked on a country-wise level, with a total of 30+ countries across 6 key regions.