The whiskey market is anticipated to expand its roots at a steady CAGR of 12% between 2023 and 2033. The market is projected to have a market share of US$ 270.09 billion by 2033 while it is likely to be valued at US$ 84.3 billion in 2023
- The restored beverages business along with the growth of alcohol drinkers and the advent of non-alcoholic whiskey is fueling the market growth. Furthermore, the new strain of millennials drinking high amounts of whiskey, beer, and vodka is also flourishing the market growth.
- New restaurants and eateries serving alcohol along with online delivery options are pushing end-users to intake whiskey often. The local whiskey blends, premium whiskeys, and an increased in bars are expected to gain traction in the market.
- Emerging economies like China and India are boosting the global market as alcohol consumption in these two nations is proliferating. It is due to the higher economic activity, developing businesses, and rising per capita income that has pushed individuals to add alcohol to their lifestyle.
- Higher import of premium whiskey increased and production facilities in India, China, and the United States have a key role in the market’s success. Alongside this, the higher online and offline promotion of whiskey fuels the market growth.
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- The United States market leads the whiskey market in terms of market share in North America. The United States region held a market share of 33.5% in 2022. The growth in this region is attributed to the increased consumption among millennials.
- Germany’s whiskey market is another significant market in the European region. The market held a market share of 9.1% in 2022. The growth is attributed to the higher whiskey brands, local whiskey flavors, and higher tourist attractions.
- The Indian whiskey market thrives at a leading CAGR of 14.5% during the forecast period. The market’s growth is attributed to more young people drinking along with the expanded production facilities.
- The alcoholic segment leads the alcoholic type of segment as it held a leading market share of 89.7% in 2022. The growth is attributed to the higher alcohol-based whiskey consumption for partying and casual drinking.
- Based on product type, the bourbon whiskey held a market share of 26.8% due to its premium whiskey properties and enhanced taste.
The key vendors work on the premium flavors, colors, and distillation process. The companies also work to set up new product lines in emerging economies to enhance the supply chain. The players also work on enhanced supply chains and higher affordability. Companies collaborate to expand their supply chain. Key competitors and also merge, acquire, and partner with other companies to increase their supply chain, and distribution channel.
Recent Market Development
- Beam Suntory has increased the sales of these whiskeys in India with different versions of Teacher’s, Bowmore, and other bands.
- Belvedere has introduced its single malt scotch whiskey Balvenie in new 12-year-old double wood, 21-year-old port wood, and classic versions. The company has also launched its special 30-year-old rare marriages Balvenie which is a premium whiskey.
- Chivas Brothers
- William Grant Sons
- La Martiniquaise
- The Edrington Group
- Beam Suntory
- Whyte Mackay
- Inver House
- Loch Lomond
Information Source: https://www.futuremarketinsights.com/reports/whiskey-market