Global Whiskey Market - Growth, Trends, and Forecasts (2018 - 2023)
The global whisky market is expected to reach USD 7.40 billion by 2023, witnessing a CAGR of 5.3% during 2018-2023 (forecast period). Whiskey is considered as an affordable luxury item, leading many whiskey manufacturing companies to launch more premium and super premium products in the market. As a product innovation, the brewing industry is launching an organic whiskey without any artificial colors. Benromach, Bruichladdich, Organic Spirits Company and Da Mhile are the top brewers who are continuously launching such organic products in the market. or animal. Plant protein, being a sustainable source of protein with high digestibility, has a growing market.
The global whiskey market is driven by the changing lifestyles, consumption habits of whiskey, high disposable income, growing affordability of whiskey, and increasing demand for premium whisky. However, there are a few restraints slowing down the pace of the industry, such as heavy taxation, legal regulations by the governments, health issues related to whiskey consumption and increasing number of consumers preferring alternatives such as wine and beer. As per the whiskey industry, there are some good opportunities in the market, such as innovative organic whiskey products, and an opportunity to penetrate the different geographies and demography.
The global whiskey market can be segmented by product, quality, and geography. By product types, whiskey can be classified into malt, wheat, rye, corn, blended, and others. Out of all these sub-categories, blended whiskey has 79% of the market share. By quality of whiskey products, the market can be divided into premium whiskey, high-end premium whiskey, and super premium whiskey. Premium whiskey is in demand and has the largest share of the whiskey market by quality.
As per the regional analysis of the global whiskey market, Europe is the market leader in whiskey production with almost 34% market share. Germany, Italy, Spain, and France are the major countries for whiskey production and consumption in this region. Europe is also the largest producer and consumer of whiskey. North America is the other major region with 23% of the market share, and the US alone consumed the highest whiskey per person. South America accounted for one-tenth of the global market share and is a slow-growing market for whiskey. Asia-Pacific is the fastest growing market for whiskey production & consumption. The regional whiskey market is largely supported by the high adoption rate of western culture and lifestyle, large population, and the growing middle-class households. China, Japan, and India are the big markets in this region. India is the largest whiskey consumer in the Asia-Pacific region. Major PLAYERS: ACCOLADE WINES, ALKO, ALLAGASH BREWING COMPANY, ALLIED BLENDERS & DISTILLERS, ARKELL’S BREWERY, ANCHOR BREWING COMPANY, ASAHI BREWERIES, BASS BREWERY, BACARDI LTD, BEIJING RED STAR CO, BEAM SUNTORY, BROWN FORMAN, DIAGEO, FORMAN WHISKEY, RED BRICK BREWING COMPANY and JOHNNIE WALKER, amongst others.
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