The Global Whiskey Market share is set to increase by USD 34078.61 million from 2022 to 2027. Moreover, the market’s growth momentum will accelerate at a CAGR of 6.02% as per the latest market forecast report by Technavio. The market will also record a 5.58% Y-O-Y growth Rate during the forecast period.
Technavio categorizes the whiskey market as a part of the global distillers and vintners market within the overall food and beverages sector. The distillers and vintners market covers distillers, vintners, and producers of alcoholic beverages such as wine, spirits, and liqueur. The market is also segmented by manufacturing processes such as fermentation and distillation. The market does not include manufacturers of storage and dispensing equipment.
Global Whiskey Market Characteristics with Five Forces:
The Global Whiskey Market is fragmented and the five forces analysis by Technavio gives an accurate vision –
- Bargaining Power of Buyers
- The threat of New Entrants
- Threat of Rivalry
- Bargaining Power of Suppliers
Geography Segment Overview
Technavio’s market research report entails detailed information on regional opportunities in store for vendors, which will assist in generating sales revenues. The Global Whiskey Market as per geography is categorized into North America, Europe, APAC, South America, and the Middle East and Africa.
- APAC is the fastest-growing region in the global whiskey market compared to other regions. 50% growth will originate from APAC. India held the greatest market share in the worldwide whiskey market, and it is anticipated that it would continue to hold this position during the projection period. The development of novel whiskey tastes, the rising appeal of western culture, and rising disposable income are all contributing to the expansion of the whiskey market in APAC.
Type Segment Overview
- Revenue Generating Segment – The whiskey market share growth by the off-trade segment will be significant during the forecast period. The main factor driving the expansion of this market is the rising popularity of whiskey among residential users, which is fueled by an increase in whiskey demand worldwide. Convenience stores carry a wide variety of goods, including coffee, groceries, snack foods, confectionery, soft drinks, nicotine products, over-the-counter medications, toiletries, newspapers, and alcoholic beverages like whiskey. Mom-and-pop shops and other retailers have begun offering whiskey in response to local customers’ demands. Customers benefit from convenience because they have a variety of options to pick from.
Major Driver Boosting the Market
- The rising demand for premium whiskey is mostly driving the rise of the whiskey market. The demand for premium whiskey is rising due to the large increase in per capita income worldwide. The worldwide whiskey industry is anticipated to rise due to the rising demand for premium whiskey and artisan whiskey.
- Due to the rising demand, retailers now provide high-end whiskey types. Because of their authenticity, flavor, and brand, premium whiskey kinds are frequently favored. As a result, it is expected that the rising demand for premium whiskeys will propel the expansion of the global whiskey market.
Major trends influencing the growth of glamping
- Irish whiskey is the fastest-growing spirit category globally. During the projection period, rising demand for both Irish whiskey and American bourbon is anticipated to propel market expansion for whiskey worldwide.
- The sweet and smooth flavor of Irish whiskey, competitive pricing, investments by big brands, and growth in demand among young, first-time whiskey consumers, as well as female whiskey consumers, are some of the drivers that will fuel demand. Players in the industry are expanding their production capabilities and new distilleries have been established to meet the rising demand for American bourbon.
Major Challenges interrupting the market growth
- The rising competition from other alcoholic beverages will hamper the growth of the whiskey market. Over the projected period, the worldwide whiskey market will face competition from other alcoholic beverages, including vodka, rum, brandy, and others. Whiskey sales are being significantly impacted by the rising demand for other alcoholic drinks such as mezcal, vodka, rum, and tequila in the US and other North and South American nations.
- Similarly, European nations, including Germany, France, Italy, Russia, Belgium, and Sweden, are seeing an increase in demand for alcoholic beverages like vodka, rum, and tequila, which has impacted their countries’ market revenues and volumes.