Whiskey Market to Grow 6.4%, Worth $89.6 Billion
The global whiskey market size is expected to reach USD 89.60 billionby 2025, according to a new report by Grand View Research, Inc. The market is anticipated to witness a CAGR of 6.4%during the forecast period on account of rising product consumption across the globe. Growing product usage in the artistic preparation of alcoholic drinks is the key factor driving the industry. Blended whiskey is likely to remain the most lucrative product segment over the forecast period due to ongoing experimental activities to produce innovative drinks.
While blended whiskey dominated the global market in 2018, the malt whiskey segment is projected to grow above the overall forecast rate at a CAGR of 7.1%. And, the whiskey market in North America has grown at a prolific rate over the past few years owing to consumer preference for conventional, locally produced drinks
Premium quality whiskeys led the global market in 2018 accounting for a revenue share of 43.7% and rising preference for high-quality craft whiskey over those provided by established brands owing to the distinct taste and flavors will drive the segment. The preference for specialized, craft products also extended into the beer brewing industry.
Pernod Ricard, Hotaling & Co., William Grant & Sons, and Diageo plc are the prominent companies in the global market
Most of these manufacturers provide whiskeys produced from locally-grown grains, such as rye, barley, and wheat. The whiskey distilleries owned by these companies are majorly located in U.S. and Europe owing to the substantial demand.
The market has also experienced a high demand for rye-based and single- and double-malt whiskey rich in new flavors. Use of malt whiskey in cocktail formulation is anticipated to increase the demand further. The segment is predicted to experience a steady CAGR over the next few years. The overall whiskey market has witnessed a shift from branded and premium drinks to super-premium and high-end premium drinks produced by skilled craftsmen using traditional processes.
High-end premium segment is likely to witness considerable growth due to market consolidation and high-entry-barrier of new companies. However, a small customer base and high prices of these products may limit the segment growth. The U.S. whiskey market is proliferating in line with the increasing disposable income levels, which has resulted in rising demand for the premium-quality products, such as corn and malt whiskeys.
Grand View Research has segmented the global whiskey market on the basis of product, quality, and region:
• Whiskey Product Outlook (Volume, Million Liters; Revenue, USD Million, 2014 – 2025)
• Whiskey Quality Outlook (Volume, Million Liters; Revenue, USD Million, 2014 – 2025)
- High-end Premium
- Super Premium
• Paprika Regional Outlook (Revenue, USD Million, 2014 – 2025)
- North America
- Asia Pacific
- Central & South America