Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Whiskey Warehousing Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global whiskey warehousing market has grown strongly in recent years. It will grow from $8.16 billion in 2023 to $8.92 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth observed during the historical period can be attributed to increasing consumer demand, the globalization of whiskey consumption, the expansion of distillery operations, emphasis on quality control and aging processes, as well as considerations of barrel size and storage requirements.
North America was the largest region in the whiskey warehousing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the whiskey warehousing market report during the forecast period. Key companies include Diageo plc; William Grant & Sons Ltd; Brown-Forman Corporation; Allied Blenders and Distillers (ABD) Ltd.; Bacardi Limited.
The whiskey warehousing market is expected to see strong growth in the next few years. It will grow to $12.59 billion in 2028 at a compound annual growth rate (CAGR) of 9%. The anticipated growth in the forecast period can be attributed to the sustained expansion of the whiskey market, the rise of e-commerce and direct-to-consumer sales, the selection of strategic warehousing locations, innovations in barrel materials, and emerging markets with evolving consumption patterns. Major trends expected in the forecast period include the adoption of smart warehousing solutions, the implementation of energy-efficient warehousing practices, the utilization of cross-docking practices, dynamic control of temperature and humidity, and the incorporation of high-tech security measures.
The anticipated rise in the consumption of alcoholic beverages is poised to drive the growth of the whiskey warehousing market in the foreseeable future. As evidenced by the Alcoholic Beverage Consumption Statistics and Trends 2022 report from the Pennsylvania State University, there is a notable increase in alcohol consumption, particularly among men (63% vs. 57%) and individuals aged 35 to 54 (70% vs. 60%). This trend underscores how the growing consumption of alcoholic beverages is a significant driver propelling the expansion of the whiskey warehousing market.
The surge in demand for whiskey is expected to be a crucial factor propelling the growth of the whiskey warehousing market in the coming years. Notably, the Scotch Whisky Association reported a 37% increase in Scotch whisky exports in value to £6.2 billion in 2022, with a 21% rise in the quantity of 70-cl bottles exported to 1.67 billion. This surge in whiskey demand unequivocally contributes to the thriving whiskey warehousing market.
Technological advancements have emerged as a prominent trend gaining traction in the whiskey warehousing market. Major companies within the industry are actively investing in innovative technologies, including advanced coating technologies and whiskey storage solutions, to fortify their positions in the market. An illustrative example is Devil's Cask LLC, a US-based innovator in barrel-aged spirits technology, which introduced Aegis Coating. This patent-pending innovation involves coating the exteriors of whiskey barrels with a silicone-such as material, significantly minimizing leaks and mitigating the loss of the 'angel's share' without substantially altering the maturing spirit's flavor profile.
Major companies operating in the whiskey warehousing market are strategically focusing on facility expansions to better cater to the needs of their existing consumers. Facility expansions involve the physical enlargement or enhancement of existing structures to accommodate increased capacity, improved capabilities, or additional functionalities. MGP Ingredients, Inc., a US-based distilled spirits and food ingredients producer, exemplifies this strategy with a $12 million barrel warehouse expansion announced in February 2022. The project aims to meet the surging demand for American whiskey by enabling Lux Row Distillers to operate 24 hours a day, thereby boosting its capacity by 75%.
In November 2022, Diageo plc, a UK-based alcoholic beverage company, made a significant move by acquiring Balcones Distilling for an undisclosed amount. This acquisition aligns with Diageo's strategy of acquiring high-growth brands in rapidly expanding areas, particularly super-premium whiskey. The company anticipates collaborating with Balcones Distilling to facilitate the further expansion of these world-class whiskies, complemented by their warehousing services.
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A selection of companies mentioned in this report includes:
- Diageo plc
- William Grant & Sons Ltd.
- Brown-Forman Corporation
- Allied Blenders and Distillers (ABD) Ltd.
- Bacardi Limited
- Constellation Brands Inc.
- Pernod Ricard
- ANGUS DUNDEE DISTILLERS PLC
- King Car Group
- La Martiniquaise
- The Edrington Group Ltd.
- Chivas Brothers
- Whyte & Mackay Ltd.
- Sazerac Co. Inc.
- Suntory Holdings Limited
- Beam Suntory Inc.
- Heaven Hill Brands
- Luxco Inc.
- MGP Ingredients Inc.
- The Macallan Distillers Ltd.
- Glenmorangie Ltd.
- The Glenlivet Distillery
- The Balvenie Distillery
- The Famous Grouse
- Johnnie Walker
- Jack Daniel's
- Jim Beam
- Maker's Mark
- Wild Turkey
- Wilderness Trail Distillery
For more information about this report visit https://www.researchandmarkets.com/r/5uf1m0
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