Whiskey market is anticipated to cross a value of US$ 270.09 billion at a CAGR of 12% during the forecast period from 2023 to 2033 | Future Market Insights, Inc.

These days, consumers can buy just about anything from the comfort of their homes, and spirits are no exception. Business to consumers (B2C) and other online retail channels that sell whiskey and other spirits have the potential for strong growth from a small base. B2C players have employed different business models to legally sell to consumers directly. According to FMI, the segment is likely to capture a CAGR of 16.1%.

NEWARK, Del, May 17, 2023 (GLOBE NEWSWIRE) -- 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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Key Points

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. Based on product type, the bourbon whiskey held a market share of 26.8% due to its premium whiskey properties and enhanced taste.

Competitive Landscape

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.

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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.

Key Players

  • Diageo
  • Chivas Brothers
  • William Grant & Sons
  • Bacardi
  • La Martiniquaise
  • The Edrington Group
  • Belvedere
  • Beam Suntory
  • Whyte & Mackay
  • Inver House
  • LVMH
  • Loch Lomond
  • Other

Key Segmentation:

By Beverage Type:

  • Alcoholic Whiskey
  • Non- Alcoholic Whiskey

By Product Type:

  • Bourbon Whiskey
  • Scotch Whiskey
  • Malted Whiskey
  • Rye Whiskey
  • Corn Whiskey
  • Blended Whiskey
  • Other Whiskey Types (Wheat, Spirit, etc)

By Flavor:

  • Unflavored
  • Flavored
    • Citrus,
    • Honey
    • Caramel
    • Cider
    • Apple
    • Others

By End User:

  • HoReCa
  • Household Retail

By Sales Channel:

  • B2B
  • B2C
    • Modern Trade
    • Traditional Liquor Stores
    • Specialty Stores
    • Online Retail
    • Other Retail Formats

Key Regions Covered:

  • North America
    • United States
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • The United Kingdom
    • France
    • Spain
    • Russia
    • Rest of Europe
  • Japan
  • Asia Pacific Excluding Japan
    • China
    • India
    • Malaysia
    • Singapore
    • Australia
    • Rest of Asia Pacific Excluding Japan (APEJ)
  • The Middle East and Africa
    • GCC Countries
    • Israel
    • South Africa
    • The Middle East and Africa (MEA)

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Table of Content (ToC):

1. Executive Summary

    1.1. Global Market Outlook

    1.2. Demand-side Trends

    1.3. Supply-side Trends

    1.4. Technology Roadmap Analysis

    1.5. Analysis and Recommendations

2. Market Overview

    2.1. Market Coverage / Taxonomy

    2.2. Market Definition / Scope / Limitations

3. Market Background

    3.1. Market Dynamics

        3.1.1. Drivers

        3.1.2. Restraints

        3.1.3. Opportunity

        3.1.4. Trends

Explore FMI’s related ongoing Coverage on Food and Beverage Domain:

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Wine Enzymes Market Growth: The Wine Enzymes market is anticipated to expand at a CAGR of 4.80% during the forecasted period. According to Forecasts, the market would be worth US$ 2,245.1 Million by 2033, up from US$ 1,404.8 Million in 2023.

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Ginger Beer Market Types: The global ginger beer market is expected to reach a market valuation of US$ 4.7 Billion by the year 2022, accelerating with a moderate CAGR of 7.1% by 2022 to 2032. The ginger beer market size is anticipated to be valued at about US$ 9.3 Billion by 2032 end.

Root Beer Market Analysis: The Root Beer market is expected to grow at a CAGR of 5.4%. The market value is projected to increase from US$ 861.1 million in 2022 to US$ 1,457.0 million by 2032.

Fruit Beer Market Outlook: The global fruit beer market is anticipated to be valued at US$ 317.5 Million in 2022. During the forecast period ranging from 2022-2032, sales of fruit beer are expected to grow at a CAGR of 6.1%, to be valued at US$ 573 Million.

Mushroom Beer Market Overview: The mushroom beer market is estimated to secure a valuation of US$ 1.3 billion in 2023 and is estimated to rise to US$ 2.2 billion by 2033. The market is anticipated at a CAGR of 5.4% during the forecast period.

Spirits Market Demand: The global spirits market is estimated at US$ 56 Billion in 2022 and is projected to reach US$ 92.9 Billion by 2032, at a CAGR of 5.2% from 2022 to 2032.

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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.

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