WASHINGTON, July 12, 2023 (GLOBE NEWSWIRE) -- Global Flavored Whiskey Market is valued at USD 27.9 Billion in 2022 and is projected to reach a value of USD 47.1 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 7.8% over the forecast period 2023-2030.
One of the most significant economic areas is the Flavored Whiskey business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of the demand for Flavored Whiskey, including rising investment requirements, developing technology, and new laws.
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Market Overview
According to Vantage Market Research, some of the key factors anticipated to accelerate the Flavored Whiskey market growth over the forecast period. One of the main factors that favorably affect the demand for Flavored Whiskey is the increasing popularity of flavored alcoholic beverages among consumers. In addition, Flavored Whiskey offers a unique taste experience compared to traditional whiskey and appeals to a broader consumer base, particularly among millennials and women.
The rising trend of premiumization and a growing interest in artisanal and craft spirits have also contributed to the growth of the Flavored Whiskey market. Also, consumers are increasingly conscious of their health and are opting for products made from organic and natural ingredients. Manufacturers are responding to this trend by offering Flavored Whiskey made from natural ingredients free of artificial flavors and sweeteners.
The Europe Flavored Whiskey market is growing rapidly owing to the increasing demand for flavored alcoholic beverages among consumers. The need for Flavored Whiskey is increasing due to its unique taste, aroma, and color. The growth can also be attributed to the increasing trend of experimentation with cocktails among young adults. The entry of new players in this market with innovative and unique flavors is further expected to enhance the growth of this market. Scotland and Ireland are the significant producers of whiskey in Europe, and Flavored Whiskey is gaining popularity in these regions due to its unique and traditional taste. Therefore, the European Flavored Whiskey market is expected to grow in the coming years.
Market Dynamics
Changing Consumer Preferences to Drive the Market:
Consumer preferences have changed in the global Flavored Whiskey market in recent years. Traditional whiskey flavors such as bourbon and rye have been reinvented with unique and intriguing tastes to appeal to a wider audience. Flavors such as honey, maple, apple, vanilla, and cinnamon have become increasingly popular, offering whiskey a sweeter and smoother taste. Millennials are a significant driving force behind these new flavor preferences, seeking bold and unique taste experiences. Additionally, the growing interest in cocktails has increased the demand for Flavored Whiskey, which has become a popular base for mixed drinks. With the changing times, manufacturers are customizing their products to produce novel flavors and premium products that cater to diverse preferences.
Rising Popularity of Cocktails to Impact the Market:
Cocktails have been a popular aspect of the bar and drinks industry for decades, but recently the rising popularity of Flavored Whiskey has resulted in an increased demand for unique and creative cocktails using whiskey as the base spirit. The global Flavored Whiskey market has experienced significant growth in recent years, with the key factor being the consumer’s desire for variety and new experiences. As a result, bars and bartenders worldwide have been experimenting with ways to incorporate Flavored Whiskey into their cocktail menus. The versatility of whiskey, combined with the ability to infuse it with a wide variety of flavors, has allowed for the development of cocktails that satisfy the consumer's desire for a new and exciting drinking experience. As a result, the trend for Flavored Whiskey-based cocktails will continue to soar, with the focus remaining on unique and exciting flavor combinations.
Top Players in the Global Flavored Whiskey Market
- Brown-Forman Corporation
- Bacardi Ltd.
- Jim Beam
- The Crown Royal Company
- The Old Bushnills Distillery Co.
- Pernod Ricard SA.
- Diageo PLC
- William Grant & Sons
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Top Trends in Global Flavored Whiskey Market
- One trend that Vantage Market Research (VMR) expects to see in the Flavored Whiskey industry is the increasing popularity of craft and Flavored Whiskey. The rising popularity of craft whiskey and innovative flavors has significantly boosted the global Flavored Whiskey market. Manufacturers are focused on introducing new flavors to cater to the changing preferences of consumers.
- Another trend that VMR predicts will continue in the Flavored Whiskey industry is innovation. With changing consumption patterns and increasing demand for novel flavors, prominent manufacturers diversify their product portfolios to cater to a wider audience. Flavor diversity is becoming a top priority, and manufacturers are experimenting with exotic and regional flavors to appeal to the global consumer. Moreover, introducing sustainable packaging and production techniques is driving innovation in the industry.
Top Report Findings
- Based on the Type, the Malt Based Whiskey segment is a major player in the global Flavored Whiskey market. These types of whiskey are made using malted barley, giving them a distinct flavor and aroma. They are popular among whiskey drinkers who enjoy a rich and complex taste. Malt-based whiskey is particularly prevalent in Scotland, where it is a key part of their national identity. Other countries are also beginning to produce malt-based whiskey, increasing its presence in the global market.
- Based on the End Users, the Retail segment plays a vital role in the global Flavored Whiskey market. With the increasing demand for Flavored Whiskey products, retailers target a more comprehensive range of customers through their sales channels. They are adopting innovative strategies to attract customers, such as offering gift packages, promotional offers, and discounts. With the rise of e-commerce platforms, the retail segment has become more accessible to customers, leading to a significant increase in the market share of online retailers.
- Based on the Flavor Type, the Citrus Flavored Whiskey segment is one of the fastest-growing segments in the global market. The demand for this segment is primarily driven by consumers' increasing preference for refreshing and tangy flavors. The unique flavor profile of the citrus-Flavored Whiskey has also made it a popular choice for cocktails and mixers.
- Based on the Distribution Channel, the Supermarkets and Hypermarkets segment plays plays a crucial role in the global Flavored Whiskey market. These large-scale retail outlets offer a wide variety of flavored whiskies to consumers, making them easily accessible and popular among a large customer base. Supermarkets and hypermarkets provide a convenient one-stop shopping experience, giving consumers the opportunity to compare and select from a diverse range of flavored whiskies from various brands and regions. Additionally, these outlets often offer attractive discounts, promotional offers, and bundled deals on flavored whiskies, effectively driving consumer demand and boosting sales in the market.
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Powerhouse Performers: Top Players Fueling Global Flavored Whiskey Market Growth
The report found that the most prominent players in the Flavored Whiskey market include Brown-Forman Corporation, Bacardi Ltd., Jim Beam, The Crown Royal Company, The Old Bushnills Distillery Co., Pernod Ricard SA., Diageo PLC, and William Grant & Sons. The introduction of new flavors and innovative packaging designs by top players in the market will likely drive the demand for Flavored Whiskey. Companies are developing an array of flavored whiskies by experimenting with the aging process due to the worldwide expanding cocktail culture. Some experiments included vanilla and salted caramel-Flavored Whiskey, which became very popular in North America. Maple is another globally renowned whiskey flavor, and numerous companies produce Maple-Flavored Whiskey.
Exploring the Flavors of Scotch Whiskey: A Lucrative Segment in the Flavored Whiskey Market
The Scotch segment forms an integral part of the global Flavored Whiskey market. Known for its robust flavor, scotch whiskey is made in Scotland from malted barley and other grains. The whiskey is aged in oak barrels that impart a unique taste. It is a popular drink among whiskey enthusiasts around the world.
The scotch segment is experiencing steady growth in the global Flavored Whiskey market. The demand for scotch whiskey is expected to grow further due to the increasing popularity of whiskey among younger consumers. Additionally, the growing trend of pairing whiskey with food and the availability of premium brands is driving the demand for scotch whiskey.
One of the key factors driving the growth of the scotch segment in the Flavored Whiskey market is the increasing trend toward premiumization. As a result, consumers are willing to pay more for high-quality and aged scotch whiskies. In addition, the rise in disposable income in emerging economies like China and India has also fuelled the demand for premium scotch whiskey. Moreover, the growing popularity of cocktails made with scotch whiskey is expected to augment the demand for scotch in the Flavored Whiskey market.
In terms of region, Scotland remains the largest market for scotch whiskey. However, a growing demand for scotch whiskey exists in emerging markets like Asia and Latin America. Countries like India, China, and Brazil are showing a significant increase in consumption of scotch whiskey. This presents an opportunity for scotch whisky manufacturers to expand their reach in these markets.
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on Flavored Whiskey Market Forecast Report (2023-2030).
Global Flavored Whiskey Market Segmentation
By Type
- Bourbon
- Scotch
- Malted
- Blended
- Other Types
By End Users
- Retail
- Hotel
- Restaurant
- Catering
By Flavor Type
- Citrus
- Honey
- Caramel
- Cider
- Apple
- Cinnamon
By Distribution Channel
- Hypermarket/Supermarket
- Departmental Stores
- Liquor Stores
- Specialty Stores
- E-commerce
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 27.9 Billion |
| Revenue Forecast by 2030 | USD 47.1 Billion |
| CAGR | 7.8% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Brown-Forman Corporation, Bacardi Ltd., Jim Beam, The Crown Royal Company, The Old Bushnills Distillery Co., Pernod Ricard SA., Diageo PLC, William Grant & Sons |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/flavored-whiskey-market-2181/customization-request |
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