Selbyville, Delaware, June 30, 2021 (GLOBE NEWSWIRE) -- The whiskey market revenue is projected to cross USD 85 billion by 2027, according to a new research report by Global Market Insights Inc. Growing consumer demand for premium alcoholic beverages owing to changing consumer perception that consumption of whiskey is a sign of social status is expected to raise the product demand.
Increasing spending capacity, changing taste preferences of consumers, and increasing young population becoming legally eligible for consumption of alcoholic beverages is likely to raise the demand for whiskey and drive the market growth. However, diversion of manufacturing operations from production of whiskey to production of alcohol and hand sanitizers by few market players during the coronavirus pandemic along with difficulties in direct advertisement of alcoholic beverages in few countries of the world and increase in tariff imposed on Scotch whiskey and Irish whisky in the U.S. is likely to hamper the market growth to some extent over the forecast period.
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Global whiskey industry through on-trade distribution channel was valued at over USD 32 Billion in 2020 and is expected to grow at a CAGR of 5.7% over the review period. Growing trend of weekend parties among youngsters coupled with the gradual release of COVID-19 restrictions in different countries of the world is likely to result in gradual opening of restaurants and bars, thus promoting sales of whiskey through on-trade distribution channel.
Some major findings of the whiskey market report include:
- Unique taste profile, availability in a variety of different flavours such as caramel, spice, orange, peel and vanilla and a rise in the number of Scottish distilleries is likely to favour the consumption of Scotch whiskey.
- Global scotch whiskey industry is expected to reach over USD 33 Billion by 2027 growing at a CAGR of 6.7% over the forecast period.
- Growing consumer demand for the characteristic Smokey flavour in whiskey and increasing number of craft distilleries opening up in the U.S. is expected to raise the demand for American whiskey over the forecast timeframe.
- Global American whiskey market exceeded USD 10 billion in 2020 and is expected to grow at a CAGR of 5.4% over the assessment period.
- Availability of whiskey products of different brands at a single location, effective marketing strategies and discounts by hypermarkets, supermarkets and online retail platforms is expected to enhance sales of whiskey through off-trade distribution channel.
- Key industry players operating in the market include William Grant and Sons, Beam Suntory, Diageo Plc., Pernod Ricard, Brown Forman, and Bacardi.
Browse key industry insights spread across 350 pages with 165 market data tables and 20 figures & charts from the report, “Whiskey Market Forecasts by Product (Scotch Whiskey, American Whiskey, Canadian Whiskey, Irish Whiskey, Other Whiskey), Distribution Channel (On-Trade, Off-Trade), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/whiskey-market
Canadian whiskey market is likely to reach over USD 5.5 Billion by 2027 growing at a CAGR of 5.6% over the forecast period. Canadian whiskey is expected to enjoy an upsurge in popularity over the foreseeable timeframe owing to its characteristic taste profile. Moreover, whiskey formulators enjoy an increased level of formulation flexibility with Canadian whiskey by the addition of about 8% bourbon whiskey and some quantity of sherry spirit to the whiskey blend to improve its taste profile, which is likely to further boost the product demand and propel the regional market expansion.
Europe whiskey market was valued at over USD 14 Billion in 2020 and is expected to grow at a CAGR of 5.2%. Growing consumer willingness to spend on high quality premium whiskeys, changing consumer lifestyle, increasing stress levels and rising disposable income of the European population is likely to promote the regional market outlook.
Browse the Toc of this report @ https://www.gminsights.com/toc/detail/whiskey-market
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https://www.gminsights.com/industry-analysis/non-alcoholic-beer-market
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.