London, April 18, 2024 (GLOBE NEWSWIRE) -- Global bourbon spirits market is poised for a surge, with analysts predicting a rise from roughly US$8.2 Bn in 2022 to a staggering US$12 Bn by 2030. The report projects a CAGR of 5.6%, indicating a strong and steady upward trend.
A focus on premium experiences and catering to evolving consumer tastes. Big distilleries are investing heavily in expanding production, allowing them to create a wider variety of bourbons. This includes options with lower alcohol content or reduced calories, perfect for those seeking a lighter drinking experience.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$8.2 Bn | |
| Estimated Market Size in 2030 | US$12.0 Bn | |
| CAGR | 5.6% | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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The market is also seeing a surge in interest for bourbons with unique aging processes and special barrel finishes. Distilleries are releasing limited-edition bottles boasting extra aging, specific barrel finishes, or distinctive cask types. These unique offerings create excitement and a collector's mentality among bourbon enthusiasts, further driving demand.
Premium and super-premium bourbons mark an important trend in the industry. Higher-priced premium bourbons cater to consumers desiring exclusivity and elegance, while also providing distilleries with higher profit margins. “Flavoured and small-batch bourbons also emerge as a significant market highlight. Innovations in flavouring and small-batch production create unique bourbons that attract collectors and connoisseurs, as well as meeting the demands of the ready-to-drink (RTD) cocktail market,” explains a research analyst at the company.
When it comes to buying bourbon, consumers are increasingly looking for deals. Warehouse clubs like Costco, and Sam's Club are expected to see the fastest growth in bourbon sales within the forecast period. These stores offer bulk purchases at attractive prices, making it easier for budget-conscious bourbon lovers to stock up.
Despite its popularity, bourbon faces competition from other spirits like gin, tequila, and craft beers. Consumers are always up for trying new things. However, bourbon remains a versatile spirit, perfect for sipping neat or using to create a wide range of delicious cocktails.
Within the bourbon market itself, certain categories are experiencing even faster growth. In 2022, the barrel finished category reigned supreme. These bourbons take on fruity and wine-like notes by being finished in port casks, creating a unique flavour profile for adventurous drinkers. On the other hand, bourbons with an alcohol by volume (ABV) of 46-55% also dominated the market in 2022. These mid-range bourbons offer the perfect balance for both sipping and mixing, adding depth and complexity to cocktails.
Geographically, North America is unsurprisingly expected to remain the dominant force in the bourbon market. The longstanding cocktail culture in the US, featuring classics like the Old Fashioned, and Mint Julep, continues to fuel demand for bourbon. However, the fastest growth is expected to come from the Asia Pacific region. The rise of cocktail bars, and the growing popularity of mixology are driving interest in bourbon there. Mixologists in this region are getting creative with bourbon, using it to craft unique and exciting new drinks.
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Key Research Insights
- Off-premise sales of bourbon spirits continue to rise higher.
- Barrel finished bourbons and higher ABV lead the pack.
- North America leads, whereas the Asia Pacific region is poised for take-off.
Insights into Segmentation Analysis
Barrel Finished Bourbons Take the Crown
Bourbon finished in unique casks like wine barrels is the hottest trend, offering new flavour profiles for adventurous drinkers.
This segment is expected to see the fastest growth as barrel select bourbons, hand-picked for exceptional quality, gain popularity among collectors.
46-55% ABV is the Preferred Punch
Bourbon with a higher alcohol content (46-55% ABV) dominated the market in 2022, appealing to enthusiasts who crave bolder flavours.
Limited-edition releases and cask strength expressions are fueling this segment's growth.
However, the more approachable 40-45% ABV category is also anticipated to rise significantly, catering to a wider consumer base.
On-Premise, and Off-Premise Continue the Battle for Bourbon Sales
Bars and restaurants (on-trade) held the largest market share in 2022, but the pandemic impacted this sector.
As restrictions ease, on-trade is expected to rebound, offering premium bourbon experiences and innovative cocktails.
The off-trade segment, which includes liquor stores and online sales, is projected for the fastest growth.
Consumers are increasingly opting for convenient at-home drinking with a wider selection of bourbons at their fingertips.
Key Report Highlights
- Increasing demand for craft distilleries is one of the prime growth drivers. Craft distilleries offer unique and limited-edition bourbon varieties, appealing to consumers seeking artisanal products and fostering a sense of local connection.
- The expanding cocktail culture will be the significant growth booster as well. Bourbon’s versatility makes it a popular choice in classic and modern cocktails, increasing demand as consumers seek out iconic drinks like Old Fashioned, and Manhattan.
- Growing whiskey appreciation is a significant growth influencer for the market. Increased knowledge, and access to various types of whiskey boost interest in bourbon, with consumers enjoying the unique flavour profiles, such as caramel, and vanilla notes.
Insights into Regional Analysis
North America Reigns Supreme
The US, and Canada remain the top bourbon consumers globally, focusing on premiumisation, and craft distilleries.
Small-batch, high-quality bourbons with unique flavours are in high demand, alongside a growing interest in bourbon tourism.
Established brands like Jim Beam, and Maker's Mark continue to dominate this market.
Asia Pacific is Rising
Asia Pacific is the fastest-growing region, driven by international demand and a burgeoning cocktail culture.
Countries like Japan and China are developing a taste for bourbon, appreciating its distinct character.
Brands like Jim Beam, and Four Roses are capitalizing on this trend with their strong brand presence and high-quality products.
Key Players in Global Bourbon Spirits Market
- Beam Suntory Inc.
- Brown-Forman Corporation
- Sazerac Company
- Campari Group
- Barcardi Limited
- Heaven Hill Brands
- Kirin Holdings Company
- Michter's Distillery
- Diageo
- Willett Distillery
- Old Forester
- Blanton's
- High West Distillery
- Constellation Brands, Inc.
- Pernod Ricard
Global Bourbon Spirits Industry Analysis, Size, Share, Growth, Trends and Forecast 2023-2030 - (By Type Coverage, By ABV Coverage, By Distribution Channel Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/bourbon-spirits-market
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