Dublin, Sept. 17, 2024 (GLOBE NEWSWIRE) -- The "Bourbon Spirits Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The bourbon spirits market size has grown strongly in recent years. It will grow from $7.79 billion in 2023 to $8.29 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The bourbon spirits market size is expected to see strong growth in the next few years. It will grow to $10.69 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
The growth in the historic period can be attributed to several factors, including cultural heritage and tradition associated with bourbon, the premiumization trend where consumers seek higher-quality and more artisanal products, tourism and whiskey trails promoting distillery visits and tastings, celebrity endorsements and influences driving visibility and popularity, and the craft cocktail movement fostering creativity and appreciation for bourbon in mixed drinks.
The growth in the forecast period can be attributed to increasing demand for craft and premium bourbon spirits, the popularity of inventive cocktail recipes, the expanding cocktail culture, and rising consumer interest in craft distilleries. Major trends expected in this period include flavor innovations to cater to diverse consumer preferences, collaborations with artists or celebrities to enhance brand appeal, expanding product sales in hotels and restaurants to reach broader audiences, investments in unique branding strategies to differentiate products in the market, and a growing emphasis on sustainable practices to appeal to environmentally conscious consumers.
The bourbon spirits market is poised for growth due to increasing consumption of alcoholic beverages. Alcoholic beverages contain ethanol, a psychoactive substance absorbed quickly into the body after ingestion. Factors driving the rise in consumption include shifts in social norms, greater availability and marketing, and cultural influences.
Bourbon spirits are favored for their distinct flavor profile and are popularly enjoyed in various forms such as cocktails, on the rocks, or neat. For instance, in 2021, per capita consumption of all alcoholic beverages in the US reached 2.51 gallons, marking a 2.9% increase from the previous year, according to the National Institute on Alcohol Abuse and Alcoholism. Thus, the growing consumption of alcoholic beverages is fueling the bourbon spirits market's expansion.
Leading companies in the bourbon spirits market are focusing on innovation to meet evolving consumer preferences and differentiate their products. One innovative approach is the production of wood-finished bourbon, which involves aging bourbon in barrels previously used for other spirits or wines to impart unique flavors. For example, RD1 Spirits recently introduced a wood-finished bourbon-tasting set that includes small bottles of RD1 Kentucky Straight Bourbon finished with French Oak, Brazilian Amburana Wood, and a double finish in Oak and Maple Barrels.
This offering allows enthusiasts to enjoy distinct tasting experiences at home, replicating RD1's signature 750-ml bottles with their iconic horse farm fencing etching and vibrant labels denoting the wood finishes. The company meticulously selects barrels, adds unique wood staves, and ages the bourbon further to enhance flavor profiles.
In November 2022, Diageo, a UK-based alcoholic beverage company, acquired Balcones Distilling to strengthen its position in the super-premium American whiskey market, particularly in the emerging American single malt segment. This acquisition underscores Diageo's strategy to leverage its global resources and scale to support the growth of Balcones Distilling, renowned for its Texas Pot Still Bourbon and innovative approach to whiskey production.
Europe was the largest region in the bourbon spirits market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bourbon spirits market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the bourbon spirits market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Bourbon Spirits Market Competitive Landscape and Company Profiles
- Suntory Holdings Limited
- Brown-Forman Corporation
- Sazerac Company Inc
- MGP Ingredients Inc
- Jack Daniel's
Bourbon Spirits Market Other Major and Innovative Companies
- Jim Beam
- Buffalo Trace
- Angel's Envy
- Heaven Hill Brands
- Four Roses
- Maker's Mark
- Bardstown Bourbon Company
- Laws Whiskey House
- Woodford Reserve
- Bulleit Bourbon
- Old Forester
- Knob Creek
- Conecuh Brands LLC
- Distiller's Way LLC
- Evan Willaims
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $8.29 Billion |
| Forecasted Market Value (USD) by 2028 | $10.69 Billion |
| Compound Annual Growth Rate | 6.6% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Bourbon Spirits Market Characteristics
3. Bourbon Spirits Market Trends and Strategies
4. Bourbon Spirits Market - Macro Economic Scenario
4.1. Impact of High Inflation on the Market
4.2. Ukraine-Russia War Impact on the Market
4.3. COVID-19 Impact on the Market
5. Global Bourbon Spirits Market Size and Growth
5.1. Global Bourbon Spirits Market Drivers and Restraints
5.1.1. Drivers of the Market
5.1.2. Restraints of the Market
5.2. Global Bourbon Spirits Historic Market Size and Growth, 2018-2023, Value ($ Billion)
5.3. Global Bourbon Spirits Forecast Market Size and Growth, 2023-2028, 2033F, Value ($ Billion)
6. Bourbon Spirits Market Segmentation
6.1. Global Bourbon Spirits Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Barrel Select
- Wheated
- Barrel Finished
- Other Types
6.2. Global Bourbon Spirits Market, Segmentation by Alcohol by Volume (ABV), Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 40%-45%
- 46%-55%
- 56% and Above
6.3. Global Bourbon Spirits Market, Segmentation by Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- on-Trade
- Off-Trade
7. Bourbon Spirits Market Regional and Country Analysis
7.1. Global Bourbon Spirits Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Bourbon Spirits Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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