he unprecedented COVID-19 pandemic has affected the global economy to a great extent. Considering the food industry, one of the most important sectors of the economy, a tremendous impact has been witnessed on the entire process from the field to the consumer. The restrictions in the movement of workers, closure of food production facilities, and changes in consumer demand have put excessive pressure on the food industry.
The report offers actionable and valuable market insights of Whiskey. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Whiskey Market across various industries and regions.
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The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Whiskey market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Whiskey
This newly published and insightful report sheds light on Market Insights of Whiskey, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Whiskey Market.
Market Snapshot
The global market for whiskey saw soaring growth in 2021 with worldwide revenues up to US$ 60 Bn. A new forecast by Fact.MR estimates that whiskey revenues will nearly double between 2021 and 2031, reaching nearly US$ 108 Bn in 2031 with a compounded annual growth rate (CAGR) of 6%.
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Key Segments Covered
· Grain Type
- Malt Whiskey
- Wheat Whiskey
- Rye Whiskey
- Corn Whiskey
- Blended Whiskey
- Other Grain Type Whiskey
· Quality
- Premium Whiskey
- High-End Premium Whiskey
- Super Premium Whiskey
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Competitive Landscape
Increasing production and satisfying consumer demand through strategic collaboration will lead to increased revenues and market share for manufacturers. New technologies and products will provide end-users with malt-based products in the future.
- On August 10th, 2021, Glenfiddich converted its delivery fleet to green biogas made from whisky residue. Glenfiddich, a single malt Scotch whisky owned by William Grant & Sons, has launched a sustainability initiative by utilizing biogas produced from its distillation residues to power its fleet of delivery vehicles.
- Likewise, on August 10th, 2021, Beam Suntory officially introduced its first Indian whisky outside the country. By launching five premium spirits in North India, the company signaled that it was committed to expanding its business there, as part of its goal to reach US$ 1 billion by 2030.
Key Takeaways from Global Whiskey Market Study
- Whiskey manufactured from blended grain continues to lead market demand and offers promising growth opportunities. Blended whiskey products will grow 1.4X during the forecast period. This can be attributed to the high availability and consumer consistency in choice of alcoholic beverage.
- Premium whiskey brands will garner increased traction amidst growing consumer preference for this type on a regular basis. The price/quality ratio of premium whiskey is a driving force behind the mass-adoption of premium whiskeys globally. High-end premium category offers lucrative growth opportunities with a CAGR of more than 7.5%.
- South Asia & Oceania are pegged as largest demand generators through the forecast period. Demand will grow 1.8X in this region throughout the forecast period. There is immense potential for market players to exploit rising urban culture in countries such as India.
- The market is set of rapid expansion in developing regions of the world where a large consumer segment is purchasing premium, high-end, and super premium whiskeys.
“Finished whiskey in used casks of sherry, run, cognac, wine, and other whiskeys is creating an emerging market for diverse flavors. The challenge for manufacturers is creating a stable blend which can be produced at scale while at the same time garners consumer traction. The global whiskey market is shifting focus towards developing countries to leverage the growth and development of infrastructure and multiplying number of new consumers.” -Fact MR Analyst
Expanding Consumer Base with Novel Blends
Manufacturers are experimenting with innovative product launch techniques and new whiskey blends to attract and engage millennial consumers. Investments in partnerships with stakeholders (local distributors, importers, exporters) in the value chain is expected as manufacturers focus on increasing their global footprint. Growth of global whiskey market is driven by rapid adoption of urban lifestyle by new millennial consumers. Market players are investing in research and development of new flavors, blends, and quality types to match dynamic purchase patterns. Developing consumer communities using digital media channels will catalyze demand and boost revenues.
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