Whiskey Sales to Grow 1.8x by 2031, Valuation to Exceed $108 billion: Fact.MR Study
According to Fact.MR, whiskey demand is expected to grow at a consistent CAGR of 6% over the assessment period of 2021 and 2031. The market will exceed a value of US$ 60 billion by the end of 2021. Whiskey sales will gain traction as consumption rises worldwide. Whiskey’s perceived health benefits have made it the beverage of choice for those with weight management goals. Whiskey is fat-free and has a minimal sodium content, making it the preferred alcohol for people with weight problems or obesity.
Obesity prevalence is high in developed countries, including the United States, Canada and the United Kingdom. This has also led to increased consumption of fat-free whiskey. According to the report, consumers are expected to increase their preference for luxury brands as disposable income increases.
For instance, the demand for Irish Whiskey and Single Malt Scotch is expected to witness high growth during the forecast period. According to the survey, revenues from Irish Whiskey and Single Malt Scotch will grow 19% and 13.5%, respectively, to exceed their respective values of $664 million and $732 million .
Download sample copy of this report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=4515?AS
Supply chain disruptions and reduced production capacity during FQ-20 negatively impacted the market due to the COVID-19 outbreak. Nonetheless, increasing consumption of premium whiskeys worldwide will aid the overall growth of the market during the evaluation period.
” Increased awareness of the health benefits of whiskey compared to other forms of alcohol will improve sales prospects during the evaluation period. Whiskey consumption is expected to accelerate in the coming years as disposable incomes rise in developing countries.” says the Fact.MR analyst.
Key takeaways from whiskey market research
- In terms of grain type, blended whiskey is expected to dominate the market at a healthy compound annual growth rate (CAGR) of 6% through 2031.
- Demand for super premium whiskey will continue to grow, accounting for more than two-fifths of the market share .
- Premium whiskey sales expected to grow at a CAGR of over 7.5% over the forecast period
- The United States is expected to be the most lucrative market, with a market share of over 30% of global revenue.
- The whiskey market in India is expected to show positive growth at a CAGR of nearly 5% over the next few years.
- Canada will experience high growth as whiskey consumption rises due to rising obesity rates.
Market Drivers
- Increasing consumption of whiskey for medicinal purposes to reduce obesity and diabetes will propel the market growth.
- Expansion strategies adopted by manufacturers of malt extracts and ingredients are expected to drive the demand in the whiskey market.
- Increased consumption of whiskey in developing countries due to increased health awareness should boost sales in the coming years.
Competitive Dashboard
Major players operating in the whiskey market rely on a variety of expansion strategies to maintain their global foothold. We are adopting weapon strategies such as mergers and collaborations to expand our product portfolio and customer base.
To meet the burgeoning demand for whiskey, key players are increasing production and introducing new technologies and products to meet demand.
In July 2021 , Diageo India announced its foray into craft whiskey with 2,000 bottles of an exclusive batch of India ‘s first small batch, artisan craft, 100% rice whiskey called Epitome Reserve.
In August 2021 , Jack Daniel Distillery announced the release of Jack Daniels 10 Year Tennessee Whiskey, the brand’s first 10-year-old state whiskey in a millennium.
Key pioneers
Some of the key players active in the whiskey market profiled by Fact.MR include:
- Diageo
- Chivas Brothers
- William Grant and Sons
- bacardi
- Martiniquaz
- Edrington Group
- Observatory
- beam suntory
- Wight & McKay
- Inver House
- LVMH
- Loch Lomond.
- etc
Full access to full report:
https://www.factmr.com/checkout/4515
More Valuable Insights into the Whiskey Market
In its new report, Fact.MR provides an incisive coverage of the global whiskey market by analyzing forecast statistics for the period 2021 and 2031. This survey presents growth forecasts for the whiskey market with detailed segmentation.
By Grain Type:
- malt whiskey
- wheat whiskey
- rye
- corn whiskey
- blended whiskey
- Other Grain Type Whiskey
Quality standards:
- premium whiskey
- high-end premium whiskey
- super premium whiskey
By region:
- North America
- Latin America
- europe
- East Asia
- south asia
- Oceania
- Middle East & Africa (MEA)
Key Questions Addressed in the Whiskey Market Report
- This report provides detailed insights into the whiskey demand outlook for 2021-2031.
- The market study also highlights the expected revenue growth of the whiskey market between 2021 and 2031.
- Whiskey market research identifies key growth drivers, restraints and general trends on the current market size and other factors influencing the evaluation, projections and technological advances within the industry.
- Whiskey market share analysis of major companies within the industry and their strategic scope, such as mergers and acquisitions, joint ventures, collaborations or partnerships, etc.
Check out more related studies published by Fact.MR Research:
https://www.globenewswire.com/en/news-release/2023/03/30/2637359/0/en/Detox-Drinks-Revenue-is-Forecasted-to-Attain-a-US-10-Billion-by-2033-Water-based-Segment-Leads-the-Industry-Fact-MR-Report.html
Contact:
US Sales Office :
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
E-Mail: sales@factmr.com
Xherald
