Whiskey is becoming popular around the world, driving the bulk of volume consumption growth from through 2022,whiskey market accelerating at a CAGR of 12.4% by 2022-2032. As per Future Market Insights (FMI), the blended malt Scotch whiskey is leading the market in terms of product type, with consumption increasing at a whopping pace. The rise in creative, innovative cocktails and the growing “cocktail culture” in the U.S. have helped in surging sales of whiskey.
Whiskey is currently produced in at least 25 countries. Many countries that were not even on a Whiskey lover’s radar ten years ago are now big Whiskey producers. Germany, for example, is a major producer of Whiskey and even has its own whiskey trail with distilleries.
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This international rise shows no signs of slowing down, and the Whiskey selections offered at a Whiskey bar demonstrate the explosion of Whiskey-producing countries in only the last five years. There appears to be an ever-increasing number of new brands launching around the world.
“The availability of various brands of whiskey under one roof in supermarkets and hypermarkets gives customers more options. This is helping the the global whiskey market grow at an impressive pace. Over the projected term, the customer-centric strategy and improved shopping experience given by hypermarkets and supermarkets by allocating particular whiskey product areas will continue to draw consumer attention and drive market,” said a lead analyst at FMI.
Whiskey Market Key Takeaways
- Global whiskey market to surpass US$ 80.9 Bn in 2022.
- Demand in the U.S. to grow as number of clubs and restaurants increases, spurring sales in North America.
- Non-alcoholic beverages sales to grow as focus on wellness increases among millennials.
- Sales of flavored whiskey to pick up pace globally.
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Untapped market- Giving better growth opportunity
Companies are focusing on reaching a wider consumer base in various untapped markets in order to grow sales. As per the study, several companies will aim at strengthening presence in the Middle East.
There are various regions where premium alcohol is exported from other countries. This leads to high cost of premium products, hence affecting the sales in these regions. Companies are focusing on expansions to manufacture their premium products in the region itself, leading to comparatively lower costs.
Low penetration in few regions, coupled with high costs of premium exported products, is creating opportunity for manufacturers to expand in such regions.
Who is winning?
The right product labeling goes a long way in cementing brand trust in the minds of consumers and the global clean label movement is one-way F&B manufacturers can build this trust. Worldwide F&B regulations mandate clean label packaging with clear information on the ingredients, sourcing, and processing methods to create more transparency across the food chain.
Clean labeling is also about the resultant environmental impact of food production and consumers are showing keen interest in analyzing if the food they consume has been sourced and produced in an eco-friendly manner.
Some of the leading companies offering whiskey are
- Diageo
- Chivas Brothers
- William Grant & Sons
- Bacardi
- La Martiniquaise
- The Edrington Group
- Belvedere
- Beam Suntory
- Whyte & Mackay
- Inver House, LVMH
- Loch Lomond, and Others
Get Valuable Insights into Whiskey market
Future Market Insights, in its new offering, provides an unbiased analysis of the whiskey market presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the whiskey market based on beverage type (alcoholic whiskey and non- alcoholic whiskey), by product type (bourbon whiskey, scotch whiskey, malted whiskey, rye whiskey, corn whiskey, blended whiskey, and other whiskey types (wheat, spirit, etc)), by flavor (unflavored and flavored) by end user (food and beverage industry, horeca, and household retail), by sales channel (business to business and business to consumer), and across seven major regions.
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About the Food & Beverage Division at Future Market Insights
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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