Whisky Market Size, Share, Growth, Industry & Revenue [2031]

Report Description

The global whisky market size was valued at USD 75.27 Billion in 2022 and is projected to reach USD 208.73 Billion by 2031, expanding at a CAGR of around 12% during the forecast period, 2023 – 2031. Traditionally, whiskey was made from the fermented grain mashes of malted barley, rye, wheat, or corn. It is generally aged in wood barrels. Scotch whiskey, grain whiskey, blended whiskey, Irish whiskey and American whiskey are some of the most commonly consumed whiskey varieties. It is beneficial for health if consumed in moderate amounts, and it reduces the risk of complications related to blood pressure and heart. Excessive consumption is associated with more serious health consequences. As an alternative to alcohol, it can also be applied to burns as a disinfectant in case of an emergency.

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Whisky Market Trends, Drivers, Restraints, and Opportunities

• Rising millennial population globally, increase in spending capacity, and changing consumer taste profile of alcoholic beverages are some of the key factors expected to increase the demand for specialty and blended whisky during the forecast period.

• Growing consumer awareness regarding the health benefits of whiskey such as its ability to lower risk of heart diseases, diabetes, and dementia to some extent, fight cancer, promote weight loss, act as a digestive aid, and reduce stress is boosting the market growth.

• Growing trend of social gatherings and parties among the younger generation is contributing to the growth of the market.

• The sudden closure of restaurants, bars, and pubs owing to the stay-at-home orders issued by governments of different countries during the COVID-19 pandemic is likely to decline the product demand for a short to medium timeframe.

• The travel restrictions imposed in different countries of the world created a shortage of casks required for storage of the whisky, which is likely to take a toll on the market growth to some extent.

• Product innovations such as organic whiskeys are gaining rapid preference among consumers across the globe.

Scope of Whisky Market Report

The report on global whisky market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Whisky Market Segment Insights

Scotch whisky segment is projected to hold a significant market share

In the terms of products, the global whisky market can be divided into scotch whisky, American whisky, Canadian whisky, Irish whisky, and others. Scotch whiskey was the most widely consumed whiskey globally in 2020. The high rate of consumption of scotch whiskey can be attributed to the superior taste profile of the product and growing consumer demand for the single malt and blended scotch flavour. Further, scotch whiskey is available in a variety of flavors, such as caramel, orange, and vanilla, thus consumers can select from wide range of flavours. Soaring consumer demand is expected to spur demand for products and facilitate the industry landscape, which is estimated to drive the segment growth.

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Off-trade segment is anticipated to account for a substantial share

Based on distribution channels, the global whisky market can be bifurcated into on-trade and off-trade. The off-trade segment is expected to expand at a CAGR of 6.4% during the forecast period. The COVID-19 pandemic and the resultant lockdowns imposed in different countries across the world are encouraging in-house drinking of whiskey and growing consumer dependence on online retail sales channels.

Asia Pacific is expected to dominate the market

On the basis of regions, the market can be classified as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. The Asia Pacific whisky market is expected to expand at a remarkable CAGR during the forecast period. This is mainly ascribed to increasing middle-class population in the region. Fluctuating consumer taste for alcoholic beverages and increasing trend of socializing and weekend parties, especially by youngsters in the region can further accelerate the market growth. Increasing disposable income of people, growing younger population legally eligible for consumption of alcoholic drinks, and effective indirect marketing strategies implemented by whiskey manufacturers for marketing their products is likely to further elevate product sales and augment the regional industry expansion.

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