Whiskey Market size to reach $123 Bn by 2032

Whiskey Market size is projected to cross USD 123 billion by 2032, according to a new research report by Global Market Insights Inc.
 

The increasing developments and the introduction of innovative alcohol brews will complement the industry dynamics. The number of distillery units has increased rapidly across the world with the surging need for new whiskey variants in the market. Manufacturers are hence increasingly working towards offering superior quality products at competitive pricing, bringing positive influence on the whiskey market outlook. Additionally, the rising focus on consumer-centric marketing strategies and the hefty investments by leading alcohol brands in advertisements are enhancing customer reach.
 

However, adulteration of branded whiskey in underdeveloped and developing nations is a major roadblock in the whiskey market. Rebranding and counterfeiting are resulting in the robust sale of low-cost commercial whiskeys, hampering the market identity of the original producer leading to a notable adverse impact on the consumers’ health. Low-cost counterfeit alcohols are made using cheaper manufacturing techniques and raw materials, causing exposure to a higher concentration of toxins that increase the risk of central nervous depression and cardiovascular shock.
 

Growing consumer preference for American whiskey to accelerate the industry growth

The whiskey market from American whiskey is anticipated to witness over 6.3% CAGR from 2023 to 2032, due to the growing consumer liking for the slightly sweet flavor associated with American whiskey. Additionally, it is also increasingly favored by the producers as it does not depend on specific raw materials for production. According to the Distilled Spirits Council of the U.S. report, total spirits exports in the U.S. reached USD 1.6 billion in 2021. American whiskeys, including Bourbon, Tennessee Whiskey, American Single Malt, and American Rye Whiskey accounted for more than 60% of all spirits exported in terms of value and 38% in terms of volume.
 

Browse key industry insights spread across 315 pages with 373 market data tables and 29 figures & charts from the report, “Whiskey Market Size By Product (Scotch Whiskey, American Whiskey, Canadian Whiskey, Irish Whiskey, Other Whiskey), By Distribution Channel (On-Trade, Off-Trade), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/whiskey-market
 

Supportive government initiatives for off-trade distribution of whiskey to foster the market development

The whiskey market from off-trade distribution channels segment is estimated to exceed USD 59.8 billion by 2032, owing to the relaxation of certain norms, and the introduction of favorable regulations and permits pertaining to the sale of liquor across grocery stores and hypermarkets. For instance, in October 2022, the Justice Ministry of the Republic of Ireland received cabinet approval to kick off the process of drafting the Sale of Alcohol Bill. The proposed bill is predicted to extend the alcohol sale hours across supermarkets and off-licenses to boost the availability and accessibility to alcohol.
 

Surging demand for American whiskey to consolidate the industry expansion in North America

North America whiskey market is poised to surpass USD 26.5 billion by 2032, owing to the surging demand for premium alcohol brands across the U.S., and Canada. North America exports whiskey and other alcoholic beverages to a wide range of high-tariff as well as duty-free regions, catering to majority of the global supply chain. For instance, in 2021, the U.S. spirits exports to free trade agreement countries with zero duties crossed USD 1.35 billion, recording 86% of the total spirits exports of the U.S. Meanwhile, the U.S. exports to high tariff economies such as Brazil, India, and Vietnam reached USD 40 million in 2021, accounting for 3% of the total spirits exports by the country.
 

Strategic mergers & acquisitions to boost the industry demand

Major players involved in the whiskey market include Diageo, Pernod Ricard, William Grant and Sons, Suntory Holdings Ltd, Brown Foreman, Allied Blenders and Distillers Pvt Ltd, Angus Dundee Distillers Plc, Bacardi Limited, Constellation Brands Inc, King Car Group, La Martiniquaise, The Edrington Group, Chivas Brothers, and Whyte & Mackay. These companies are entering strategic agreements and deals to consolidate their competitive foothold. For instance, in September 2021, Pernod Ricard signed a deal to acquire the Whisky Exchange, a leading online and physical spirit retailer.