Whiskey Market Analysis APAC, North America, Europe, South America, Middle East and Africa - India, US, China, France, Canada - Size and Forecast 2024-2028

Whiskey Market Size 2024-2028

The whiskey market size is projected to increase by USD 37.53 billion, at a CAGR of 6.25% between 2023 and 2028. The market is experiencing significant growth, driven primarily by the increasing demand for premium whiskey variants. Among these, single-malt whiskeys are gaining immense popularity. This trend is influenced by the rising preference for superior taste and quality among consumers. Simultaneously, the emergence of online distribution platforms is revolutionizing the way whiskey is bought and sold. These platforms offer convenience, a wider selection of premium whiskeys, and competitive pricing, making them an attractive option for consumers. As a result, the market is poised for continued growth, with a focus on premium and high-quality offerings.

In the emerging economies sector, a substantial population and increasing disposable incomes present a significant market opportunity for whiskey. India, in particular, stands out as a key player, holding the position of one of the world's largest whiskey consumers, in terms of volume. Notably, India boasts the highest per capita alcohol consumption among these nations. However, China's economic landscape is undergoing a shift with the implementation of anti-austerity measures, which may curb whiskey consumption during the forecast period. Despite this, the potential for growth in the market within emerging economies remains robust. Allied Blenders and Distillers Pvt. Ltd company offers Stering, Officers choice blue, and others.

Market Overview

The market shows an Accelerate CAGR during the forecast period.

To get additional information about the market report, Request Free Sample

Market Dynamics

The market is experiencing significant growth, driven by the changing consumer lifestyle and purchasing power of millennials in Western countries. This demographic is known for its appreciation of spirits, including whiskey, beer, wine, and cocktail culture. The ingredient focused trend in alcoholic beverages has led to a heightened interest in the originality, provenance, and quality of whiskey. Spirit tourism is another factor fueling the on-trade recovery in the whiskey industry. Consumers are increasingly seeking authentic experiences, leading to an increase in whiskey imports from emerging markets such as Japan and Ireland. The digital frontier has also played a role in the market's expansion, with alcohol shops and other retailers leveraging e-commerce platforms to reach a wider audience. Despite these opportunities, the market faces limitations. Regulations and taxes in various regions can impact sales, and consumers' preferences and trends are constantly evolving. Nonetheless, the market's growth potential remains strong, with Scotch whiskey continuing to be a key player in the industry.

Key Market Driver 

The increasing demand for premium whiskey is notably driving the market growth. The market is experiencing significant growth due to the increasing preference for premium and craft whiskey variants among consumers. This trend is driven by the rise in per capita income worldwide, enabling individuals to afford higher-end whiskey offerings.

Canadian whiskey, in particular, is gaining popularity, with companies introducing new premium bottles and cans to cater to this demand. For instance, Dunville introduced an 18-year-old single-malt whiskey with a high alcohol by volume (ABV) of 60.63%, while Micil Distillery launched two new Irish whiskeys, including Micil Inverin Small blended Irish whiskey with a 46% ABV and a price range of USD45 and Micil Earls Island Single Pot Still Irish Whiskey with a 46% ABV and a price range of USD55. These new offerings underscore the market's expansion and the growing consumer interest in premium whiskey options. Thus, the increasing demand for premium whiskeys is expected to drive the growth of the global market during the forecast period.

Significant Market Trends 

The increasing demand for craft whiskey will be a key trend in the market. The market is experiencing significant growth, with Irish and Canadian whiskey segments leading the charge. Irish whiskey, in particular, is gaining popularity due to its sweet and smooth taste, competitive pricing, and increasing demand among new and female consumers.

Furthermore, this trend is expected to continue, increasing Irish whiskey's market share in the coming years. Canadian whiskey also contributes to the market's growth, with its unique flavor profile and strong consumer base. The market is expected to see continued expansion as consumers seek out new and interesting bottled and canned whiskey offerings. The growing demand will positively influence the growth of the market during the forecast period.

Major Market Challenge 

The increasing competition from other alcoholic beverages will impede the market growth. The market faces challenges from the expanding consumer preferences for various other alcoholic beverages, including vodka, rum, brandy, and mezcal. In the US and other American nations, the rising demand for these spirits has adversely affected whiskey sales. European countries, such as Germany, France, Italy, Russia, Belgium, and Sweden, have reported a growing interest in spirits like vodka, rum, whiskey, and tequila, which has negatively impacted the revenues and volumes of the market in these regions.

Conversely, China, the largest market for alcoholic beverages in APAC, exhibits a significant demand for whiskey, particularly Canadian whiskey, which is sold predominantly in bottles and cans. Thus, increasing competition from other alcoholic beverages can become a major challenge for the growth of the market during the forecast period.

Market Segmentation by Product

The market witnesses significant growth in the consumption of this distilled beverage. With the increasing preference for convenient packaging, the demand for Canadian whiskey in cans has surged. Meanwhile, the traditional market for bottles remains substantial. Producers are focusing on enhancing the product offerings by introducing new flavors and variants to cater to diverse consumer tastes. The Canadian whiskey industry is expected to continue its expansion, driven by the rising popularity of this spirit both domestically and internationally. The market's growth is fueled by factors such as increasing disposable income, changing consumer preferences, and the availability of a wide range of products. Overall, the Canadian market presents a promising landscape for investors and industry participants alike.

Market Segmentation by Distribution Channel

The off trade segment will account for a major share of the market's growth during the forecast period.?The Market caters to a diverse range of consumers, with a growing number of health-conscious drinkers preferring Lower Alcohol Varieties. Organic Whiskey, produced by distilleries such as Bainbridge Organic Distillers, is another trending choice, reflecting the rising consumer requirement for eco-friendly and natural products. Grains used in whiskey production, including corn, barley, and rye, are subject to premiumization trends, leading to the emergence of innovative brands. 

The off trade segment was valued at USD 22.03 billion in 2018.

For a detailed summary of the market segments Request for Sample Report

Drinking trends indicate a shift towards full-service Restaurants, Cafés/Bars, and Online Marketing platforms as preferred purchasing channels. Whisky's rich cultural background and history, coupled with its cultural value, continue to attract heavy alcohol drinkers and younger generations. Flavoured spirits and artistry and craftsmanship are essential elements of the premium spirit market, which is influenced by luxury market trends. Distilleries worldwide offer whisky tastings, educational seminars, and cocktail-making classes, emphasizing the importance of mixology and bartenders in the industry. Emerging nations are adopting Western drinking traditions, leading to an increase in internet shopping and e-commerce sales. Product information and doorstep delivery are crucial factors in the consumer decision-making process. American whiskey and Irish whiskey are popular whiskey types, each with unique characteristics and cultural significance. The market is witnessing a rise in consumer preferences for these premium spirits, driven by their distinct flavors and the stories behind their rich histories.

Key Regions for the Market

APAC is estimated to contribute 51% to the growth of the global market during the forecast period

Get a glance at the market share of various regions View PDF Sample

Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The market caters to a diverse range of consumers, with a growing number of health-conscious drinkers preferring Lower Alcohol Varieties. Organic Whiskey, produced by distilleries such as Bainbridge Organic Distillers, is another trending choice, reflecting the rising consumer requirement for eco-friendly and natural products. Grains used in whiskey production, including corn, barley, and rye, are subject to premiumization trends, leading to the emergence of innovative brands. Drinking trends indicate a shift towards full-service Restaurants, Cafés/Bars, and Online Marketing platforms as preferred purchasing channels. Whisky's rich cultural background and history, coupled with its cultural value, continue to attract heavy alcohol drinkers and younger generations.

In addition, flavored spirits and artistry and craftsmanship are essential elements of the premium spirit market, which is influenced by luxury market trends. Distilleries worldwide offer whisky tastings, educational seminars, and cocktail-making classes, emphasizing the importance of mixology and bartenders in the industry. Emerging nations are adopting Western drinking traditions, leading to an increase in internet shopping and e-commerce sales. Product information and doorstep delivery are crucial factors in the consumer decision-making process. American whiskey and Irish whiskey are popular whiskey types, each with unique characteristics and cultural significance. The market is witnessing a rise in consumer preferences for these premium spirits, driven by their distinct flavors and the stories behind their rich histories. These factors will likely boost the market's growth in APAC during the forecast period.

Company Overview

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market forecasting growth and analysis.

• Key Offering- John Distilleries Pvt. Ltd. - The company offers whiskey that has a smooth, warm, and sweet taste with a subtle rye spice note; caramel and honey mingle with just enough oak and char to round out the richness of the whiskey. 
• Key Offering- Allied Blenders and Distillers Pvt. Ltd. - The company offers a wide range of bourbon and rye to scotch and Irish Whiskey

The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including Asahi Group Holdings Ltd., Bacardi Ltd., Beam Suntory Inc., Brown Forman Corp., Constellation Brands Inc., Campari Group, Diageo Plc, Heaven Hill Sales Co., , Kirin Holdings Co. Ltd., Luxco Inc., LVMH Moet Hennessy Louis Vuitton SE, Pernod Ricard SA, Sazerac Co. Inc., The Cotswold Distilling Co. Ltd., The Edrington Group Ltd., William Grant and Sons Ltd., and Woodinville Whiskey Co.

The global whiskey market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.

• Distribution Channel Outlook
  • Off-trade
  • On trade 
• Product Outlook 
  • Scotch whiskey
  • American whiskey
  • Canadian whiskey
  • Irish whiskey
  • Others 

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

You may also interested in below market reports:

• Scotch Whisky Market - Scotch Whisky Market Analysis Europe, North America, APAC, Middle East and Africa, South America - US, India, France, Spain, Germany - Size and Forecast
• Irish Whiskey Market - Irish Whiskey Market Analysis Europe, North America, APAC, South America, Middle East and Africa - US, Germany, Ireland, India, Russia - Size and Forecast
• Japanese Whiskey Market - Japanese Whiskey Market Analysis APAC, North America, Europe, South America, Middle East and Africa - US, Japan, Taiwan, Australia, UK - Size and Forecast 

Market Analyst Overview

A Comprehensive Approach Whiskey, a distinguished alcoholic beverage, has gained significant popularity worldwide. Marketing strategies play a crucial role in the whiskey industry's growth. Whiskey companies employ various tactics to capture consumers' attention and increase sales due to the High Standard of Living. Ingredients and Alcoholic Content: Whiskey's unique taste and aroma are essential selling points. Marketing campaigns highlight the beverage's ingredients, such as corn, barley, rye, and wheat. The alcohol content also adds to the whiskey's allure, with marketing emphasizing the beverage's strength and richness. Regional and Cultural Significance: Whiskey's regional and cultural significance is another marketing focus. Furthermore, companies leverage the beverage's association with specific regions and cultures to create a sense of authenticity and exclusivity. Moreover, Whiskey tastings and experiences are popular marketing tools. Companies offer tastings at distilleries, bars, and events to engage consumers and provide a unique experience.

Also, sustainability and Ethical Production: Consumers increasingly demand sustainable and ethically produced goods. Whiskey companies respond by promoting their eco-friendly practices and ethical production methods. Collaborations and partnerships with other brands, celebrities, and influencers can boost whiskey sales. These partnerships often result in limited-edition releases and exclusive promotions. Marketing Channels: marketing encompasses various channels, including print, digital, and experiential marketing. Companies use targeted advertising and social media campaigns to reach consumers effectively. In conclusion, marketing strategies focus on the beverage's unique characteristics, regional and cultural significance, consumer experiences, sustainability, and collaborations. These tactics help whiskey companies connect with consumers and grow their market share.

BUY NOW Full Report and Discover more

What are the Key Data Covered in this Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2024 and 2028
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

We can help! Our analysts can customize this market research report to meet your requirements. Get in touch