Whiskey industry Analysis, Growth by Top Companies, Trends by Application, Forecast – 2027
Whiskey is without a doubt one of the most loved
alcoholic beverage out there. It is sort of omnipresent all across the globe.
Be it a party, special occasion or even sadness people always turn towards this
golden liquid to unwind themselves. Without it any celebration is incomplete
and the demand for this drink is always high whatever the season is. Since the
time it was discovered, this alcoholic drink has struck a chord with the
general masses and the craze around it is not going to subside anytime soon.
This is one of the major reasons why the global whiskey market is on an uphill
journey.
Scientifically, whiskey can be described as a kind
of distilled alcoholic beverage that is prepared from fermented grain mash. For
the creation of this premium drink a number of grains like wheat, corn, barley
and rye are used. The choice of grain depends on the variety that one is
looking for. Whiskey is called as a ‘luxury drink’ because it is aged in wooden
casks that are normally made of charred white oak.
This drink has an eternal quality to it and due to
this special characteristic it will never go out of business.
Market Scenario
Looking at the current trend of throwing parties
for every big or small occasion, one thing is for sure and that is that the
global whiskey market has a pretty bright and prosperous future ahead. During
the forecast period of 2017-2027, the market is expected to generate a revenue
of around USD 8 billion. Whereas, in terms of CAGR the market will tread
forward at the rate of 5%.
The success and development of this market is a
result of the cumulative efforts of a number of growth factors. One of the
major ones happens to be the upsurge in the demand for premium whiskey. People
all over the world want access to some of the best whiskey brands in the world
and this fact is working wonder for the market.
Another aspect that positively impacts this market
is the growing popularity of this drink amongst all age groups. Once
individuals cross the legal age to start consuming alcoholic beverages, their
taste buds takes them over to whiskey owing to unique flavor and texture. Thus,
ultimately the market gets benefitted by it.
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Market Segmentation
The worldwide whiskey market has been divided into
five equal portions. They can be listed as processes, sources, geographies,
types and origin.
On the basis of processes, the market is bifurcated
into column still distillation and pot still distillation.
When it comes to sources, the industry is
trifurcated into blended, malt and grain.
Geographically, the market spans across various
regions of the world like North America, Europe, Asia Pacific and Rest of the
World.
On account of types, the whisky industry is separated into scotch, bourbon/rye and cask finish.
Lastly, based on origin this market is fragmented
into Japanese, U.S., Canadian and Irish.
Industry Trends
The global whiskey market is ruled by several
growth trends that put in their share of effort to drive the market’s success.
Some of the major ones are listed as below:
- Hike in promotional activities for the market.
- Upsurge in the demand for American and Irish
whiskey.
Market Players & Growth Strategies
Some of the most renowned and longstanding players
of this market can be listed as Pernod Ricard, Heaven Hill Distillers,
Constellation Brands, Beam Suntory and Bacardi. The major strategies used by
these brands to stay ahead of the competition are acquisition and strategic
expansion.
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