Market Trends of Irish Whiskey Industry
This section covers the major market trends shaping the Irish Whiskey Market according to our research experts:
Growing demand for premium beverages
Growing demand for premium beverages among youngsters is driving the market. Innovation of new products such as organic whiskey is boosting market growth. In addition, the surge in the number of different distribution channels such as outlets in airports and online retailing, in recent times, is expected to fuel demand for Irish whiskey. The use of natural ingredients in alcoholic beverages improves their functionality, which is preferred and liked by a majority of consumers. With the increasing purchasing power of consumers in the market, consumers tend to spend more on premium alcoholic beverages for their uniqueness and taste. The rising number of bars, pubs, and clubs is also boosting the Demand for Irish whiskey. Furthermore, Major global manufacturers of alcoholic beverages are going for mergers and acquisitions to diversify their product portfolio and strengthen their market presence. For instance, in June 2022, Sazerac company acquired Lough Gill Distillery to expand its Irish whiskey production in Ireland. The company aims to build a 100-acre whiskey production facility to expand its production capacity.
North America is the fastest growing market
North American region is the fastest growing in the studied market, this is mainly due to the increasing tourist visits from the North American region to European countries where Irish whiskey is extremely popular. For instance, it is estimated that about 6.63 million tourists visited a different parts of European countries from the United States alone in 2020, revealed the European Travel Commission. Consumers in the market tend to explore new and unique flavors of alcoholic beverages and bring back the culture to their hometowns. This interest in consumer behavior encourages the manufacturers in the market to launch their products across these regions resulting in an increase in consumption of this Irish whiskey. In addition, Irish whiskey is well known for its taste and unique flavor, which became popular among consumers and increased consumption. Owing to the demand, manufacturers in the market are introducing their products in the region to gain a competitive edge. For instance, in November 2021, Lost Irish Whiskey launched its Irish whiskey made using from casks sourced from six continents, it is a blend of three styles of Irish whiskey grain, malt, and pot still. The company claims that the product has a sweeter taste and floral aroma.
