Whiskey Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The whiskey market is projected to register a CAGR of 5.51% during the forecast period (2021-2026).

The market studied has considerably been impacted during the COVID-19 impact due to the closure of various hotels, restaurants, and alcohol shops across the world, which limited the sales of whiskey. Moreover, decreasing tourism in all parts of the world had also affected the sales of whiskey in the global market, as low footfall of tourists decreased the consumption of whiskey and other alcoholic beverages.

Consumers nowadays all over the world have more sophisticated palates than compared to the previous year ago. They are constantly looking to explore unique, high-quality alcoholic beverages such as whiskey, wine, and others. The inclusion of natural ingredients in alcoholic beverages improves their functionality, and such products are gathering a lot of attention from consumers.​ Therefore, factors such as these are driving the global whiskey market.

Furthermore, there is a rise in demand for whiskey from the developing countries of Asia-Pacific, especially India and China. According to British beverage company Diageo PLC, more than 100 whisky bars opened in China in 2016 and, in the first half of 2017, Scotch exports to China increased by 45% year-on-year to reach 27 million pounds.

However, stringent government trade regulations are expected to hinder the growth of the market studied during the forecast period. For instance, in 2018, the US government imposed a 25% import tariff on EU agricultural goods, which impacted liqueurs, like single malt Scotch and single malt Irish whiskey. The imposed tariff will make Scotch whisky more expensive for Americans, thereby hampering the growth of the market studied.

Scope of the Report

Whiskey is a distilled alcoholic beverage made from fermented barley, corn, rye, or wheat mash or by distilling beer. The whiskey market is segmented by product type, distribution channel, and geography. Based on product type, the market studied is segmented into American whisky, Irish whisky, Scotch whisky, Canadian whisky, and other product types. By distribution channel, the market is segmented as on-trade and off-trade channels. Based on geography, the market studied is segmented into North America, Europe, Asia-Pacific, South America, and Middle-East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).

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Key Market Trends

Growing Preference for Organic Whiskey

Demand for variety in scotch whiskey from fast-growing emerging markets and the request for lower alcohol varieties and organic whiskey among health-conscious drinkers are driving the market forward. Moreover, with the increasing focus on healthy living across the world, people prefer these varieties of whiskeys. The value of organic alcoholic beverages exported from Denmark increased to 129.60% from the year 2013 to 2017 (Statistics Denmark). This has driven the increase in preference for organic whiskeys of Denmark and other countries from the rest of the world. Companies, such as Bainbridge Organic Distillers, have developed artisan-distilled spirits that are made from the USDA-certified organic wheat, barley, triticale, and corn, grown especially for their distillery, and the quality of each of their products is a direct reflection of the superiority of their grains.

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