Market Size of Whiskey Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 5.60 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Whiskey Market Analysis
The Whiskey Market is expected to register a CAGR of 5.60% during the forecast period.
Consumers nowadays all over the world have more sophisticated palates compared to a few years ago. They are constantly looking to explore unique, high-quality alcoholic beverages such as whiskey, wine, and others. Including natural ingredients in alcoholic beverages improves their functionality, and such products are gathering much attention from consumers. Therefore, the changing lifestyle and preferences of consumers are some factors driving the global whiskey market.
The COVID-19 pandemic affected the whiskey market. For example, Pernod Ricard, one of the top players in the whiskey industry, witnessed a decline in profit margins by 20% as per the company's annual report. This was due to the closure of various hotels, restaurants, and alcohol shops worldwide, which limited whiskey sales. Moreover, due to decreasing international visitor spending by 65% around the globe and a decrease in exports, the whiskey industry experienced a significant decline.
However, post-pandemic, the whiskey market is recovering much faster, and it is anticipated to return to the pre-COVID stage over the next few years. The growing consumption of alcoholic beverages across various countries is contributing to market growth. High disposable income, changing consumer lifestyle, and high standard of living are some of the few trends influencing market growth.
