Whiskey Market was pegged at $59.63 billion in 2019, and is anticipated to reach $86.38 billion by 2027, registering a CAGR of 4.9% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Rise in spirit tourism and expansion of global consumer base are the major factorsfueling the growth of the global whiskey market. On the other hand, strict regulations regarding advertisement curtail down the growth to certain extent. Nevertheless, swelling demand in the Asia-Pacific region and increase in the craving for organic whiskey are anticipated to pave the way for multiple opportunities for the key players in the industry.
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- The outbreak of the pandemic has directly hit the global whiskey market. The lockdown had a substantial toll in the industry. In the first phase of the lockdown, most of the retail F.L owners were brought to close their stores for an indefinite period. However, from the third phase, the sale of whiskey is resumed to a certain extent.
- Also, the bars and restaurants that used to garner huge sales from serving whiskey have been highly affected, as it will take enough time for people to earn back the trust in living a social life yet again.
The global whiskey market is analyzed across product type, distribution channel, and region. By product type, the scotch whiskey segment accounted for more than two-fifths of the total market revenue in 2020 and is anticipated to lead the trail by 2027. At the same time, the Canadian whiskey segment would manifest the fastest CAGR of 6.6% throughout the forecast period.
On the basis of distribution channel, the market is bifurcated into on-trade and off-trade segments. In the year 2019, the off-trade segment was dominant, which accounted for more than half of the share in whiskey market and is expected to retain its dominance throughout the forecast period. This is due to the high-volume sales through large supermarket chains. However, the on-trade segment is expected to grow at a higher CAGR during the forecast period owing to rise in consumer spending on alcoholic beverages in outlets such as bars, restaurants, coffee shops, clubs, hotels among others.
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By geography, Europe garnered the major share in 2020, generating around one-third of the global market. Simultaneously, Asia-Pacific would register at the fastest CAGR of 6.0% by 2027. The other regions analyzed through the report include North America and LAMEA.
The key market players analyzed in the global whiskey market report include PernodRicard, William Grant & Sons Ltd,Asahi Group Holdings, Ltd., Loch Lomond Distillers Ltd., Bacardi Limited, The Brown–Forman Corporation, Constellation Brands, Inc., Beam Suntory, Inc., Diageo plc., andLa Martiniquaise. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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