Global whiskey market is anticipated to witness an exponential growth in the forecast period. Whiskey is a type of distilled alcoholic beverage made from fermented grain mash. Factors such as increasing demand for premium whiskey, growing affordability of whiskey, consumption habits of whiskey, changing lifestyles, high disposable income, new product launches, and technological innovations are likely to drive the whiskey market in the forthcoming period.
On the other hand, legal regulations by the governments, heavy taxation, health issues associated to whiskey consumption, heavy taxation, increasing struggle from other alcoholic beverages, a growing number of consumers selecting substitutes such as beer and wine are anticipated to hinder the market growth in future. However, the presence of foremost whiskey manufacturing companies is likely to create lucrative opportunities for the market.
Whiskey market is anticipated to expand at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe. Market could be explored by type, quality type, product type, application, and geography. Market could be explored by type as wheat, malt, rye, blended, corn, and others. The “Blended” segment accounted for a prominent share in the market. It is likely to witness substantial growth in the years to come. The key factor that could be attributed to the growth of the market includes increasing demand.
Based on the quality type, the whiskey market could span premium whiskey, high-end premium whiskey, and super premium whiskey. The “Premium Whiskey” segment accounted for a prominent share in the market. The key factor that could be attributed to the growth of the market include has the major share of the market by quality, increasing expenditure and high demand from the consumer.
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The whiskey market could be explored based on the product as Canadian whiskey, Irish whiskey, Scotch whiskey, and American whiskey. The “Scotch Whiskey” segment accounted for a prominent share in the market. It is likely to witness substantial growth in the years to come. The key applications that could be explored in the market include Liquor Stores, Bars & Restaurant, Supermarkets, Online Stores and Mini Markets.
Europe is a leading region in the market. It is likely to maintain its dominance in the forecast period. Italy, Germany, France, and Spain are the foremost countries for whiskey consumption and production in this region. Europe is also the major consumer and producer of whiskey. Europe is followed by North American and Asia-Pacific region. The US only consumed the maximum whiskey per person.
In addition, the Asia-Pacific is the fastest growing market for whiskey consumption and production owing to a high acceptance rate of lifestyle and western culture, high demand, increasing expenditure, large population, and the rising middle-class households. India, Japan, and China are the highest consumers in the region.
Leading Key players operating in the whiskey market include Brown-Forman, Beam Suntory, Gruppo Campari, Diageo, Alexandrion Group Romania, Heaven Hill, Barrel House Distilling, Alltech Lexington Brewing and Distilling, Boundary Oak Distillery, Boone County Distilling, Michter's Distillery, Kirin Brewery, Willett Distillery, and Sazerac. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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