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 |
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.
Whiskey Industry Segmentation
Whiskey is a distilled alcoholic beverage made from fermented barley, corn, rye, wheat mash, or by distilling beer. The whiskey market is segmented by product type, distribution channel, and geography. Based on product type, the market 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 is segmented into North America (United States, Canada, Mexico, and Rest of North America), Europe (Spain, United Kingdom, Germany, France, Italy, Russia, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), South America (Brazil, Argentina, and Rest of South America), Middle East and Africa (South Africa, Saudi Arabia, and Rest of Middle East and Africa). For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).
| Product Type | |
| American Whisky | |
| Irish Whisky | |
| Scotch Whisky | |
| Canadian Whisky | |
| Other Product Types |
| Distribution Channel | |
| On-trade | |
| Off-trade |
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Whiskey Market Size Summary
The whiskey market is experiencing a dynamic transformation, driven by evolving consumer preferences and lifestyle changes. As consumers globally develop more sophisticated tastes, there is a growing demand for unique and high-quality alcoholic beverages, including whiskey. This trend is further fueled by the inclusion of natural ingredients, which enhances the functionality and appeal of these products. Despite the challenges posed by the COVID-19 pandemic, which led to significant declines in sales due to the closure of hospitality venues and reduced international spending, the market is on a robust recovery path. The resurgence is supported by increasing consumption across various regions, high disposable incomes, and a shift towards premium and organic whiskey options. Emerging markets are showing a particular interest in scotch whiskey and lower-alcohol varieties, catering to health-conscious consumers.
In the United States, the whiskey market is benefiting from premiumization trends and a growing interest in innovative and diverse product offerings. The demand for high-end and super-premium brands is particularly strong, driven by a cultural shift towards premium products. The market is also seeing increased sales through on-trade channels, such as restaurants and bars, which are expected to continue driving growth. The competitive landscape is marked by intense rivalry among key players, who are expanding their product portfolios and investing in strategic expansions. Companies like Diageo, Bacardi, and Pernod Ricard are focusing on online distribution channels to enhance their market reach. Recent product launches, such as William Grant & Sons' exclusive Glenfiddich range and Diageo India's Godawan Single Malt, highlight the industry's commitment to innovation and market expansion.
Whiskey Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Product Type
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2.1.1 American Whisky
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2.1.2 Irish Whisky
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2.1.3 Scotch Whisky
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2.1.4 Canadian Whisky
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2.1.5 Other Product Types
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2.2 Distribution Channel
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2.2.1 On-trade
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2.2.2 Off-trade
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 Spain
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2.3.2.2 United Kingdom
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2.3.2.3 Germany
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2.3.2.4 France
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2.3.2.5 Italy
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2.3.2.6 Russia
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2.3.2.7 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle East and Africa
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2.3.5.1 South Africa
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2.3.5.2 Saudi Arabia
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2.3.5.3 Rest of Middle East and Africa
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Whiskey Market Size FAQs
What is the current Whiskey Market size?
The Whiskey Market is projected to register a CAGR of 5.60% during the forecast period (2024-2029)
Who are the key players in Whiskey Market?
Asahi Group Holdings, Ltd, Diageo PLC, Bacardi Ltd, Pernod Ricard S.A. and Suntory Holdings Limited are the major companies operating in the Whiskey Market.
