Whiskey Market Size By Product, By Distribution Channel, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026

Ocean View, DE -- (SBWire) -- 05/05/2020 --Strong demand for premium alcoholic beverage triggered by growing disposable incomes will foster the global whiskey market growth over the ensuing years. The drink presently offers consumers a substantial spectrum of price range and taste profiles, with local producers and renowned brands equally contributing to the trend. The availability of a plethora of options and the whole brigade of engaging flavors to choose from offers a significant push to the global whiskey industry size.

Moreover, the transformations that this market has undergone with respect to pricing, flavors, packaging, distribution, customization, and marketing has helped it in beating all the odds. Without doubt, whiskey market size has continued to show an increase with the changing perceptions and The North American sub-continent, Canada produces more than 21 million cases of whiskey, known for its light and smooth style and is home to nearly 30 distilleries. India is emerging as the fastest growing global center for whiskey production, with sales of over 120 million cases and the production of 3468.4 million liters of whiskey in 2018.

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Meanwhile, Japan produces nearly 94.5 million liters every year and is the fourth largest whiskey producer in the world. The United States is also one of the largest producers of whiskey – the country as a matter of fact, gave the world popular brands like Jack Daniels and Jim Beam. In addition, the growing travel & tourism industry along with the emergence of the middle-class population in Asia, Africa, and South America have stimulated the consumption rate.

In terms of geographical growth, Asia Pacific is anticipated to emerge as a strong contender in the global market. According to a research report by Global Market Insights, Inc., the Asia Pacific whiskey market size is estimated to surpass $37 billion by 2025. Some important factors stimulating regional growth include rising production from nations like India, Japan, Taiwan and more, rapid urbanization, rising population of consumers within legal drinking age and heavy spending on high-quality alcohol.

Today, it would be wrong to believe that whiskey as a category doesn't resonate with the youth. The drink is starting to shed its conservative image and has gained significant popularity. Lately, the youth population across the globe are increasingly leaning to scotch whiskeys, bourbons, and Irish whiskeys as opposed to staple beers, vodkas, rum, and others.

The key factor propelling whiskey consumption across individuals of all age groups is the rising cocktail and mixology culture, which is strongly influenced by social media networks like Instagram. Speaking of the cocktail culture, countries like the U.S. have observed rising appreciation for bourbon whiskey among millennials, which has considerably magnified the nation's sales and the regional whiskey market size.

The rise in the count of distilleries offering consumers a wide range of whiskeys also serves as a major factor accelerating market growth. According to credible reports, over 200 new distilleries have opened in the UK over the last five years, whereas, there has been an addition of 18 new distilleries in Scotland, owing to the rising demand for Scotch whiskey.

Additionally, the growing interest in craft whiskeys and regional variations have triggered development among independent and artisan distillers. The United States is home to more than 1,500 active craft distillers, with whiskey being their chief offering. Increasing distillery numbers would be a key driver for enhancing whiskey industry size over the foreseeable years.

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Of late, it has been observed that consumer perceptions regarding alcohol are changing and they are becoming more aware of the kind of beverages they consume. Having said that, the grain-based whiskey segment has amassed a significant share of the whiskey industry, owing to its health benefits and superior quality.

Regardless of the cold attitude towards alcoholic beverages, whiskey industry size is slated to touch newer heights in the ensuing years owing to the growing number of distilleries, amplified regional contribution, rising product popularity amid youth consumers, and burgeoning product innovations. With regards to the growth projection, it has been speculated that global whiskey market size is estimated to cross $84 billion by the end of 2025.