Market Overview:
Whisky or whiskey is a type of distilled alcoholic beverage made from fermented grain mash. It is a strong, pale brown alcoholic drink originated from Ireland and Scotland. However, the type of whiskey produced depends on the type of grain and barrel used in the distilling process. The production rate of whiskey has increased greatly across the years, owing to the increasing popularity among millennial population.
Whiskey's potential health benefits are associated with low to moderate amounts. Whiskey has high levels of polyphenols, plant-based antioxidants help lower the risk of heart disease. The polyphenols in whiskey also help increase good cholesterol & decrease bad cholesterol levels. Moderate alcohol use for healthy adults generally means up to one drink a day for women and up to two drinks a day for men.
Competitive Landscape:
Major players operating in the global whiskey market are Diageo plc, Suntory Beverage & Food Limited, Brown–Forman Corporation, Beam Suntory, Inc., Crown Royal, William Grant and Sons Ltd., Pernod Ricard, and Allied Blenders & Distillers (ABD) Pvt. Ltd., among others.
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Key Market Drivers:
Rising demand for premium alcoholic beverages, increased spending on alcoholic beverages, and growing millennial population is expected to propel growth of the whiskey market during the forecast period. For instance, in November 2021, Radico Khaitan, India planned to expand its premium portfolio with several new brands in the next two years, in both, white and brown spirit categories. Moreover, the company has invested in its plant infrastructure to meet the rising demand for the premium whiskey Rampur.
Moreover, increasing awareness among people regarding the health benefits of whiskey is also expected to augment the growth of the whiskey market. Whiskey helps lower the risk of heart diseases, diabetes, and dementia, promote weight loss, fight cancer, reduce stress, and act as a digestive aid, if consumed in moderation should further raise product demand. For instance, according to the World Health Organization (WHO), heart diseases are the leading cause of death globally, taking an estimated 17.9 million lives each year.
COVID-19 Impact Analysis:
India consumes more whisky than any country in the world. According to International Wine & Spirit Research (IWSR), a data analyst on the beverage alcohol market, the global whiskey volumes are set to witness a rebound in 2021, after a 10.7% decline in 2020, helped by recovery in large markets, such as India and the US. This in turn is expected to boost the growth of the whiskey market, worldwide.
Key Takeaways:
The whiskey market is expected to exhibit a CAGR of 5.51 % during the forecast period due to the introduction of novel products in the market. For instance, in June 2021, Diageo India announced the launch of Epitome Reserve, India's first- ever small-batch, artisanal craft, 100% rice whisky. This limited-edition whisky has been launched in an exclusive batch of 2,000 numbered bottles, another first for the country!
Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the whiskey market due to the increased interest in premium products, increasing demand for whiskey, investment in the strategic expansion, growing millennial population, and increased spending on alcoholic beverages in these regions. For instance, in October 2021, Iconic American bourbon launched a new variant in India as part of an ever-growing global expansion. The award-winning portfolio has been praised whiskey available in Japan Australia, and other countries within Asia-Pacific, including India, and has now officially released its new variant in India, Wild Turkey 81.
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Market Taxonomy:
On the basis of product type, the global whiskey market is segmented into:
American Whiskey
Scotch Whiskey
Canadian Whiskey
Irish Whiskey
Others
On the basis of quality, the global whiskey market is segmented into:
Premium
High-end Premium
Super Premium
Important Features that are under Offering and Key Highlights of the Reports:
– Potential and niche segments/regions exhibiting promising growth.
– Detailed overview of Market
– Changing market dynamics of the industry
– In-depth market segmentation by Type, Application, etc.
– Historical, current, and projected market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of Market
– Strategies of key players and product offerings
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✤ SWOT Analysis is used to define, assess, and analyse market competition by focusing on the world's major manufacturers. The market is defined, described, and forecasted by type, application, and region.
✤ Examine the potential and advantages of the global and major regional markets, as well as the opportunities and challenges, as well as the constraints and risks.
✤ Determine whether market growth is being driven or hampered by trends and factors.
✤ Stakeholders will be able to assess market potential by identifying high-growth categories.
✤ Conduct a strategic analysis of each submarket's growth trends and contribution to the market.
✤ Competitive developments in the market include expansions, agreements, new product launches, and acquisitions.
✤ To develop a strategic profile of the major players and conduct a thorough analysis of their growth strategies.
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✔ In the next seven years, what innovative technology trends should we expect?
✔ Which sub-segment do you believe will grow the fastest over the next few years?
✔ By 2028, which region is predicted to have the largest market share?
✔ What organic and inorganic strategies are businesses employing to gain market share?
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