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NEW YORK, Aug. 17, 2022 /PRNewswire/ — The global whiskey market size is expected to increase by USD 28.67 billion between 2020 and 2025, according to the research report by Technavio. The market observed a YOY growth of 5.00% in 2021 and the momentum is expected to accelerate at a CAGR of 5.64% during the forecast period. The report provides a comprehensive analysis of recent developments, new product launches, major revenue-generating segments, and market behavior across geographies. Download Sample PDF Report Here
Key points covered in the whiskey market study:
- Market estimates and forecast 2020-2025
- Key drivers, trends, and challenges impacting market growth
- Segment-wise, region-wise, and country-wide analysis
- Analysis of market share by vendors
- Key product launches and regulatory climate
- Post-COVID-19 impact on the market landscape.
Technavio categorizes the whiskey market as a part of the global distillers and vintners market within the overall food and beverages sector. The parent, distillers, and vintners market covers distillers, vintners, and producers of alcoholic beverages such as wine, spirits, and liqueur. The market is also segmented by manufacturing processes such as fermentation and distillation. The market does not include manufacturers of storage and dispensing equipment.
The market in focus is primarily driven by the increasing number of new product launches by vendors. Successful product launches help vendors to expand their portfolios, gain a competitive edge and drive sales. The launch of new products also expands the consumer base, which helps in increasing the revenue flow. These benefits coupled with the need to cater to the growing demands of consumers are encouraging vendors to focus on new product launches. For instance, in June 2019American rock band, Slipknot, teamed up with the Cedar Ridge Distillery to launch a new whiskey. Similarly, in June 2019Allied Blenders and Distillers Pvt. Ltd. (ABD) announced the launch of its new range of premium whiskies, Sterling Reserve, in Ahmednagar, India. Such successful product launches are expected to drive the growth of the market during the forecast period.
The report segments the whiskey market by product (Scotch whiskey, American whiskey, Canadian whiskey, Irish Whiskey, and others), distribution channel (off trade and on trade), and geography (APAC, North America, Europe, South Americaand MEA).
Whiskey Market Product Outlook (Revenue, USD Billion, 2020-2025)
- Scotch whiskey – size and forecast 2020-2025
- American whiskey – size and forecast 2020-2025
- Canadian whiskey – size and forecast 2020-2025
- Irish whiskey – size and forecast 2020-2025
- Others – size and forecast 2020-2025
The demand for scotch whiskey is high among consumers. The increasing demand can be attributed to the growth of the affluent middle-class population across the globe. Besides, the increasing demand for premium spirits among consumers is further contributing to the growth of the segment.
Whiskey Market Distribution Channel Outlook (Revenue, USD Billion, 2020-2025)
- Off trade – size and forecast 2020-2025
- On trade – size and forecast 2020-2025
The off-trade segment generates the maximum revenue in the market in 2021. The segment includes all retail outlets such as hypermarkets, supermarkets, convenience stores, online stores, mini markets, kiosks, and wines and spirits shops. These retail outlets provide convenience by Allowing consumers to choose from a wide range of products under a single roof. Besides, consumers who are fond of collecting and tasting numerous brands prefer purchasing from off-trade channels. All these factors are driving the growth of the market in the segment.
Whiskey Market Geography Outlook (Revenue, USD Billion, 2020-2025)
- APAC – size and forecast 2020-2025
- North America – size and forecast 2020-2025
- Europe – size and forecast 2020-2025
- South America – size and forecast 2020-2025
- MEA – size and forecast 2020-2025
APAC will emerge as the key market, occupying 51% of the global market share. Factors such as the rise in disposable incomes, westernization, and changes in lifestyles are driving the growth of the regional market. India and Thailand are identified as major markets in APAC and these countries are expected to offer significant growth opportunities for vendors.
The full report provides information on other drivers, trends, and challenges that are impacting the growth of the market. Request Sample PDF Report
Vendor Landscape:
The global whiskey market is characterized by the presence of numerous large, small, and medium-sized manufacturers. Most of the large and established players have extensive sales and distribution networks globally, whereas most small players are concentrated in the regional markets. Vendors compete based on parameters such as price, quality, technology, brand identity, and distribution.
The rivalry among vendors is high. Hence, vendors opt for pricing and marketing strategies to retain their existing market shares and seize new market opportunities. Besides, the focus on medium product differentiation is further intensifying the competition in the market. Hence, to survive in …
Full story available on Benzinga.com
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