Whiskey Market Growth Projections 2023 to 2032

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Whiskey Market Size to Cross 123Bn by 2032
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Overview of Whiskey Market

• Whiskey Market is anticipated to grow noticeably
  during 2023-2023 owing to an increase in
  consumption of whiskey across the globe.
  According to research by Bank of America Merrill
  Lynch, India is the largest consumer of whiskey
  globally, with statistics standing at 1.5 billion
  liters. More so, the country's consumption is
  nearly half of the whiskey intake in the world.
• Economic development, employment opportunities,
  and investment by global companies, coupled with
  increasing consumer awareness about alcohol
  purchase will favor the industry growth. In
  addition, changing consumer preferences for
  expensive and exotic foods and drinks will also
  influence the demand for whiskey during the
  forecast period.
• Key players operating in the whiskey industry are
  incorporating strategic initiatives such as
  partnerships, mergers, and acquisitions and new
  product launches to strengthen their presence in
  the marketplace. To cite an instance, in November
  2022, Diageo acquired Balcones Distilling
  ('Balcones'), an award-winning distillery based
  in Waco, Texas. With this acquisition, the firm
  is planning to serve high-growth brands in
  fast-growing segments, such as super-premium
  whiskey. It is also looking forward to working
  with the Balcones team to support further growth
  for these world-class whiskies.

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• Overall, the whiskey market is segmented in terms
  of product, distribution channel, and region.
• Based on product, the Canadian whiskey segment is
  anticipated to depict over 6 CAGR during
  2023-2032. Canadians are well known for good
  whiskey production. Canadian whiskey's defined
  qualities mature for three years from a mash bill
  recipe of grains in Canada and must comprise at
  least 40 ABV. Lessened regulatory pressure on
  Canadian whiskey producers enables them to
  enhance the whiskey with appealing and desirable
  components, facilitating the product demand in
  the market on a global scale.
• By distribution channel, the off-trade segment is
  slated to grow considerably through 2032 owing to
  the relaxation and introduction of new
  regulations and permits to sell liquor in
  hypermarkets and grocery shops in many western
  regions. The increasing focus of leading giants
  on digital marketing and supply chains after the
  COVID-19 outbreak is anticipated to assist
  segmental growth in the coming years.

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• Regionally, the Europe whiskey market is slated
  to be valued at over USD 26.5 billion by 2032.
  The regional market growth will be largely
  credited to the growing number of manufacturing
  facilities for whiskey products in the region.
  Besides, the availability of numerous suppliers
  of cutting-edge processing equipment will assist
  the industry growth in the region. Imperative to
  note that the Scottish whiskey is one of the
  highly consumed whiskey varieties in the United
  Kingdom.
• Notable participants in the Whiskey market
  include Diageo, Pernod Ricard, William Grant and
  Sons, Suntory Holdings Ltd, Brown Foreman, Allied
  Blenders and Distillers Pvt Ltd, Angus Dundee
  Distillers Plc, Bacardi Limited, Constellation
  Brands Inc, King Car Group, La Martiniquaise, The
  Edrington Group, Chivas Brothers, and Whyte
  Mackay

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