Newly released data from Fact.MR’s market analysis shows that global demand for the overall whiskey market will likely experience a CAGR of 6% to reach US$ 108 Bn by the end of the 2021-2031 assessment period. Consumers are expected to show greater inclination towards high-end and super premium whiskies, given the increasing purchasing power across key regions.
From 2016 to 2020, global whiskey sales expanded at a CAGR of over 4%, with sales inclining significantly during the coronavirus pandemic crisis. By 2021-end, global whiskey demand is likely to be valued at US$ 60 Bn. As restrictions on outdoor recreational activities tightened, consumers resorted to consuming premium liquor, which greatly inclined sales prospects.
As per the Distilled Spirits Council (DISCUS), premium alcohol sales surged 7.7% to reach US$ 31.2 billion in 2020 across the United States. Furthermore, documented health benefits, including reduction of blood sugar levels, obesity prevention and cancer inhibition are likely to fuel sales in the future. As per the study, South Korea is likely to attract lucrative investments, given the high whiskey consumption incidence.
Key Takeaways from the Market Study
- By grain type, blended whiskey demand likely to expand 1.4x from 2021-2031
- Malt-based whiskey to accelerate, registering a CAGR of 6% across the forecast period
- Super-premium whiskey expected to account for at least 2 out of 5 sales through 2031
- Premium whiskey consumption to soar at a CAGR of 7.5% from 2021 to 2031
- U.S to yield 30% of the global demand for whiskey until 2031
- India to emerge as an opportunistic market, expanding at a CAGR of 5% through 2031
- Canada to experience high growth, registering a CAGR of 12%
“Rising disposable incomes coupled with documented health benefits is spurring consumption of super-premium and high-end premium whiskey brands, prompting an increased flurry of product launches across key regions,” says a Fact.MR analyst.
By collaborating strategically, manufacturers can increase production and satisfy consumer demand, which leads to increased revenue and market share. In the future, new products and technologies will be designed to provide end-users with malt-based products.
- Glenfiddich uses ultra-low carbon gas to fuel delivery with whisky waste. As part of its sustainability efforts, the company has started using biogas that is made from waste products from its distilling process to power the delivery trucks.
- On October 7, 2020, Bespoken Spirits, a Silicon Valley based startup plans to take on the $500 billion global spirits market with a proprietary technology that is designed to recreate barrel-aged whiskies, rums, and brands in three to five days. The firm launched Nespresso machines for the whiskey industry.