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The Global Whiskey Market Growth is driven by Increasing Social Gatherings

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Sneha
The Global Whiskey Market Growth is driven by Increasing Social Gatherings

The whiskey market comprises various types of whiskies including Scotch whiskey, American whiskey, Canadian whiskey, Irish whiskey and others. Whiskey is a distilled alcoholic beverage made from fermented grain mash. The global whisky market is experiencing high demand owing to its wide use in social gatherings and occasions. Whiskey is consumed all over the world and find applications in cocktail recipes and is also consumed on its own.

The Global whiskey market is estimated to be valued at US$ 97.12 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031.


Key Takeaways


Key players operating in the whiskey market are Fun2Rent, Sunsail Ltd., Boatbound Inc., The Moorings, Yachtico Hanse Group, Sailogy S.A., Fraser Escape Bareboat Charters, Dream Yacht Charter, Incrediblue Limited, and Antlos. The global whiskey market is witnessing high demand owing to rising disposable incomes and growing socialization trends among consumers worldwide. Major whiskey producing companies are focusing on expanding their product portfolios as well as global footprint to leverage potential business opportunities.


The growing demand for whiskey is attributed to increasing social gatherings and occasions across the world where whiskey is often consumed. Whiskey cocktails and highballs are becoming increasingly popular among millennials and gen Z consumers supplementing the market growth. Various product launches catering to preferences of new age consumers will further propel the demand.


Key players in the Global Whiskey Market Growth are focusing on global expansion strategies. They are eyeing high potential markets including Asia Pacific and Latin American regions for future business opportunities. Various marketing activities are being carried out to promote brands and educate people about whiskey tastes and preferences. This is expected to support the whiskey market growth especially in developing economies.


Market drivers


The increasing number of social gatherings and occasions is a major factor fuelling the demand for whiskey worldwide. Whiskey is a preferred choice for many when it comes to celebrations, get-togethers or relaxed meals with friends and family. The rising trend of socialization is hence driving more whiskey consumption globally. Additionally, the growing experimentation among young consumers with new flavors and cocktails is also supporting the whiskey market growth over the forecast period.


Geopolitical situation is impacting growth of the Whiskey market. With rising global tensions and trade conflicts, tariffs are disrupting supply chains and increasing costs. The ongoing Russia-Ukraine conflict is impacting exports from various European countries to Eastern markets. Prolonged conflicts also reduce consumer spending power in impacted regions, dampening whiskey sales globally. Due to higher input costs, whiskey producers may be forced to partially pass on the increased costs to consumers, slowing market expansion. Meanwhile, inflationary pressures are squeezing consumer budgets worldwide. Strategies to mitigate these challenges include diversifying supplier networks across regions, pursuing trade agreements to reduce tariff burdens, prioritizing cost efficiencies, and focusing marketing budget on faster growing emerging economies.

Geographical concentration of the market, in terms of value, remains highest in North America. The region accounted for over 45% of global whiskey market revenue in 2024 due to strong domestic demand and consumption in the US and Canada. The growing inclination towards premiumization is driving sales of high-end American and Canadian whiskeys in the region. Europe holds the second largest share globally, led by Ireland, Scotland, and England that are home to major whiskey producers.

Increasing experimentation and demand for unique whiskey varieties is fueling market growth in Asia Pacific. The region is expanding at the fastest rate and is likely to surpass Europe as the second largest whiskey market by revenue during the forecast period. Rapid urbanization, rising disposable incomes, and evolving tastes are supporting sales across developing countries like China, India, Philippines and Vietnam in the region.

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