Irish Whiskey Market is Estimated To Witness High Growth Owing To Increasing Consumption among Millennials

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Irish Whiskey Market is Estimated To Witness High Growth Owing To Increasing Consumption among Millennials

The Irish whiskey market is estimated to be valued at US$ 4.7 Bn in 2022 and is expected to exhibit a CAGR of 7.44% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Irish whiskey is a type of whiskey produced in Ireland in pot still distilleries. It is triple distilled and aged in barrels previously used for bourbon or other whiskeys. Irish whiskey is known for its versatility, smooth taste and golden color. It is popularly used for making cocktails. The high demand for premium and super premium whiskeys is propelling the growth of the Irish whiskey market.

Market key trends:

Irish whiskey market is witnessing high growth owing to increasing consumption among millennials. Millennials prefer premium alcoholic beverages over basic ones. They are more willing to pay high prices for high quality whiskeys whichoffers specialized taste. Their interest in exploring unique flavors is fueling innovations in craft whiskeys. Many distillers are focusing on small-batch whiskey production to cater to the preferences of millennials. Their growing purchasing power makes them an important consumer base influencing market trends.

Porter’s Analysis

Threat of new entrants: High capital requirements for distillation and aging in oak barrels pose entry barriers in the Irish whiskey market.

Bargaining power of buyers: Buyers have moderate bargaining power as production is dominated by few large companies. However, rising demand enables buyers to negotiate on price and quality standards.

Bargaining power of suppliers: Suppliers of raw materials like malted barley and oak barrels have low bargaining power as these inputs are abundantly available and can be sourced from multiple regions globally.

Threat of new substitutes: Low threat due to strong brand recognition and unique taste profile of Irish whiskey that is difficult to substitute or replace by other spirits.

Competitive rivalry: Intense rivalry among established players to expand markets abroad through innovative products and premiumization.

SWOT Analysis

Strengths: Protected geographical indication; strong brands and heritage; growing global fame and popularity.

Weaknesses: Declining domestic volumes; dependence on exports making revenues vulnerable to economic factors abroad.

Opportunities: Rising experimentation and craft styles; popularity among millennials and women; Asia Pacific markets offer scope for expansion.

Threats: Stringent regulations and high excise duties; health consciousness and competition from alternate drinks.

Key Takeaways

The global Irish Whiskey Market Share is expected to witness high growth, exhibiting CAGR of 7.44% over the forecast period, due to increasing consumption in Asia Pacific and North America driven by rising disposable incomes, growing premiumization, and expanding experimental flavors. Regional analysis: North America leads consumption, holding over 40% value share in 2022 led by the US. Asia Pacific is the fastest growing region expanding at a CAGR of around 9% due to economic development in large markets like China and India. Key players: Key players operating in the Irish whiskey market are Beam Suntory, Brown-Forman, Diageo, Pernod Ricard, William Grant & Sons, and Castle Brands.

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Irish Whiskey Market , Market Overview, Market Key Trends, Key Takeaways

Pooja Khodke 2023-09-29

Market Key Trends: One key trend that is expected to shape the Irish whiskey market is the increasing demand for premium and aged whiskey. The trend of whiskey enthusiasts seeking unique flavors and limited edition releases is driving the sales of premium and aged Irish whiskey. Consumers prefer purchasing Irish whiskey from these channels due to factors such as convenience, wide range of options, and attractive promotional offers. In terms of regional analysis, Europe is the fastest growing and dominating region in the Irish whiskey market. The presence of established distilleries and the promotion of Irish whiskey through tourism in Ireland also contribute to the dominance of the region.

Raise a Glass: Trends and Opportunities in the Irish Whiskey Market

Apurva Chandan 2023-08-08

com/request-sample/94141 Irish Whiskey Market Report Scope and Research MethodologyThe Irish Whiskey Market research provides a complete study of market segments and sub-segments on the local, international, and regional levels. The Irish Whiskey market's demand forecasts, market trends, and micro and macro drivers are all thoroughly examined in the report. com/request-customization/94141 Irish Whiskey Market Key Players1. Brown-FormanKey questions answered in the Irish Whiskey Market are:What is Irish Whiskey? com Social Links:| Twitter | LinkedIn | Facebook | Instagram |

A Journey Through Whiskey's Origins, Standards, And Modern Influence

Pratik 2024-03-21

Early Origins The earliest forms of whiskey can be traced back to medieval Ireland and Scotland. This eventually led to the emergence of popular Irish brands like Jameson, Bushmills and Tullamore Dew. - Scottish whiskey origins: Distilling techniques from Ireland spread north to Scotland in the late 15th century. - Defining styles: Irish, Scotch, American, Canadian and Japanese whiskies developed unique flavor profiles based on local traditions and climate. As long as distillers uphold quality standards, whiskey looks set to remain a widely beloved global spirit.

Malloye Irish Whiskey

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4 Different Types of Irish Whiskeys You Should Know About Them

Busby's cellar 2021-12-20

Below, I’m going to share the types of Irish Whiskeys that you should know. Types of Irish WhiskeysThere are generally four categories of Irish whiskeys, all with comparatively similar names, including:1. They are prepared from a mixture of malted barley (at least 30%), unmalted barley (at least 30%), and several other cereal grains. The container still whiskeys are the most intense in flavour, containing lots of flavour, and can have a slippery mouthfeel likened to other assortments of Irish whiskey. These are some important things that you should know about Irish whiskey.

An Irish Whiskey Needs To Be Distilled In Ireland Using Malt And Cereal Grains

Pooja salve 2023-03-08

Alcoholic drinks called Irish Whiskey are produced on the island of Ireland. For instance, did you know that Irish Whiskey is sometimes referred to as "uisce betha," which is Gaelic for "water of life"? One sip is all it takes to realise that Irish Whiskey is more than simply a base for Irish coffee. Blended: This type of Irish whiskey is a combination of different types of whiskey, typically including both single malt and single pot still whiskey. Another noteworthy distinction is that Irish whiskies, unlike Scotch, are permitted to add enzymes to help prepare carbohydrates for fermentation.

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