Whiskey is a type of distilled alcoholic beverage made from fermented grain mash. Whiskey offers various health benefits such as improved heart health, better bone strength, reduced stress and anxiety levels. It is becoming a popular choice for recreation and social gathering. The global whiskey market is estimated to be valued at US$ 84.3 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the whiskey market is the increasing awareness about the potential health benefits of whiskey. Moderate consumption of whiskey is known to provide various health benefits. Consuming whiskey in moderation helps improve heart health and reduces the risk of cardiovascular diseases. It also helps build bone density and strength. The antioxidant compounds present in whiskey also help combat stress and anxiety. As more research highlights such health benefits of whiskey, its popularity as a health drink has increased significantly over the past few years. Many consumers are incorporating whiskey in their diet and lifestyle for perceived health advantages. The increasing marketing and awareness campaigns by whiskey producers pertaining to health benefits is boosting the sales and demand for whiskey worldwide. This rising awareness about health benefits is a major trend accelerating the growth of the global whiskey market.
Segment Analysis
The global whiskey market can be segmented by product type, source, price, and distribution channel. Based on product type, the market can be divided into american whiskey, scotch whiskey, canadian whiskey, irish whiskey, and others. The scotch whiskey segment dominates the market and is expected to witness significant growth during the forecast period. This is majorly attributed to rising preference for premium and quality scotch whiskey products in developed regions such as North America and Europe.
Key Takeaways
The Global Whiskey Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for whiskey is projected to reach US$ 84.3 Bn by 2023, expanding at a CAGR of 6.9% during the forecast period.
Regional analysis: North America holds the major share in the global whiskey market, accounting for over 40% revenue share in 2023. This is attributed to strong consumption base for whiskey products in countries such as the United States and Canada. However, Asia Pacific is expected to witness fastest growth during the forecast period, driven by increasing adoption of western drinking culture and rising disposable income in developing countries such as India and China.
Key players: 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. These key players are focusing on new product launches and mergers & acquisitions to strengthen their foothold in the global market. For instance, in 2022, Pernod Ricard completed the acquisition of The Whisky Exchange, a leading UK-based digital platform for whisky and spirits. This acquisition helped strengthen Pernod Ricard's e-commerce strategy in the dynamic whisky category.
For More Insights, Read: https://www.newswirestats.com/whiskey-market-trends-growth-and-regional-outlook-2023-2030/
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