Home Food & Beverages Whiskey Market Size, Share and Forecast to 2031

Whiskey Market

Whiskey Market Size, Share & Trends Analysis Report By Product Type (Malt Whiskey, Rye Whiskey, Wheat Whiskey, Blended Whiskey, Corn Whiskey, Others), By Quality Types (Premium, High-End Premium, Super Premium), By Distribution Channel (Bars and Restaurants, Liquor Stores, E-Commerce, Supermarkets, Hypermarkets) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Report Code: SRFB55583DR
Study Period 2019-2031 CAGR 5.58%
Historical Period 2019-2021 Forecast Period 2023-2031
Base Year 2022 Base Year Market Size USD 62 Billion
Forecast Year 2031 Forecast Year Market Size USD 101.10 Billion
Largest Market Europe Fastest Growing Market North America
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Market Overview

The whiskey market size was valued at USD 62 billion in 2022 and is projected to reach USD 101.10 billion by 2031, with a CAGR of 5.58% during the forecast period 2023–2031. The consumption of whiskey cannot only be attributed to prestige and honor, but it also has several health benefits. These factors are expected to boost the global whiskey market. In addition, an extensive range of availability of whiskey through e-commerce channels is further expected to drive the global whiskey market. Moreover, the major market participants are engaging in innovation by creating novel flavor profiles and incorporating flavored variants of whiskey, which is expected to create opportunities for market expansion.

Whiskey is a globally regulated spirit that encompasses numerous classes and varieties. Whiskey is an alcoholic beverage that undergoes distillation and is commonly derived from grain mash fermentation. The ingredients used in its production often encompass a variety of grains, like barley, corn, rye, and wheat. The utilization of certain grains and the intricacies of the production process are influential factors that lead to the discernible flavor profiles exhibited by various whiskey varieties.

Whiskey is commonly subjected to maturation in wooden casks, predominantly crafted from charred white oak. Various whiskey categories exist, encompassing Scotch whisky, Irish whiskey, Bourbon, Rye whiskey, and other variants, each distinguished by specific production regulations and distinctive attributes. The selection of grains, the distillation methodology, and the conditions under which aging takes place collectively contribute to the wide array of flavors observed in different types of whiskies across the globe.

Market Dynamics

Global Whiskey Market Drivers:

Availability of Whiskey through E-Commerce Platforms

E-commerce platforms offer unparalleled convenience to consumers, allowing them to peruse a vast selection of whiskey from around the world without leaving their homes and with just a few clicks. This convenience especially appeals to those who lack easy access to brick-and-mortar wine stores and specialty shops. In addition, online whiskey retailers typically offer a larger and more diverse selection of whiskey than brick-and-mortar stores. 

Additionally, e-commerce platforms frequently provide comprehensive product descriptions, customer reviews, and ratings. Even if they are not whiskey experts, this information allows consumers to make wise decisions about their whiskey purchases. It increases transparency and assists consumers in selecting whiskey that corresponds to their tastes and preferences. Similarly, according to a recent analysis published by IWSR Drinks Market Analysis, there was a substantial growth of almost 43% in the worldwide e-commerce market for spirits and wine between 2019 and 2020. This indicates a surge in the sale of whiskey, thereby boosting the market expansion.

Potential Health Benefits of Whiskey

The increasing awareness of whiskey's nutritional value and health benefits, which include its use as a remedy for allergies such as the flu and colds, is driving its global demand. Whiskey is also gaining recognition among women worldwide due to its minimal or nonexistent sugar composition.

Obesity has led to the consumption of low-sodium, fat-free whiskey, which has effectively reduced weight gain. As diabetes becomes more prevalent worldwide, whiskey's ability to reduce insulin levels and prevent the onset of the disease becomes increasingly important. Similarly, the cancer-preventing properties of whiskey have been attributed to its ellagic acid, which can absorb malignant cells within the body. Such advantages are anticipated to drive the global market.

Global Whiskey Market Restraint:

Growing Demand for Non-Alcoholic Beverages

The prevalence of non-alcoholic beverage consumption is experiencing an upward trend among consumers, particularly in nations such as France, the United Kingdom, Germany, Spain, and Canada, due to an increasing awareness of health-related concerns. People are trying to cut back on alcohol consumption and switch to healthier beverages like enriched water due to the growing prevalence of obesity and other diseases linked to lifestyle choices. This shift in consumer preferences can impede the overall growth of alcoholic beverages and thus affect the whiskey market. According to data presented by the CDC, there has been a substantial increase in the prevalence of obesity in the United States. The rates have shown a substantial escalation, rising from 30.5% in the year 2000 to 42.4% in the year 2018.

Global Whiskey Market Opportunities:

Introduction of Flavored Whiskey

The key players in the market are innovating with new flavors and introducing flavored whiskeys. For instance, in June 2023, Crown Royal, a renowned whisky brand, established a comprehensive and impactful collaboration with Solange Knowles, a multidisciplinary artist, for the Saint Heron project. This cooperation aims to unveil Crown Royal's latest limited-time product, the Crown Royal Golden Apple Aged 23 Years. The introduction of Crown Royal Golden Apple is a novel addition to the luxury-flavored whisky market, aiming to disrupt traditional notions of prestige and redefine customer perceptions in this category.

Additionally, in April 2023, Elvis Whiskey introduced 'Midnight Snack,' a whiskey flavored with peanut butter, banana, and bacon, in honor of the rock 'n' roll icon's preferred decadent sandwich. The inspiration behind 'Midnight Snack' was Elvis Presley's preferred late-night snack, a peanut butter, banana, and bacon sandwich, which gained significant popularity. This flavor amalgamation is an exquisitely harmonized fusion of piquant, salty, sweet, and smoky elements. Such launches are expected to create opportunities for market expansion.

Regional Analysis

Europe Dominates the Global Market

Based on region, the global whiskey market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

Europe is the most significant global whiskey market shareholder and is expected to expand substantially during the forecast period. The consumption of whiskey in Europe is deeply ingrained in culture and history. For instance, whisky-producing nations such as Scotland and Ireland are internationally renowned, and their traditional distilleries have earned the respect and allegiance of consumers around the world. Similarly, European consumers possess a profound admiration for craftsmanship and superior quality, attributes consistent with whiskey's qualities. The European market is also recognized for its refined and discerning clientele who place a premium on premium spirits. The preference for premium products and the readiness to incur additional costs in exchange for authenticity and heritage have both played a role in the European whiskey market's dominance.

Furthermore, the key players are collaborating with the retail industry to introduce premium quality whiskeys. For instance, in April 2023, Midleton, an Irish distillery, introduced four single-cask whiskey releases from its Very Rare collection for sale in travel retail. The introduction of the 27-year-old First-Fill Bourbon, 21-year-old Virgin American Oak, 25-year-old Virgin American Oak, and 24-year-old First-Fill Bourbon has been announced by Pernod Ricard Global Travel Retail (GTR) at multiple European airports. Thus, such factors are estimated to drive regional market expansion.

In North America, the primary aspects driving the market include the swift evolution of consumer lifestyles, increased disposable income, and increased demand for whiskey products among the younger demographic. Similarly, the substantial increase in the proliferation of nightclubs, pubs, restaurants, and distilleries worldwide is a significant driving force behind the market expansion. For instance, in 2021, the bar and nightclub sector in the United States witnessed a notable rise, reaching roughly 68,000 establishments. This figure signifies a growth compared to the preceding year. According to projections, the industry is anticipated to grow, reaching an estimated count of 72 thousand businesses by 2022. The shift in consumer tastes towards premium products has prompted individuals to seek out high-quality and distinctive alcoholic beverages, such as whiskey and wine, among other options.

Additionally, the key players in the region are expanding their product portfolio. For instance, in November 2023, Varchas Spirits, a distinguished American brand of premium spirits, was introduced in Texas. The brand was created by Shankar Distillers, a Michigan-based company that has received accolades for its exceptional products. Varchas Spirits presently comprises three distinct offerings in the bourbon and whiskey category: Varchas Straight Bourbon Whiskey, Varchas Reserve 102 Straight Bourbon Whiskey, and Varchas Straight Rye Whiskey. The products mentioned above can be found in designated retail establishments in various regions of Texas, namely Austin, Dallas-Fort Worth, Houston, and Plano. Consequently, all these factors are estimated to boost the regional market growth.

The Asia-Pacific region has significant potential because of its large customer base, surging disposable incomes, and rising influence and adoption of Western culture. The launch of various new whiskey brands is also propelling the market's growth in the region. For instance, in July 2023, Radico Khaitan, a prominent Indian IMFL manufacturer, is pleased to declare the introduction of four high-quality brands in West Bengal. The objective of the launch of Royal Ranthambore Heritage Collection Whisky, Morpheus XO Premium Brandy, Jaisalmer Indian Craft Gin, and Rampur Double Cask Indian Single Malt Whisky is to cater to the increasing market demand for premium spirits within the region.

Report Scope

Report Metric Details
Segmentations
By Product Type
  1. Malt Whiskey
  2. Rye Whiskey
  3. Wheat Whiskey
  4. Blended Whiskey
  5. Corn Whiskey
  6. Others
By Quality Types
  1. Premium
  2. High-End Premium
  3. Super Premium
By Distribution Channel
  1. Bars and Restaurants
  2. Liquor Stores
  3. E-Commerce
  4. Supermarkets
  5. Hypermarkets
Company Profiles Angus Dundee Distillers Plc. Bacardi Limited, Pernod Ricard Brown-Forman Allied Blenders and Distillers Pvt. Ltd. Constellation Brands Inc. Suntory Holdings Ltd. Asahi Group Holdings Diageo Bass Brewery Brown Forman La Martiniquaise
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The global whiskey market is segmented by product type, quality type, and distribution channel.

Based on product type, the global whiskey market is divided into malt whiskey, wheat whiskey, rye whiskey, corn whiskey, blended whiskey, and others. 

Irish whiskey is a whiskey variety that is manufactured in Ireland. It is renowned for its unique attributes and deep historical background. Traditionally, Irish whiskey is crafted using a combination of malted and unmalted barley and additional grains like maize or wheat. Many Irish whiskeys are characterized by their utilization of malted and unmalted barley. Like numerous other varieties of whiskey, Irish whiskey must adhere to particular regulations during production in Ireland to retain its designation as such.

Prominent Irish whiskey brands consist of Jameson, Bushmills, Redbreast, and Green Spot. It is possible that the flavor profiles, production methods, and attributes of each brand and expression are unique. These brands are consistently augmenting their product portfolio. For instance, in October 2023, Jameson declared the introduction of an Irish whisky aged 21 years in containers seasoned exclusively with rum. This is expected to drive the segment growth.

Based on quality types, the global whiskey market is bifurcated into premium, high-end-premium, and super-premium whiskeys. 

Whiskeys deemed of the utmost quality and routinely command premium prices on account of ingredients, production method, maturing period, and distillery reputation are typically referred to as "super-premium whiskeys." Whiskeys of this quality are frequently produced with careful consideration for every aspect, employing premium ingredients and maturing for prolonged durations in meticulously chosen casks. The designation "super-premium" may comprise a wide range of whiskey varieties, such as bourbon, Scotch, rye, and other variants. The objective is to provide a beverage experience that is regarded as exceptional and unique.

In addition, the key players in this segment are involved in strategic initiatives, thereby boosting the segment's expansion. For instance, in March 2023, Pernod Ricard USA and Skrewball, the inaugural super-premium peanut butter-flavored American whiskey, announced the execution of an agreement to acquire a majority stake in Skrewball.

Based on distribution channels, the global whiskey market is divided into bars and restaurants, liquor stores, supermarkets, e-commerce, and hypermarkets.

A liquor store is a retail establishment offering alcohol for off-site consumption. Typically, these establishments provide an extensive selection of alcoholic beverages, encompassing spirits (hard liquor), beer, and wine. These beverages are available for purchase by customers for personal consumption at home. The size and variety of alcoholic products carried by liquor stores can vary, from small neighborhood businesses to larger establishments carrying an extensive selection. Government and local governments frequently regulate the sale of alcoholic beverages, and the legal consuming age is rigorously observed when it comes to purchasing alcohol.

Market Size By Product Type

Market Size By Product Type
  • Malt Whiskey
  • Rye Whiskey
  • Wheat Whiskey
  • Blended Whiskey
  • Corn Whiskey
  • Others
  • Recent Developments

    • November 2023- Dixon Dedman, an esteemed American whiskey distiller, introduced with great pride Gem of Kentucky, the inaugural product from his renowned 2XO ("Two Times Oak") brand. Presented in a magnificent black container, Gem of Kentucky is the only single-barrel, double-barreled Kentucky straight bourbon whiskey available for purchase just in time for the holidays.
    • November 2023- Lost Lantern, an independent bottler, unveiled its yearly Winter Whiskey Wednesday collection. Four whiskies—two new additions to both the Blend Series and the Single Distillery Series—are included in the 2023 collection; each is bottled unchill filtered and of its natural color.

    Top Key Players

    Whiskey Market Share of Key Players

    Whiskey Market Share of Key Players
    Angus Dundee Distillers Plc. Bacardi Limited, Pernod Ricard Brown-Forman Allied Blenders and Distillers Pvt. Ltd. Constellation Brands Inc. Suntory Holdings Ltd. Asahi Group Holdings Diageo Bass Brewery Brown Forman La Martiniquaise Others

    Frequently Asked Questions (FAQs)

    How big is the whiskey market?
    The whiskey market size was valued at USD 62 billion in 2022 and is projected to reach USD 101.10 billion by 2031, with a CAGR of 5.58% during the forecast period 2023–2031.
    North America has the highest growth in the global market.
    Key verticals adopting the market include: Angus Dundee Distillers Plc., Bacardi Limited, Pernod Ricard, Brown-Forman, Allied Blenders and Distillers Pvt. Ltd.; Constellation Brands, Inc.; Suntory Holdings Ltd.; Asahi Group Holdings; Diageo; Bass Brewery; Brown Forman; La Martiniquaise; and others.
    Availability of whiskey through e-commerce Platforms is the key driver for the growth of the global market.
    Introduction of flavored whiskey is one of the upcoming key trends in the global market.


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