Whiskey Market to Reach $86.38 Bn, Globally, by 2027 at 4.9% CAGR

Allied Market Research

- Rise in spirit tourism and expanding global consumer base drive the growth of the global whiskey market

PORTLAND, Ore., Aug. 12, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Whiskey Market by Product Type (Irish Whiskey, Scotch Whiskey, Japanese Whiskey, American Whiskey and Canadian Whiskey) and Distribution Channel (On-Trade and Off-Trade): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global whiskey industry was estimated at $59.63 billion in 2019, and is expected to hit $86.38 billion by 2027, registering a CAGR of 4.9% from 2020 to 2027.

Drivers, restraints, and opportunities-

Rise in spirit tourism and expansion of global consumer base drive the growth of the global whiskey market. On the other hand, stringent regulations regarding advertisement curb the growth to some extent. However, increasing demand in Asia-Pacific region and surge in the craving for organic whiskey are expected to create lucrative opportunities in the industry.

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COVID-19 scenario-

• The outbreak of the pandemic has directly hit the global whiskey market. The lockdown had a substantial toll in the industry. In the first phase of the lockdown, most of the retail F.L owners were brought to close their stores for an indefinite period. However, from the third phase, the sale of whiskey is resumed to a certain extent.
• Also, the bars and restaurants that used to garner huge sales from serving whiskey have been highly affected, as it will take enough time for people to earn back the trust in living a social life yet again.

The scotch whiskey segment to dominate by 2027-

Based on product type, the scotch whiskey segment contributed to more than two-fifths of the global whiskey market share in 2020 and is projected to rule the roost by the end of 2027. Its rich and smooth flavor drives the growth of the segment. Also, the fact that scotch whiskey is used as a mixer in cocktails has further expanded the market base among young consumers. The Canadian whiskey segment, on the other hand, would portray the fastest CAGR of 6.6% from 2020 to 2027.This is attributed to its affordability and unique texture.