Whiskey Sales to Grow at 1.8X, Surpassing Valuation of US$ 108 Bn through 2031

- Three Out of Ten Customers Prefer Super-Premium Whiskey Brands in 2021, up from One in 2019

- The whiskey market study by Fact.MR offers compelling insights into key growth drivers and restraints impacting the sales through 2031. The survey offers insights into opportunities existing in key segments, including region, grain type, and quality type.

 

NEW YORK, Sept. 3, 2021 /PRNewswire/ -- As per Fact.MR, the demand for whiskey is set to rise at a consistent CAGR of 6% during the assessment period of 2021 and 2031. The market will top the valuation of US$ 60 Bn by 2021-end.

Sales of whiskey will gain traction due to the increasing consumption worldwide. Perceived health benefits of whiskey have made it a preferred drink among those aiming at weight management. Whiskey has no fat and minimum sodium content, which have made it a preferred alcohol for consumption among people with weight issues or obesity.

Prevalence of obesity across developed nations including the U.S., Canada, and the U.K. is high. This also has led to increased consumption of whiskey which contains no fat. According to the report, consumers are expected to show greater inclination towards high-premium brands, given the rising disposable income.

For instance, demand for Irish Whiskey and Single Malt Scotch is expected to witness high growth during the forecast period. As per the survey, revenues of Irish whiskey and single malt scotch will grow at 19% and 13.5%, topping a valuation of US$ 664 million and US$ 732 million, respectively.

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During the FQ-20, disruption in supply-chain and reduced production capacity impacted the market negatively due to the outbreak of COVID-19. Nonetheless rising consumption of premium whiskey globally will aid the overall growth of the market over the course of the assessment period.

"Increasing awareness about health benefits of whiskey in comparison to other forms of alcohol will improve sales prospects through the assessment period. With rising disposable income in developing economies, consumption of whiskey is expected to accelerate over the forthcoming years." says the Fact.MR analyst.

Key Takeaways from Whiskey Market Survey

• In terms of grain type, blended whiskey is expected to dominate the market, exhibiting growth at healthy CAGR of 6% through 2031.
• Demand for super premium whiskey will continue to rise, holding over 2/5^th of market share
• Sales of premium whiskey set to rise at over 7.5% CAGR during the forecast period
• The U.S. is expected to be the most lucrative market, capturing a market share of over 30% of the global revenue
• India's whiskey market is anticipated to exhibit positive growth at nearly 5% CAGR over the coming years
• Canada will experience high growth on the back of rising consumption of whiskey due to growing obesity rate

Key Drivers