Whiskey Market to Record 5% Y-O-Y Growth Rate in 2021 | The Irish Whiskey is one of the fastest-growing spirit categories globally with a consistently rising demand | Technavio

NEW YORK, Jan. 19, 2022 /PRNewswire/ -- Global Whiskey Market Facts at a Glance-

• Total Pages: 120
• Companies: 10+ ? Bacardi Ltd., Beam Suntory Inc., Brown Forman Corp., Constellation Brands Inc., Davide Campari Milano Spa, Diageo Plc, LVMH Moet Hennessy Louis Vuitton, Pernod Ricard SA, William Grant and Sons Ltd., Allied Blenders and Distillers Pvt. Ltd. among others.
• Coverage: Key drivers, trends, and challenges; Product insights & news; Value chain analysis; Parent market analysis; Vendor landscape; COVID impact & recovery analysis
• Segments: Product (Scotch whiskey, American whiskey, Canadian whiskey, Irish Whiskey) and Distributional Channel (Off trade, On trade)
• Geographies: APAC, Europe, North America, South America, and MEA

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According to the recent market study by Technavio, the Global Whiskey Market is expected to increase by USD 28.67 billion from 2020 to 2025, at an accelerated CAGR of 5.64%. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets.

APAC will register the highest growth rate of 51% among the other regions. India and Thailand are the key markets for whiskey in APAC. Moreover, market growth in APAC will be faster than the growth of the market in other regions.

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Vendor Insights-
The Whiskey market is fragmented, and the vendors are deploying growth strategies such as promoting their product offerings through a clear and unique value proposition to survive in the competitive market.

The global whiskey market is characterized by various large, small and medium-sized manufacturers and most of the major players have a global extensive sales and distribution network. Whereas, on the other hand, various small players are extensively concentrated in the regional markets.

Rivalry among vendors is high. Vendors, therefore, opt for pricing and marketing strategies to retain their existing market shares and seize new market opportunities. However, the market is already very competitive due to the presence of a moderate number of vendors.

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Regional Market Outlook
The global whiskey market share growth in APAC will be significant during the forecast period. In 2020, the consumption of whiskey was high in countries such as India, China, Singapore, Vietnam, and Hong Kong.

India accounted for the largest market share of the global whiskey market, and it is expected to maintain its dominant position during the forecast period. The rise in disposable incomes, westernization, and lifestyle changes are some factors behind the high demand for whiskey. A huge population and rising disposable incomes in emerging economies make this region a good market for whiskey.

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Latest Drivers & Trends Driving the Market-

• Whiskey Market Driver:
• New product launches:

The rise in the number of new product launches by the players is one of the key drivers for the global whiskey market share during the forecast period. The existing players in the market are consistently working on developing new products to fulfill the demands of the consumers. For instance, in June 2019, Allied Blenders and Distillers Pvt. Ltd. (ABD) announced the launch of its new range of premium whiskies, Sterling Reserve, in Ahmednagar, India. With a successful new product launch, the revenue flow and consumer base of the market players are enhanced. Moreover, it also elevates the market share of the players and the other players in the market are left with a competitive advantage.

• Whiskey Market Trend:
• Increasing applications in the foodservice industry:

The global whiskey market is likely to register growth during the forecast period, owing to increasing applications in the foodservice industry (restaurants, bars, and pubs) and the growing contribution of various modernized distribution channels (organized and online retailing). Moreover, there has been a change in the trend of consumption patterns among consumers who are keen to explore expensive alcoholic beverages. Therefore, the increased consumer demand for subtle, flavored, and superior whiskey is expected to boost the global whiskey market share growth during the forecast period. 

Find additional information about various other market Drivers & Trends mentioned in our FREE sample report.

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