Feb 07, 2020
Whiskey Market Set for 6% Growth through 2029, with Spike in Consumption by Millenials, Opines Fact.MR
by Team Fact.MR
Primarily driven by the ascending demand from young adult segment of consumers, the whisky market is thriving with a healthy growth rate. Poised to grow at a CAGR of 6%, emerging economies in South Asia such as India and Indonesia present lucrative growth opportunities for whiskey manufacturers. Demand is driven by developing HoReCa infrastructure and rise of consumer communities that wish to buy and experiment with different blends of whiskey. Sales of whiskey reflect a shift in buying behavior with increased spending by high net worth income individuals. Cumulatively, these factors will drive global whiskey market to newer heights during the forecast period (from 2019 to 2029).
Key Takeaways from Global Whiskey Market Study
- Whiskey manufactured from blended grain continues to lead market demand and offers promising growth opportunities. Blended whiskey products will grow 1.4X during the forecast period. This can be attributed to the high availability and consumer consistency in choice of alcoholic beverage.
- Premium whiskey brands will garner increased traction amidst growing consumer preference for this type on a regular basis. The price/quality ratio of premium whiskey is a driving force behind the mass-adoption of premium whiskeys globally. High-end premium category offers lucrative growth opportunities with a CAGR of more than 7.5%.
- South Asia & Oceania are pegged as largest demand generators through the forecast period. Demand will grow 1.8X in this region throughout the forecast period. There is immense potential for market players to exploit rising urban culture in countries such as India.
- The market is set of rapid expansion in developing regions of the world where a large consumer segment is purchasing premium, high-end, and super premium whiskeys.
“Finished whiskey in used casks of sherry, run, cognac, wine, and other whiskeys is creating an emerging market for diverse flavors. The challenge for manufacturers is creating a stable blend which can be produced at scale while at the same time garners consumer traction. The global whiskey market is shifting focus towards developing countries to leverage the growth and development of infrastructure and multiplying number of new consumers.” -Fact MR Analyst
Expanding Consumer Base with Novel Blends
Manufacturers are experimenting with innovative product launch techniques and new whiskey blends to attract and engage millennial consumers. Investments in partnerships with stakeholders (local distributors, importers, exporters) in the value chain is expected as manufacturers focus on increasing their global footprint. Growth of global whiskey market is driven by rapid adoption of urban lifestyle by new millennial consumers. Market players are investing in research and development of new flavors, blends, and quality types to match dynamic purchase patterns. Developing consumer communities using digital media channels will catalyze demand and boost revenues.
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Find More Valuable Insights on Global Whiskey Market
Fact.MR, in its new offering, provides an in-depth analysis of the global whiskey market, presenting historical demand data (2014-2018) and forecast statistics for the period, 2019-2029. The study provides readers with compelling insights on the whiskey market on the basis of quality type (premium, high-end premium, super premium), grain type (malt, wheat, rye, corn, blended, and others), and regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).