Irish Whiskey Market size is set to grow by USD 2.40 billion from 2024-2028, Increasing demand for premium whiskey boost the market, Technavio

NEW YORK, Aug. 6, 2024 /PRNewswire/ -- The global Irish whiskey market size is estimated to grow by USD 2.40 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.78% during the forecast period. Increasing demand for premium whiskey is driving market growth, with a trend towards growing preference for organic whiskey. However, growing health awareness among consumers poses a challenge. Key market players include Asahi Group Holdings Ltd., Bacardi Ltd., Becle SAB de CV, Brown Forman Corp., Diageo Plc, Dingle Distillery, Glendalough Distillery, Irish Distillers International Ltd., P J Rigney Distillery and International Brands Ltd, Pernod Ricard SA, Quintessential Brands Group, Suntory Holdings Ltd., Teeling Whiskey Co. Ltd., WEST CORK DISTILLERS, and William Grant and Sons Ltd.

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Market Driver

The Irish whiskey market is experiencing growth due to increasing demand from emerging economies for whiskey diversity and a trend towards lower alcohol and organic options among health-conscious consumers. This global preference for healthier living has led to a surge in popularity for organic whiskeys, particularly those from Europe. Companies like Bainbridge Organic Distillers are meeting this demand by producing artisanal spirits using USDA-certified organic grains. Their commitment to quality grains results in superior whiskeys, contributing to the market's growth during the forecast period. 

Irish Whiskey Market: A Growing Trend in Global Spirits Irish Whiskey is experiencing a resurgence in popularity, with key players like Jameson, Bushmills, Redbreast, and Walsh Whiskey leading the charge. Consumers are drawn to the unique design and taste of these brands, as well as the growing trend towards organic content and clean labels. Oktoberfest and adult population growth have boosted sales, with blended whiskeys from Beam Suntory, Diageo, and William Grant Sons also gaining traction. New entrants like Slainte Irish Whiskey, BlueCheck Ukraine, Clonakilty Distillery, and Lough Gill Distillery are making waves with unsalted malt and barley-based recipes. The smoothness and flavour of Irish Whiskey, which is aged in oak barrels and sometimes contains caramel, make it a favorite among shooters and those who appreciate bar etiquette. Spirits tourism is on the rise, with distilleries like Kilbeggan Distillery and Lost Irish Whiskey attracting visitors. Despite challenges like trade wars and tax rates, the global Irish Whiskey market is expected to grow, with single pot still and single grain varieties offering different price points. Brands are focusing on ageing, barley sourcing, and innovation to stay competitive. Muslim populations in Libya and other markets present new opportunities for growth. 

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Market Challenges

• The shift towards healthier lifestyles and reduced alcohol consumption in the US population poses a challenge for the Irish whiskey market. With growing awareness of the health risks associated with alcohol, such as depression, liver diseases, and cancer, consumers are turning to non-alcoholic beverages. The availability of alternatives, like Irish whiskey, with perceived health benefits, further erodes the market share of traditional whiskey. Government campaigns and media reports emphasizing the hazards of alcoholism add to this trend. Consequently, the global Irish whiskey market may experience hindrances during the forecast period due to the declining sales of alcoholic beverages.
• The Irish whiskey market faces several challenges in production, including capacity expansion and facility upgrades for fermentation and distillation processes. Enzymes and alcohol production require careful monitoring to maintain the smooth texture and fruity flavor unique to Irish whiskey. Blending and innovation are key trends, with cocktail recipes and shooter ideas gaining popularity among influencers. New product categories, such as juices, ice creams, and snacks, offer opportunities for growth. Accessibility and experimentation drive demand for innovative products with varying alcoholic content. The market's premium image and prosperous economy attract corporates and distilling communities. Taxation patterns, customs, and medical considerations also impact the market. E-commerce and technological modernization cater to the smart buyer, particularly the young adult population with high disposable income. The second-largest market for Irish whiskey is growing, with restaurants and sports clubs as key distribution channels. Teeling Whiskey is a leading player, known for its premium offerings.

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Segment Overview 

This Irish whiskey market report extensively covers market segmentation by

1. Distribution Channel
• 1.1 Offline trade
• 1.2 Online trade
2. Type 
• 2.1 Blended
• 2.2 Single malt
• 2.3 Single pot still
• 2.4 Single grain
3. Geography 
• 3.1 Europe
• 3.2 North America
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Offline trade- Irish whiskey is a popular spirit with a significant global presence. Offline trade distribution channels, including individual retailers, supermarkets, and hypermarkets, are common avenues for selling Irish whiskey. These channels provide consumers with a range of options, allowing them to select their preferred Irish whiskey brands. Major retailers like Tesco Plc (Tesco) and Carrefour SA (Carrefour) have dedicated sections for Irish whiskey. Additionally, consumers often visit liquor stores to purchase various brands and flavors, and collectors particularly prefer offline channels. These factors are expected to boost the growth of the offline trade distribution segment and contribute to the expansion of the global Irish whiskey market during the forecast period.

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Learn and explore more about Technavio's in-depth research reports

The global whiskey market is experiencing robust growth, driven by increasing consumer demand for premium and craft varieties. Market segmentation includes product types such as Scotch, American, Irish, and others, with major players like Diageo, Pernod Ricard, and William Grant & Sons. North America and Europe dominate the market, while the Asia-Pacific region shows significant potential. Key trends include rising preference for aged and flavored whiskies and the expansion of online retail channels. The market's expansion is supported by innovative marketing strategies and the growing popularity of whiskey-based cocktails.

Research Analysis

The Irish whiskey market is experiencing a resurgence, fueled by growing disposable income, acceptance, and favorable attitudes towards premium alcoholic beverages. Carbon footprint concerns are driving demand for craft alcoholic beverages, leading to innovations in sustainable production methods using unsalted malt, barley, and malted oats. Packaging and flavors play a significant role in consumer choice, with brands focusing on unique designs and taste profiles. Key factors influencing the market include the price per hectare, excise ratio, and tax rate. Global Irish whiskey sales reached new heights, with blended whiskeys from Diageo, William Grant Sons, Castle Brand, Jameson Irish whiskey, Slainte Irish Whiskey, BlueCheck Ukraine, Clonakilty Distillery, and others dominating the scene. The market, however, faces challenges such as trade wars, the impact of the American Prohibition era, e-trade, and the Irish Independent Lavelle's regulations.

Market Research Overview

The Irish whiskey market is experiencing a resurgence, fueled by favorable attitudes towards alcoholic beverages and the growing acceptance of premium Irish whiskey. With a prosperous economy and a young adult population of high disposable income, the demand for Irish whiskey is on the rise. Innovative trends in the industry include the production of craft alcoholic beverages, carbon-neutral production, and unique flavors. Packaging plays a significant role in consumer decision-making, with designs focusing on taste, organic content, and clean labels. Bars, pubs, and clubs are popular venues for Irish whiskey consumption, with alcohol-led tourism also contributing to the market's growth. E-commerce platforms and online shopping platforms have made Irish whiskey more accessible, with production capacities and facilities increasing to meet demand. The fermentation process, distillation, and blending are crucial aspects of Irish whiskey production, with enzymes, alcohol, and water playing essential roles. Innovative trends include the creation of cocktails and shooter recipes, as well as the expansion of Irish whiskey into new product categories such as juices, ice creams, and snacks. Influencers and the media are driving perceptions of Irish whiskey as a sophisticated and unique beverage. The industry is modernizing, with technological advancements and smart buyers seeking out the latest offerings. The Irish whiskey market is the second-largest in the world, with key players including Teeling, Jameson, Bushmills, Redbreast, and a host of smaller distilleries such as Walsh Whiskey, Writers Tears, Lough Gill Distillery, Lost Irish Whiskey, Beam Suntory, Diageo, William Grant Sons, Castle Brand, and Jameson Irish whiskey. The market is subject to various economic, regulatory, and cultural influences, with taxation patterns and customs playing significant roles.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Distribution Channel
• Offline Trade
• Online Trade
• Type
• Blended
• Single Malt
• Single Pot Still
• Single Grain
• Geography
• Europe
• North America
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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