NEW YORK, Jan. 19, 2022 /PRNewswire/ -- Global Whiskey Market Facts at a Glance-
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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-
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.
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.
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Whiskey Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6% |
Market growth 2021-2025 |
$ 28.67 billion |
Market structure |
Fragmented |
YoY growth (%) |
5.00 |
Regional analysis |
APAC, North America, Europe, South America, and MEA |
Performing market contribution |
APAC at 51% |
Key consumer countries |
India, US, Thailand, Canada, France, and UK |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
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., and Allied Blenders and Distillers Pvt. Ltd. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period, |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About Us
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 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.
Contact
Technavio Research
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Website: www.technavio.com/
SOURCE Technavio
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