Global Bourbon Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Bourbon Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Bourbon is a type of American whiskey, a barrel-aged distilled liquor made primarily from corn, it is recognized by the U.S. Congress as a distinctive product of the United States. It is a product of aging in charred oak casks, a process that gives bourbon its brownish Color and distinctive taste.

Market Overview:

The latest research study on the global Bourbon market finds that the global Bourbon market reached a value of USD 5619.16 million in 2022. It’s expected that the market will achieve USD 10760.66 million by 2028, exhibiting a CAGR of 11.44% during the forecast period.

There are specific regulations about where the whiskey is aged to make Bourbon. The CFR mandates that Bourbon be aged in “charred new oak containers.” The law requires that the wood holding bourbon be charred, and it must be “new oak.” The new oak requirement differs from other forms of whiskey, such as Scotch whisky, which often uses barrels previously used to make Bourbon. Bourbon requires the first use of the wood to interact more with the char, allowing for a sweeter flavor profile.

Russia is one country with an extremely large area of natural forests, about 815 million hectares, nearly 60 times larger than the current forest area of Vietnam. Russia's annual logging volume is about 200 million cubic meters, equivalent to 10% of the global supply. Every year, Russia exports about 15 million cubic meters of logs, accounting for 12% of the global volume of logs. Russia is also the world's largest supplier of sawn timber and ranks 7th in export turnover of wood products. In 2021, Russia's export turnover of wood and wood products reached about USD 12.3 bn, which mainly were wood materials. Russia also exports over 30 million tons of logs and sawn timber annually. Due to the current Russia/Ukraine conflict, the cask barrel industry is already experiencing considerable disruption as significant pressure is placed on the European wood supply chain, amplifying the shortage of raw materials.

Drivers

With the rapid economic development, people’s wealth has been accumulating rapidly and purchasing power has gradually improved, providing a solid foundation for Bourbon industry development. The improvement of living standards has increased consumer demand for beverages and beverages for leisure and entertainment. Additionally, millennia are inclined to experiment with their alcoholic beverages, which has essentially led to the rise in ‘cocktail culture’. This trend has further enhanced the usage of Bourbon as an ingredient, thereby propelling the global Bourbon market growth. Likewise, rise in spirit tourism especially in the western countries, encourages tourists from overseas to indulge and develop taste for local beverages, including bourbon. Countries such as the UK, France, the U.S., Scotland and others, have developed spirit led-tourism which enables tourists to comprehend the history and processes involved in producing bourbon. This situation will bring additional growth momentum to the Bourbon industry.

Restraints and Challenges

The popularity of alcoholic beverages could lead to issues of dependency, addiction and excessive consumption leading to health concerns. The rise in number of consumers suffering from alcohol addiction has been a concern for governments. Hence, many governments have made stringent rules and regulations about the sales and distributions of these products. These restrictions are thereby expected to hamper the growth of the global bourbon market.

All over the world, prices for raw materials, energy, operating and transport costs are soaring. And beyond prices, the very availability of certain materials, equipment, spare parts, containers and even electricity remains very uncertain for the coming weeks and months. Higher demand combined with supply chain problems and limited availability of transport resources increases market uncertainty and increases raw material prices sharply. If the price of raw materials fluctuates continuously in the future, and the company fails to digest the impact caused by the price fluctuation of raw materials in the downstream market in time, it will adversely affect the company's purchasing and production plan and operating performance.

Region Overview:

United States is projected to account for a considerable share of the Bourbon market and is expected to become the largest region by 2027.

Company Overview:

Beam Suntory is one of the major players operating in the Bourbon market, holding a share of 31.14% in 2022.

Beam Suntory

Beam Suntory is a company that crafts spirits. It offers bourbon whiskey, tequila, Scotch whisky, Canadian whisky, vodka, cognac, rum, cordials, and ready-to-drink pre-mixed cocktails.

Brown-Forman

Brown-Forman Corporation is a spirit and wine company. It manufactures, bottles, imports, exports, markets and sells a range of alcoholic beverages. Brown-Forman leads a spirited existence and spreads its spirits, led by Jack Daniel's whiskey, around the world. The company's portfolio of mid-priced to super-premium brands includes such well-known spirits as Jack Daniel's, Canadian Mist, Finlandia, Southern Comfort, and Woodford Reserve. The company has a portfolio of approximately 40 spirit, wine and ready-to-drink cocktail brands.

Segmentation Overview:

Among different product types, Traditional Bourbon segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Independent Retailers segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Bourbon market covered in Chapter 3:

Midwest Grain Products (MGP)
Jefferson's Bourbon (Pernod Ricard)
Beam Suntory
Diageo
Willett Distillery
Brown-Forman
Angel's Envy (Bacardi)
Sazerac Company
Four Roses (Kirin)
Heaven Hill
Wild Turkey (Campari)

In Chapter 4 and Chapter 14.2, on the basis of types, the Bourbon market from 2018 to 2029 is primarily split into:

Traditional Bourbon
Wheat Bourbon
Rye Bourbon

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Bourbon market from 2018 to 2029 covers:

Supermarkets/Hypermarkets
Convenience Stores
Independent Retailers
Online Sales

Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)