Whiskey Market Size By Product (Scotch Whiskey, American Whiskey, Canadian Whiskey, Irish Whiskey, Other Whiskey), By Distribution Channel (On-Trade, Off-Trade), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Fore

Whiskey Market Size By Product (Scotch Whiskey, American Whiskey, Canadian Whiskey, Irish Whiskey, Other Whiskey), By Distribution Channel (On-Trade, Off-Trade), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032

Whiskey Market is anticipated to grow noticeably during 2023-2023 owing to an increase in consumption of whiskey across the globe. According to research by Bank of America Merrill Lynch, India is the largest consumer of whiskey globally, with statistics standing at 1.5 billion liters. More so, the country’s consumption is nearly half of the whiskey intake in the world.

Economic development, employment opportunities, and investment by global companies, coupled with increasing consumer awareness about alcohol purchase will favor the industry growth. In addition, changing consumer preferences for expensive and exotic foods and drinks will also influence the demand for whiskey during the forecast period.

Key players operating in the whiskey industry are incorporating strategic initiatives such as partnerships, mergers, and acquisitions and new product launches to strengthen their presence in the marketplace. To cite an instance, in November 2022, Diageo acquired Balcones Distilling ('Balcones'), an award-winning distillery based in Waco, Texas. With this acquisition, the firm is planning to serve high-growth brands in fast-growing segments, such as super-premium whiskey. It is also looking forward to working with the Balcones team to support further growth for these world-class whiskies.

Overall, the whiskey market is segmented in terms of product, distribution channel, and region.

Based on product, the Canadian whiskey segment is anticipated to depict over 6% CAGR during 2023-2032. Canadians are well known for good whiskey production. Canadian whiskey's defined qualities mature for three years from a mash bill recipe of grains in Canada and must comprise at least 40% ABV. Lessened regulatory pressure on Canadian whiskey producers enables them to enhance the whiskey with appealing and desirable components, facilitating the product demand in the market on a global scale.

By distribution channel, the off-trade segment is slated to grow considerably through 2032 owing to the relaxation and introduction of new regulations and permits to sell liquor in hypermarkets and grocery shops in many western regions. The increasing focus of leading giants on digital marketing and supply chains after the COVID-19 outbreak is anticipated to assist segmental growth in the coming years.

Regionally, the Europe whiskey market is slated to be valued at over USD 26.5 billion by 2032. The regional market growth will be largely credited to the growing number of manufacturing facilities for whiskey products in the region. Besides, the availability of numerous suppliers of cutting-edge processing equipment will assist the industry growth in the region. Imperative to note that the Scottish whiskey is one of the highly consumed whiskey varieties in the United Kingdom.