April 18, 2024
Whiskey Market

Whiskey Market Primed for Robust Growth on the Backs of Surging Millennial Population Worldwide

The whiskey market offers a wide variety of products ranging from Scotch, Irish, American, and Japanese whiskey with unique flavors. Whiskey is ideally known for its aged texture which provides complexity, flavor, and character. The growing millennial population along with increasing disposable income has led to the rising demand for premium and super-premium whiskeys.

The global whiskey market is estimated to be valued at US$ 97.12 Million in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the whiskey market are Fun2Rent, Sunsail Ltd., Boatbound Inc., The Moorings, Yachtico Hanse Group, Sailogy S.A., Fraser Escape Bareboat Charters, Dream Yacht Charter, Incrediblue Limited, and Antlos. The increasing socializing and partying culture has led to opportunities for craft whiskey brands to experiment with different flavors. Many distilleries are also focusing on exclusive barrels and vintage whiskeys to attract connoisseurs. The rising expatriate population and increasing liquor consumption in developing nations such as India, China, and Brazil are fueling the global expansion of the whiskey market.

Market Drivers

The surging millennial population is one of the major drivers of the Global Whiskey Market Growth. Millennials exhibit more experimentation and willingness to try premium and unique whiskey flavors. Their high disposable incomes allow them to spend extra on crafted whiskey varieties. This has encouraged distilleries to offer more divergent whiskey experiences through interesting flavor profiles and aging techniques. The growing popularity of whiskey on social media platforms has also enhanced product awareness amongst younger consumers globally.

PEST Analysis

Political: The regulatory environment around production, distribution and sales of whiskey can impact the market. Different jurisdictions have varying laws regarding alcohol.

Economic: The economic performance including disposable incomes, consumer spending influence the whiskey market. During economic downturns, the market may see slowed growth as discretionary spending reduces.

Social: Social trends like awareness about craft spirits and premiumization are positives for the market. Changing lifestyle and socialization patterns can also influence demand.

Technological: New production, processing and packaging technology help streamline operations and improve quality. Advancements in e-commerce and m-commerce are expanding accessibility of products.

The North American region accounted for the largest value share in the whiskey market in 2024. Countries like the US and Canada have strong whiskey drinking cultures and traditions. Growth in premium and craft whiskey segments along with rising tourism is fueling higher consumption.

The Asia Pacific region is expected to witness the fastest growth during the forecast period. Improving economic conditions, growing exposure to Western culture and expanding middle class are supporting whiskey market expansion in the region. Countries like China, India and Japan present immense untapped opportunities for market participants.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it