Global Whiskey Market Overview, 2023-28

The enthralling and always changing world of the global Whiskey market, where passion, tradition, and the pursuit of excellence come together to weave a beautiful tapestry of unmatched artistry and flavours The market for Whiskey spans continents and cultures, transcending boundaries to become a beloved icon of celebration, sophistication, and discriminating taste. Whiskey's fascination has no bounds, from the rocky landscapes of Scotland to the huge plains of the United States, from the ancient distilleries of Ireland to the burgeoning craft sector in Japan. Deep-rooted in tradition and propelled by innovation, the global Whiskey market is a testament to the artistry and dedication of master distillers who painstakingly craft each bottle with care. Whether it's the smooth, honeyed notes of a single malt Scotch Whiskey, the robust and caramel-kissed profile of American bourbon, or the delicate complexities of a Japanese Whiskey, every expression offers a unique sensory experience that reflects its origin and the expertise behind its creation. According to the research report "Global Whiskey Market Overview, 2023-28," published by Bonafide Research, the market is anticipated to reach USD 127.53 billion in size by 2028, up from USD 88.85 billion in 2022. The market is projected to grow at a 6.34% CAGR by 2023–28. Beyond its complex flavours and fragrances, Whiskey has assimilated into culture, participating in social gatherings, celebrations, and rituals. It has the capacity to arouse nostalgia, start a discussion, and generate enduring memories. Worldwide demand for Whiskey spans a wide range of tastes, from conventional and time-tested classics to daring and avant-garde expressions that push the frontier of what is conceivable. In this vibrant and dynamic environment, Whiskey collectors, connoisseurs, and aficionados hunt down the rarest and most valuable bottles, attend Whiskey tastings and festivals, and have vigorous debates over the relative merits of various distilleries, cask types, and ageing processes. Knowledge is highly valued in this field, and the appreciation of Whiskey goes far beyond simple consumption. As the global Whiskey market continues to evolve, new trends emerge, showcasing the intersection of tradition and experimentation. Craft distilleries gain momentum, offering unique expressions that captivate the palates of Whiskey lovers seeking innovation and individuality.

Asia-Pacific has emerged as a prominent region for Whiskey consumption, captivating the global market with its growing affinity for the spirit. Led by India, known for its meticulous craftsmanship and attention to detail, the Asia-Pacific region has witnessed a remarkable surge in Whiskey appreciation. Japanese whiskies, with their impeccable quality, refined flavours, and dedication to traditional distillation methods, have garnered international acclaim, challenging the longstanding dominance of Scotch Whiskey. Diageo plc, Bacardi Limited, Suntory Beverage & Food Limited, Pernod Ricard, The Brown-Forman Corporation, Asahi Group Holdings Ltd., William Grant & Sons Holdings Ltd., The Edrington Group, Allied Blenders and Distillers Pvt. Ltd., Constellation Brands, and La Martiniquaise are the major players in the global Whiskey market. At the global level, Scotch Whiskey stands out as the most preferred Whiskey type among consumers. Renowned for its rich history, meticulous production processes, and distinctive flavour profiles, Scotch Whiskey has captured the hearts of Whiskey enthusiasts worldwide. Whiskey enthusiasts worldwide are increasingly drawn to flavoured expressions that offer unique and enticing flavour profiles. These flavoured whiskies add complexity and diversity to the Whiskey market, appealing to a wide range of palates and preferences. Non-flavoured whiskies still maintain a strong presence, but the global market's growing inclination towards flavoured whiskies highlights the evolving tastes and adventurous nature of consumers. On-trade and off-trade channels make up the Whiskey distribution networks on the international market. Off-trade channels are retail locations where customers can buy Whiskey to be enjoyed at home, whereas on-trade channels are places where Whiskey is drank on-site. Whiskey is readily available to customers in a variety of settings, appealing to their preferences, occasions, and consumption habits, thanks to the mix of on-trade and off-trade channels. The preference for premium, high-end premium, and super premium whiskies on the global market is a reflection of consumers' quest for the best whiskies the world has to offer, their appreciation of great craftsmanship, and their desire for memorable experiences. Due to its intricate flavours, distinctive aromas, and other distinctive qualities, Whiskey is the most popular form of liquor worldwide. Although the demand for alcohol-free substitutes has been growing, traditional Whiskey still reigns supreme due to its distinctive flavours, cultural value, and ceremonial enjoyment. Due to health-conscious consumers or those who want alcohol-free options, non-alcoholic alternatives are becoming more and more popular. Whiskies that have been aged for more than 12 years are valued for their complexity, depth of flavour, and maturity as a whole. Whiskies between the ages of 12 and 18 are sought after by connoisseurs who value the ideal harmony between vibrant youth and sophisticated ageing. Whiskies that are less than 12 years old are more often chosen as daily libations.

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Manmayi Raval

Research Consultant

The global Whiskey market is subject to a range of government regulations and oversight by various authorities and certifications. In Scotland, the Scotch Whiskey Association (SWA) and the Alcohol and Tobacco Tax and Trade Bureau (TTB) govern the production, labelling, and importation of Whiskey. Additionally, certifications such as the Kosher and Organic certifications provide assurance to consumers regarding the adherence to specific religious or organic standards. These regulations, authorities, and certifications help maintain the standards and reputation of the Whiskey market globally, ensuring transparency, consumer trust, and the consistent delivery of high-quality products. The global Whiskey market is home to a variety of events and expos that bring together Whiskey enthusiasts, industry professionals, and connoisseurs from around the world. These include Whiskey Live, WhiskeyFest, the International Whiskey Competition, the World Whiskies Awards, and Whiskey-themed cruises, tours, and tastings. These events provide an avenue for discovering new brands and expressions, as well as fostering a sense of community, celebration, and shared passion. Major Companies present in the market: Considered in this report: • Geography: Global • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028

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Regional covered in the report: • North America • Europe • Asia Pacific • South America • Middle East & Africa Aspects covered in this report: • Global Whiskey market with its value and forecast along with its segments • On-going trends and developments • Top profiled companies • Strategic recommendation By Grain Type • Malt/ Barley Whiskey • Wheat Whiskey • Rye Whiskey • Corn Whiskey • Blended Whiskey • Others By Type • Scotch Whiskey • American Whiskey • Irish Whiskey • Canadian Whiskey • Japanese Whiskey • Others By Quality • Premium • High-End Premium • Super Premium By Beverage Type • Alcoholic • Non-Alcoholic By Flavor • Non-Flavored • Flavored By Distribution Channel • Off Trade • On Trade By Off Trade Distribution Channel • Supermarkets and Hypermarkets • Liquor Stores • Online Stores • Others By On Trade Distribution Channel • Hotels, Restaurants & Bars • Others By Age of Whiskey • Below 12 Years • 12 to 18 Years • Above 18 Years The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience: This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to ready to Whiskey industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.