July 19, 2024
Irish Whiskey Market

Irish Whiskey Market is Estimated To Witness High Growth Owing To Rotating Provinces in Ireland

Irish Whiskey Market is Estimated To Witness High Growth Owing To Rotating Provinces in Ireland. Market Is Estimated To Witness High Growth Owing To increasing popularity of premium Irish whiskey. The Irish whiskey market is estimated to be valued at US$ 95 million liters in 2018 and is expected to exhibit a CAGR of 8.9% over the forecast period 2019-2027, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Irish whiskey is a traditional whiskey made in Ireland, known for its smooth taste and distinct flavor. It is made from a blend of malted and unmalted barley and is aged for a minimum of three years. The Irish whiskey market has gained significant popularity in recent years, owing to its unique production process and heritage.

Market Dynamics:

The Irish whiskey market is driven by various factors. One of the key drivers is the growing demand for premium spirits among consumers. Irish whiskey is often considered a premium and high-quality spirit, attracting consumers who are willing to pay a premium price for a superior product. Additionally, the increasing global interest in craft and artisanal products has also contributed to the growth of the Irish whiskey market.

Furthermore, the market offers significant opportunities for expansion. The rising trend of experiential drinking, where consumers seek unique and memorable drinking experiences, presents an opportunity for manufacturers to innovate and offer a wide range of flavors and finishes in Irish whiskey. Additionally, the growing popularity of whiskey cocktails has also created a demand for versatile and mixable Irish whiskey variants.

Overall, the Irish whiskey market is expected to witness substantial growth in the coming years, driven by the increasing consumer preference for premium spirits and the opportunities for innovation and experimentation within the market.

Segment Analysis:

The Irish whiskey market can be segmented based on product type, distribution channel, and end-use. The product type segment includes single malt, blended, and pot still whiskey. Among these, blended whiskey dominates the market due to its wide popularity, affordability, and taste. Blended whiskey accounts for the majority of the market share as it offers a unique combination of flavors from multiple distilleries, making it a favorite among consumers.

PEST Analysis:

 

Political: The political stability in Ireland and the government’s support for the whiskey industry contribute to the growth of the Irish whiskey market.

Economic: The growing disposable income of consumers, favorable taxation policies, and the increase in tourism in Ireland positively impact the market growth.

Social: The increasing trend of premiumization and the rising preference for craft spirits drive the demand for Irish whiskey.

Technological: Technological advancements in distillation processes and packaging solutions have a significant impact on the market growth.

Key Takeaways:

 

The Irish Whiskey Market is expected to witness high growth, exhibiting a CAGR of 8.9% over the forecast period. The market size is projected to reach US$ 95 million liters by 2027. This growth can be attributed to increasing consumer preference for premium spirits and the rise in tourism in Ireland, leading to an increase in demand for Irish whiskey.

In terms of regional analysis, Ireland is the fastest-growing and dominating region in the Irish whiskey market. It is the home to major whiskey distilleries and benefits from its rich whiskey heritage. The increasing tourism in Ireland further boosts the market growth.

Key players operating in the Irish whiskey market include Beam Suntory, Brown-Forman, Diageo, Pernod Ricard, William Grant & Sons, and Castle Brands. These key players hold a significant market share and have a strong presence in the global whiskey market. They focus on product innovation, brand promotion, and strategic partnerships to maintain their market position.

*Note:

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