by The whiskey market has been growing steadily over the years due to increasing awareness about the health benefits associated with whiskey consumption in moderation. Whiskey contains antioxidants that can help reduce risks of heart disease and decrease bad cholesterol. It is also known to contain compounds that may help prevent diabetes. The global whiskey market offers a variety of products across different price points to cater to consumer needs. Premium and super premium whiskey segments are gaining traction among consumers looking for superior taste and experience. The global whiskey market is estimated to be valued at US$ 84.3 billion in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing health benefits trend has positively impacted whiskey sales in recent years. Several studies have demonstrated that whiskey contains beneficial plant compounds and antioxidant polyphenols that may provide health advantages when consumed in moderation. For example, research shows that whiskey contains antioxidant compounds like phenols that can help protect cells from damage caused by free radicals. This in turn may lower risks of illnesses like heart disease and diabetes. As consumer awareness about these health aspects of whiskey rises, the market is likely to attract more health-conscious consumers looking for alcoholic beverages perceived as better options than others. The focus on health benefits is expected to stay a key trend in the global whiskey market over the forecast period.
SWOT Analysis
Strength: Whiskey has a strong heritage and brand loyalty among consumers. The market enjoys strong demand during festive seasons and occasions.
Weakness: Stricter regulations regarding advertisement and promotion impacts market growth. Rising health consciousness and preference for low-alcohol drinks are threats.
Opportunity: Emerging markets in Asia Pacific and Latin America present lucrative growth opportunities. Innovation in flavor profiles and premiumization attract younger consumers.
Threats: Volatile raw material prices and climate change impact barley output. Increased tax rates on alcoholic beverages can dampen demand.
Key Takeaways
The Global Whiskey Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for whiskey is projected to reach US$ 84.3 Bn by 2023, expanding at a CAGR of 6.9% during the forecast period.
Regional analysis: The Asia Pacific region dominates the global whiskey market and is expected to grow at the fastest rate owing to rising disposable incomes, changing preferences, and social drinking culture in countries like India and China. North America is another major whiskey consuming region driven by heavy consumption in the United States.
Key players analysis: 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. These companies are focused on expansion in high growth regions through innovative marketing strategies and premium product offerings.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
