Global Whiskey Market Size, Share, Growth Analysis, By Product(Irish Whiskey, Scotch Whiskey), By Quality(Scotch Whiskey, Premium Products), By Distribution Channel(On-Trade, Off-Trade) - Industry Forecast 2024-2031

Global Whiskey Market size was valued at USD 65 billion in 2022 and is poised to grow from USD 69.23 billion in 2023 to USD 114.57 billion by 2031, growing at a CAGR of 6.5% in the forecast period (2024- 2031).

The whiskey market is witnessing significant growth driven by various factors, particularly the changing lifestyle preferences of working professionals. There's a noticeable trend towards increased socializing and weekend gatherings among this demographic, which has created a favorable environment for whiskey consumption and contributed to market expansion. Furthermore, the whiskey market is influenced by the increasing availability of affordable options and a growing demand for premium-quality variants. The rising desire for premium and super-premium whiskeys is a major driver propelling the market forward in both developing and developed countries. This surge in demand spans various socioeconomic segments, highlighting a widespread preference for high-quality whiskey among diverse consumer bases.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Whiskey Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Whiskey Market Segmental Analysis

The global whiskey market is segmented on the basis of product, distribution channel and region. By product type the market is segmented into irish whiskey, japanese whiskey, american whiskey, malt whiskey, wheat-based whiskey, canadian whiskey. By quality, the market is segmented into scotch whiskey, premium products. By distribution channel, the market is segmented into on-trade, off-trade. By region, the market is segmented into North America, Europe, Asia-Pacific, MEA, and Latin America.

Drivers of the Global Whiskey Market

The expected increase in demand for blended whiskey signals a strong growth trajectory, driven mainly by the expanding consumer base worldwide. The super-premium segment, in particular, is forecasted to experience significant growth, especially in developed countries like the U.K., France, the U.S., and Canada in the coming years. Several factors contribute to this projected expansion, including the industry's focus on innovation and premiumization.

Restraints in the Global Whiskey Market

The whiskey market may encounter hurdles due to the rise in popularity of innovative non-alcoholic beverages and a shift in consumer preferences toward juices and carbonated drinks. In recent years, there has been a noticeable increase in the market traction of non-alcoholic alternatives, such as Heineken 0.0 and Budweiser Zero. This trend is driven by a growing awareness of health concerns and a preference for healthier beverage options among consumers.

Market Trends of the Global Whiskey Market

The whiskey industry is expected to experience significant growth due to the rising global demand for alcoholic beverages. This surge can be attributed to shifting consumer preferences, rapid urbanization trends, and the increasing purchasing power of the middle-class demographic. In recent years, there has been a noticeable increase in alcohol consumption driven by these factors. For example, data from the American Addiction Centers shows an annual consumption exceeding 445 billion liters worldwide across categories including wine, beer, and spirits. This substantial consumption volume highlights the strong and growing market for alcoholic beverages globally.