Aug 20, 2019 (Heraldkeepers) -- The global whiskey market is expected to grow at a stable CAGR of 5% over the forecast period from 2016 to 2022, according to the latest research report from Market Research Future (MRFR). The whiskey market is mainly driven by the increasing popularity of whiskey among consumers in the U.S., China, and India, which have emerged as high-volume markets for whiskey in recent years.
Leading players in the global whiskey market include Radico Khaitan (India), Distell Group Ltd. (South Africa), Constellation Brands Inc. (US), Heaven Hill Distilleries (US), Bacardi (Bermuda), Diageo (UK), Pernod Ricard (France), Brown-Forman (US), Beam Suntory (US), and Allied Blenders and Distillers Pvt. Ltd. (India).
In August 2019, Pernod Ricard completed the acquisition of Texas-based Firestone & Robertson Distilling Co.
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The global whiskey market is segmented on the basis of source, type, origin, process, and region.
By Source, the global whiskey market is segmented into malt, grain, blended, and others.
By Type, the global whiskey market is segmented into Bourbon/rye, Scotch, cask Finish, and others.
By Origin, the market is segmented into U.S., Canada, Ireland, Japan, and others.
By Process, the market is segmented into pot still distillation, column still distillation, and others.
The global whiskey market is likely to be dominated by Europe, according to the MRFR report. The Europe market for whiskey is home to Ireland and Scotland, two of the leading producers of whiskey in the world as well as leading consumers. Whiskey is said to be a Gaelic invention, with Scotland most often claimed as the birthplace of the brew. This is manifested in the high number of whiskey producers located in Scotland and Ireland even today. The two countries are the leading producers of whiskey in the world and are likely to hold on to the position over the forecast period due to the increasing demand for authentic Scottish and Irish whiskey around the world. The widespread consumption of whiskey in Europe as a celebratory beverage as well as a regular alcoholic beverage is likely to maintain Europe's leading position in the global whiskey market over the forecast period.
Other countries in Europe mainly prefer beer (Germany/England) or wine (Italy/France), but the consumption of whiskey is also increasing among these countries, leading to a growing demand from the whiskey market in Europe.
North America is also likely to retain a major share in the global whiskey market due to the increasing demand for American whiskeys such as Bourbon. The increasing popularity of whiskey among Americans is likely to be a major driver for the whiskey market in North America over the forecast period. Whiskey is considered a luxury drink among Americans, who are emerging as major buyers of the spirit in recent years. Growing production of whiskey in the U.S. and the growing demand for authentic European whiskey in the region is likely to drive North America's share in the global whiskey market over the forecast period.
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Asia Pacific is an emerging market for whiskey and is likely to make steady progress in the coming years due to the growing demand for whiskey in countries such as India, China, Japan, South Korea, Thailand, and Malaysia. The growing demand for whiskey in Asia Pacific is mainly driven by the growing disposable income of consumers in the region, as whiskey is considered a luxury item in Asia Pacific and is accordingly priced in a higher price bracket than other alcoholic beverages. The increasing demand for whiskey as a celebratory drink among high income individuals in Asia Pacific is likely to drive the demand from the whiskey market in Asia Pacific over the forecast period. The increasing production of whiskey in China and India is also likely to drive the Asia Pacific whiskey market over the forecast period, as these two countries are emerging as leading producers of whiskey in the global market on the back of the growing interest in whiskey among consumers in the region and the increasing commercialization of whiskey in these markets.
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