Irish whiskey Market Intelligence, Prescriptive Research, Execute Growth Opportunities

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Irish whiskey is regarded as one of the best alcoholic beverages in the world. It is made from malted and unmalted barley and is distilled for approximately three years. It goes through a fermentation process during distillation, where additional enzymes aid in the processing and conversion to alcohol. It is then distilled three times for improved flavour and smoothness. Because it is smoother than other whiskeys, Irish whiskey is known for blending well with other beverages. In addition, the Irish whiskey is ideal for creating cocktails and shooter recipes. It is extremely popular in countries such as the United States, the United Kingdom, France, and Germany, owing to factors such as increased disposable income, bar etiquette, and spirits-led tourism.

The global Irish whiskey market was pegged at 95 million liters in 2018, and is expected to exhibit a CAGR of 8.9% over the forecast period (2019-2027), to reach 200 million liters by 2027.

Buyers' demand for Irish whiskey has remained consistent. The COVID-19 has had a negative impact on global market growth. The closure of bars, clubs, and pubs can be attributed to the decline in the growth of the Irish whiskey market. The decline in production and distribution of the supply chain impacted whiskey supply and resulted in low sales. The manufacturer, on the other hand, did not suffer a loss on the stock of their alcoholic beverages that were already in barrels because the longer drinks are in barrels, the higher the value of the drink. In addition, there was little change in customer consumption of alcoholic beverages in the United Kingdom.

The increase in modernization, rise in disposable income, and population growth can all be attributed to the growth of the Irish whiskey market. Furthermore, alcoholic beverages such as whiskey are frequently a preferred beverage at parties and other public events, which serves as a driving force behind the global sales of Irish whiskey. Furthermore, the unique taste and texture of Irish whiskey, combined with the growing popularity of the beverage among tourists, contributes to the beverage's popularity, thereby driving the Irish whiskey market growth. However, the high cost and limited accessibility of Irish whiskey are major market restraints. On the contrary, the market is expected to benefit from innovations in taste and packaging.