Whiskey Market to Soar in the Near Future Owing to Growing Consumer Adoption

Whiskey is a type of alcoholic beverage that is made from grains and matured in oak barrels. The type of whiskey produced is determined by the grain and barrel used in the distillation process. Furthermore, the location has a vital role in defining a whiskey.

In the recent years, the number of bars, pubs, restaurants, and breweries serving alcoholic beverages have grown exponentially. This is primarily driven by the increase in consumer spending, product innovations, rapid urbanization and growing demand from young consumers. There has been a shift from beer and wine to spirits consumption. Millennia value quality, authenticity and provenance, and hence are willing to pay more to enjoy this. Additionally, millennia are inclined to experiment with their alcoholic beverages, which has essentially led to the rise in ‘cocktail culture’. This trend has further enhanced the usage of whiskey as an ingredient, thereby propelling the global whiskey market growth. Likewise, rise in spirit tourism especially in the western countries, encourages tourists from overseas to indulge and develop taste for local beverages, including whiskeys. Countries such as the UK, France, the U.S., Scotland and others, have developed spirit led-tourism which enables tourists to comprehend the history and processes involved in producing whiskeys. This is regarded as one of the highest revenues generating factor for the whiskey market. However, the popularity of alcoholic beverages could lead to issues of dependency, addiction and excessive consumption leading to health concerns. The rise in number of consumers suffering from alcohol addiction has been a concern for governments. Hence, many governments have made stringent rules and regulations about the sales and distributions of these products. These restrictions are thereby expected to hamper the growth of the global whiskey market.

Key players operating in the global whiskey market include Diageo plc, Pernod Ricard, William Grant and Sons Ltd., Crown Royal, Beam Suntory, Inc., Allied Blenders & Distillers (ABD) Pvt. Ltd., Brown–Forman Corporation, and Suntory Beverage & Food Limited.