New York, June 26, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Whisky Global Market Report 2023" - https://www.reportlinker.com/p06464028/?utm_source=GNW
, Pernod Ricard SA, Chivas Brothers, La Martiniquaise, Belvedere, Allied Blenders and Distillers Pvt Ltd., La Martiniquaise, and Red Brick Brewing Company.
The global whisky market is expected to grow from $60.40 billion in 2022 to $3.10 billion in 2023 at a compound annual growth rate (CAGR) of 4.5%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The whisky market is expected to reach $73.30 billion in 2027 at a CAGR of 3.8%.
The whisky market consists of sales of a variety of whiskies such as bourbon whisky, blended whisky, and spirits.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Whisky is an alcoholic beverage made by fermenting malted rye, barley, corn, or wheat grain mash.This is created by processing, malting, fermentation, distillation, and barrel maturation.
It is distilled all over the world and is frequently aged in oak barrels before being enjoyed as a modern and recreational beverage.
North America was the largest region in the whisky market in 2022. The regions covered in whisky report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of whisky are alcoholic whisky, and non- alcoholic whisky.Alcoholic whisky is a distilled spirit made from fermented grain mash and aged in oak barrels.
The various flavors include unflavored and flavored that are sold through various sales channels such as B2B (business-to-business) and B2C (business-to-consumer).
The increasing whisky consumption is expected to propel the growth of the whisky market going forward.Whisky has been consumed for its health benefits, rich flavor, and cultural significance.
Whisky has numerous health benefits, including lowering the risk of heart disease, stroke, and cancer, and it also contains antioxidants that aid in the fight against free radicals.Drinking whisky can also improve cognitive function, aid digestion, and reduce stress.
Furthermore, whisky is low in carbohydrates and can be an excellent choice for those on a low-carb diet. For instance, in March 2023, according to a report by the Distilled Spirits Council of the United States, a US-based national trade association, American Whisky exports increased by 32% to $1.28 billion in 2021. Therefore, increasing whisky consumption drives the whiskey market.
Product innovation is a key trend gaining popularity in the whisky market.Major companies operating in the whisky market are introducing new innovative products to sustain their position in the market.
Innovation is key to attracting new drinkers to the whisky category, especially younger consumers. For instance, in October 2022, Allied Blenders and Distillers Ltd., an India-based alcohol company, launched two innovative whiskies, Srishti Premium Whisky, and Sterling Reserve B7 Whisky Cola Mix. Srishti Premium Whisky is a blend of rare scotch malts paired with fine Indian grain spirits and its unique addition of curcumin. Sterling Reserve B7 Whisky Cola Mix is the award-winning whisky blend infused with cola to add a zing to every drinking occasion.
In June 2022, Sarezac, a US-based alcoholic beverage company, acquired Lough Gill Distillery for an undisclosed amount.Through this acquisition, Sarezac will dramatically extend the distillery’s footprint by increasing capacity and expanding production and bottling lines.
Lough Gill Distillery is an Ireland-based whiskey distillery, that produces high-quality single-malt whisky with little environmental impact.
The countries covered in the whisky market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The whisky market research report is one of a series of new reports that provides whisky market statistics, including the whisky industry’s global market size, regional shares, competitors with a whisky market share, detailed whisky market segments, market trends, and opportunities, and any further data you may need to thrive in the whisky industry. This whisky market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06464028/?utm_source=GNW
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