Peanut Butter Whiskey Market Forecast and CAGR
According to the latest research by Transparency Market Research, peanut butter whiskey market is set to have a steady growth during 2021-2031. The increasing demand for flavored whiskey among the growing world population and health-conscious customers, mainly the emerging new middle-class population in the Latin America, Asia Pacific, and Africa will offer a steady growth opportunity for the market.
What is Driving Demand for Peanut Butter Whiskey Market?
Now a day’s flavored whiskey are becoming popular among the consumers due to its smoother and a uniqueness flavor. One such flavored whiskey which is currently gaining popularity in the whiskey market is the peanut butter whiskey due to its savoury-sweet flavor profile. The peanut butter whiskey already gained widespread social media exposure and bartender acceptance across various regions in the world. The peanut butter whiskey features the nuttiness and comforting warmth of peanut butter. The peanut butter whiskey can be consumed straight as a shot, drizzled at the top of the ice cream or can be used as an ingredient in cocktails.
The flavor profiles of popular whiskey brands have been evolving recently, mainly due to the ever-shifting taste preference of the consumers and product innovation by the producers and manufacturers. These gave rise to the emergence of innovative flavor whiskeys such as peanut butter whiskey. Many of the consumers have regarded peanut butter whiskey as the next favourite flavor after the spicy-sweet profile of cinnamon-flavoured whisky, which is currently dominating the flavored whisky market. The growing female drinking population among the millennial generation is also serving as a prominent growth factor for the peanut butter whiskey.
The growth of the peanut butter whiskey is driven by various factors that includes increasing disposable income levels of the growing population in emerging countries, changing lifestyles influencing the buying pattern of the consumers and consumer preferences. The key consumer of the peanut butter whiskey is growing millennial generation with its considerable purchasing power. The premiumization of the whiskeys and modernization of alcohol laws are also facilitating and expanding the consumer access and choice.
Consumers are constantly looking to experience new unique flavors and high-quality alcohols, which gives rise to this product market. The inclusion of natural and organic ingredients in the peanut butter whiskey is also gathering a lot of views from the customers. Though some manufacturers are also producing peanut butter whiskey without real peanuts, majorly for the peanut allergic consumers. Major manufacturers of the peanut whiskey like Screwball, has active social media presence and focuses on strong marketing campaigns to drive the market growth of peanut butter whiskey. The growth of the peanut butter whiskey is mainly affected by the taxation policies and government regulations. The following of various government rules and regulation can hinder the market growth of peanut butter whiskey.
What is the effect of Covid-19 on Peanut Butter Whiskey Market?
The COVID-19 pandemic has severely affected the end-use industries of the peanut butter whiskey market. Hence, there has been a significant drop in the demand for these whisky flavor as the demand for whiskey items across the globe is also low. This significant drop in the demand for these snack items was majorly due to barriers in the movement of the products and closure of the retail outlets.
Major players in this market segment engages with their target audiences virtually through digital platforms due to this pandemic, but this cannot match with the level of direct engagement which is found at the whiskey bars.
The pandemic also resulted in closure of various restaurants, bars, hotels and alcohol shops across the world, which limited the sales of peanut butter whiskey as it was not easily accessible to the consumers. Moreover, the decrease in the tourism industry across the world also affected the sales of peanut butter whiskey across the global market, thus the consumption of the whiskey decreased along with the decreased footfall of the tourists.
However, the change in lifestyle and people’s interest in buying unique falvored whiskey from online retails are some of the factors due to which the peanut butter whiskey market is experiencing stable growth.
North America Demand Outlook for Peanut Butter Whiskey Market
North America has one of the largest markets for peanut butter whiskey around the world. There is a high presence of manufacturers and suppliers in North America. These manufacturers and suppliers use different advanced technologies in innovating new peanut butter whiskey products and optimize their manufacturing and logistics facilities to cater to the demand of the customers. One major reason for holding one of the largest market shares in North America is the consumer increasing preference and popularity of peanut butter whiskey among the consumers.
The consumers in this region also have a high spending capability due to which there is an increase in the spending spree of the customers. Major players in the North American region are planning to open new peanut butter manufacturing facilities to increase the production capacity of the flavored whiskey items and cater to the increasing demand of the consumers. The companies are also trying to increase their market penetration by offering new varieties of products through new product innovation and focuses on new product launches through new and innovative product packaging.
Asia Pacific Demand Outlook for Peanut Butter Whiskey Market
There is a presence of a lot of developing countries in the region that are looking for various flavored whiskey like peanut butter whiskey to satisfy their quest for unique and smooth flavor. One of the major factors for driving the growth of these flavored whiskeys is the growing rate of urbanization and increasing population in the Asia-Pacific region.
The expansion of the alcoholic industry in these developing economies is aiding the sales growth of peanut butter whiskey. The flavored whiskey market in the Asia Pacific region is experiencing enormous growth. The acceptance of peanut butter whiskey has also increased in this region. Development in the distribution networks of peanut butter whiskey items is also expected to boost the market over the forecast period.
Who are the Key Manufacturers and Suppliers of Peanut Butter Whiskey?
Some of the leading manufacturers and suppliers of peanut butter whiskey include Continental Distilling, Skrewball, Hard Truth Distilling Co., Ole Smoky Distillery, Sheep Dog, Skatterbrain, Ram’s Point, PB&W, Bird Dog, Two Trees, SQRRL, and others.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Peanut Butter Whiskey Report Highlights:
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