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The global whiskey market is expected to witness strong growth during the forecast period between 2021 and 2031.
Whiskey is an alcoholic beverage, manufactured using different grains such as barley, corn, and wheat through the distillation process.
Whiskey is used in different cocktails but is also sometimes consumed directly. Few common types of whiskey available in the market include bourbon whiskey, scotch whiskey, Japanese whiskey, and Canadian whiskey.
The outbreak of the COVID-19 pandemic negatively impacted growth in global whiskey market. Rising number of cases worldwide led to governments imposing stringent social distancing regulations and lockdowns in a bid to contain the spread of the virus.
This led to temporary or permanent shutting down of pubs and bars, which reduced the demand for whiskey and affected the growth in overall market.
However, with most population sections vaccinated twice and approval given to the use of third precautionary booster dose, it is expected that bars and pubs will resume operations soon, leading to increased demand for whiskey.
Increase in millennial population worldwide is the key growth driver of whiskey market.
Also, rising number of distilleries that manufacture whiskey is expected to generate large amounts of revenue for prominent players in global market, in the coming years.
In addition to this, growing number of bars and restaurants globally is expected to fuel the whiskey demand and augment the growth in overall whiskey market, in the years ahead.
Other factors such as growing trend of social gatherings and rising disposable income could also contribute to growth in global whiskey market, in years to come.
Scotch whiskey product segment is projected to emerge as largest contributor, in terms of revenue, to overall whiskey market due to excellent product taste as well as product availability in different flavors such as orange, caramel, spice, and peel in leading economies globally.
Offline distribution channels are expected to emerge as largest revenue contributor to overall whiskey market due to increasing product demand from supermarkets and hypermarkets as well as wine shops in prominent countries worldwide.
The competition in global whiskey market is intense due to prominent presence of numerous market players. Many of these players are expected to account for a large share in overall market, in future.
Growth strategies such as new product launches could help leading market players in gaining an edge over competitors and generate new revenue streams.
R&D undertakings could be key, revenue-generating growth strategy for well-established whiskey market players, in the coming years.
Other strategies such as signing of collaborative agreements with smaller players could help prominent whiskey market players in expanding their presence in global market and in increasing their revenue shares.
Some of the leading players in global market include Bacardi, Diageo PLC, Suntory Holdings, Asahi Group Holdings, and The Brown-Forman Corp.
The global whiskey market is classified into five regions, namely, North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Europe is expected to emerge as maximum revenue-generating region in global whiskey market in future because of increasing alcohol consumption in countries such as the U.K and Germany.
North America is projected to witness significant growth in overall whiskey market in future owing to increasing whiskey demand from food industry in countries such as the U.S and Canada.
Asia Pacific is anticipated to witness strong growth in the coming years due to rising number of bars and restaurants in both developed and developing economies in countries such as China and India.
Other regions of the world such as Middle East and Africa and Latin America are expected to witness moderate growth in whiskey market, in years to come.
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Whiskey Market
