LONDON--(BUSINESS WIRE)--According to the latest market research report by Technavio, the global whiskey market is expected to grow at a CAGR of close to 4.56% in volume until 2020.
In this report, Technavio covers the present scenario and growth prospects of the global whiskey market for 2016-2020. To calculate the market size, the report takes into account the volume of whiskey consumed in liters.
The market is segmented based on the following whiskey types:
- Scotch Whisky
- US whiskey
- Canadian whiskey
- Irish whiskey
- Other whiskey (Indian whiskey, Spanish whiskey, and Japanese whiskey)
“The increase in demand for premium whiskey is expected to significantly propel the global whiskey market during the forecast period. High demand for Irish whiskey, in particular, is driving the global whiskey market. However, the demand for blended whiskey remains higher, with single malt Scotch whisky being one of the most important and lucrative segments,” said Vijay Sarathi, one of Technavio’s lead industry analysts who specializes in alcoholic beverages research.
“The demand for premium whiskey is increasing around the world, especially in major markets such as the UK and US. Super-premium whiskies, which are priced above USD 30, recorded close to USD 330 million worth of revenue in 2014, growing by almost 20%. This trend indicates, growth of the premium whiskey segment will significantly increase revenues for the overall market through 2020,” added Vijay.
Geographical segmentation of global whiskey market 2015
Source: Technavio research
APAC: largest region for the global whiskey market
APAC dominated the global whiskey market, accounting for close to 54% of the share in 2015. The rise in disposable income of consumers is primarily driving the whiskey market in APAC. Technavio researchers expect the per capita annual disposable income in APAC to rise by over 35.2% by 2020. With the introduction of new brands and increasing awareness about imported whiskies, the market will witness exponential growth during the forecast period.
Countries such as India, South Korea, Taiwan, Vietnam, Japan, and Thailand are major contributors to the Scotch whisky market. Despite austerity measures in China, the country remains one of the biggest markets for Scotch whisky in APAC. India, however, emerged as the third-largest importer of Scotch after France and the US in 2014. These market trend indicates a positive growth rate for the global whiskey market until 2020.
Americas: second largest region for the global whiskey market
The whiskey market in the Americas witnessed a consumption volume of close to 830.3 million liters in 2015. The region is witnessing steady growth in the whiskey market as it is gaining popularity among consumers. The market is driven by a growing demand for whiskey from the millennial population and due to the introduction of new flavors.
Two types of American whiskies, bourbon and Tennessee, are gaining popularity among consumers, particularly in North America. The most popular Tennessee whiskey is Jack Daniel's. Also, new flavors of whiskey, such as honey and cinnamon-flavored whiskey are gaining popularity among consumers. The US, Brazil, Mexico, Colombia, Peru, and Chile emerged as the fastest-growing markets for blended Scotch whisky in 2015.
Whiskey market in EMEA
EMEA is witnessing a moderate growth rate in the whiskey market. An increase in the demand for Scotch and Irish whiskies, along with the beverage's increasing popularity among young consumers is primarily driving the market. Countries such as France, Germany, Russia, the UK, and Poland are at the forefront of its growth in the region.
However, the UK market has witnessed a decline of over 9% in recent years but Scotch whisky still plays an important role in the UK economy, accounting for close to 85% of Scotland's food and drink exports and 25% of UK's food and drink exports.
Browse related reports:
- Global Scotch Whisky Market 2015-2019
- Wine Market in Europe 2015-2019
- Vodka Market in Europe 2015-2019
- USA Alcoholic Beverages Craft Beer Market 2015-2019
- Vodka Market in Nordic Countries 2015-2019
- Global Vodka Market 2015-2019
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