Irish Whiskey Industry Share, Growth & Forecast 2023-2028
How Big is the Irish Whiskey Industry?
As per the latest report by IMARC Group, the global Irish whiskey industry size reached US$
4.7 Billion in 2022. It is expected to reach US$
7.5 Billion by 2028 and exhibit a growth rate (CAGR) of 7.44% during 2023-2028.
Irish
whiskey is a distilled dark spirit that originates from Ireland and is renowned
for its distinct characteristics and production methods. It is produced from a
combination of malted and unmalted barley, which is aged in wooden casks for a
minimum of three years, though premium varieties can be aged for much longer.
It is known for its smooth, gentle, and approachable taste profile with notes
of fruit, vanilla, and floral tones. It can be enjoyed neat, on the rocks, and
in various cocktails. It is also utilized in the manufacturing of liquor
chocolates and coffee. At present, the emerging trend of socializing at parties
among millennials, working professionals, and young adults are gaining traction
across the globe.
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What are the growth prospects and trends in the Irish whiskey industry?
Significant
growth in the food and beverages (F&B) industry and the increasing
preference for premium alcoholic beverages on account of the expanding purchasing
power of customers currently represent one of the major factors driving the
demand for Irish whiskey around the world. Moreover, there is an increase in
the number of commercial spaces, such as distilleries, microbreweries, cafes,
restaurants, bars, and hotels, which offer a variety of Irish whiskey-based
experimental cocktails. Along with this, the growing collaboration of Irish
whiskey brands with these establishments to launch numerous endorsement
programs is influencing the market positively.
It can also
be attributed to the increasing utilization of Irish whiskey in fancy food
recipes. Apart from this, product manufacturers are introducing genetically
modified organisms (GMO) and additive-free and organic and botanical flavored
variants to expand their product portfolio. They are also launching product
variants in innovative flavors like smoked maple, peanut butter, vanilla,
peach, and mango. Along with this, the launch of organic Irish whiskey, which
has less alcohol content for controlling alcohol dependency due to the growing
health consciousness among the masses, is creating a positive outlook for the
market. Furthermore, key players are financing different digital marketing
strategies like celebrity endorsements and social media campaigns to expand
their market reach and consumer base.
They are
also adopting innovative and environment-friendly packaging on account of the
growing trend of gifting unique premium items, such as Irish whiskey.
Furthermore, the expanding number of premium liquor stores is propelling the
growth of the market. Besides this, the increasing inclination towards home
delivery services via online portals that provide convenience, wide collection,
and fast shipping facilities is also strengthening the growth of the market.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup
by Type:
- Blended
- Single Malt
- Single Pot Still
- Single Grain
Breakup
by Pricing:
- Mass
- Premium
Breakup
by Sales Channel:
- On-trade
- Off-trade
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the companies operating in the market.
Beam Suntory
Inc. (Suntory Holdings Limited), Boann Distillery, Brown-Forman Corporation,
Connacht Whiskey Company Limited, Diageo plc, Edrington, Pernod Ricard, Sazerac
Company Inc., Teeling Whiskey Distillery, West Cork Distillers and William
Grant & Sons Ltd.
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