SELBYVILLE, Del., June 14, 2019 /PRNewswire/ -- The Asia Pacific whiskey market is projected to cross USD 37 billion by 2025. India accounted for around 45% of global whiskey consumption in 2018. High demand is expected due to an increasing number of consumers within the legal drinking age, enhanced standard of living, rapid urbanization, and rise in spending on leisure. For instance, the legal drinking age portion of the Indian population is projected to increase from 64% in 2011 to 68% in 2021. The world's economy is shifting toward countries in the southeast, and with these countries being an emerging market, they will drive export growth for the product.
The Asia Pacific region holds a significant share in the global distilled beverage market, owing to the presence of key producing countries including India, Japan, Taiwan, and Australia. India holds around half of the global consumption, where 98% of the market share is occupied by local brands. However, increasing demand for premium Japanese barrel-aged whiskey has supported favorable trade policies, thus positively supporting the region's growth.
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Scotch holds a significant share in the overall whiskey market in 2018. Considerable segment growth can be attributed to the ease in product availability, superior product taste, product launches, and enhanced focus on promotional activities. For instance, Johnnie Walker launched its White Walker Edition in partnership with the Game of Thrones production company, for brand promotion as well as increasing revenue. Further, the growing demand for single malt flavor is a key driver for increasing industry share.
The global Whiskey Market is set to exceed USD 84 billion by 2025; according to a new research report by Global Market Insights, Inc. A rise in consumer spending on alcoholic beverages for enhanced taste and experience is propelling the global whiskey market. Product innovations such as single malt, organic, and flavored distilled beverages accompanied by consumer preferences for trying new products will drive the industry share. Taste variance owing to variance in use of key ingredients such as corn, barley, rye, sugarcane, and others and production process are the key factors differentiating the product manufactured in different regions.
Increasing cross border trade with rapid globalization is anticipated to create new opportunities for manufacturers in the whiskey market. For instance, the exports for scotch whiskey grew approximately by 7.8% by value in 2018. Further, manufacturers are focusing on developments of varied products such as barrel-aged whiskeys, single malt, organically produced whiskey, and flavored products to gain competitive advantage.
Browse key industry insights spread across 350 pages with 165 market data tables & 12 charts & figures from the report, "Global Whiskey Market by Distribution Channel (On-Trade, Off-Trade), by Products (Scotch Whiskey, American Whiskey, Canadian Whiskey, Irish Whiskey, Other Whiskey), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Poland, Ireland, Belgium, China, India, Japan, South Korea, Australia, Thailand, Taiwan, Brazil, Argentina, Mexico, Venezuela, South Africa, UAE, Angola), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025" in detail along with the table of contents:
Whiskey is considered as an affordable luxury which drives the market for premium and super-premium product offering. Consumers are becoming knowledgeable on different types of whiskeys accompanied by the inclination toward trying new whiskeys with different taste and complexity. Whiskey manufacturing varies as per the production process as well as ingredients used such as malt, wheat, rye, corn, or blends. However, prices of grains are rising due to the scarcity of certain crops which will impact the crop supplies for whiskey production, thus increasing overall production cost.
Off-trade distribution accounted for over 2.8 billion liters product sales in 2018. Supermarkets, liquor stores, duty-free outlets, and auctions hold the majority of the distribution share. The rise in tourism, supportive whiskey trends, accompanied by economic growth has surged product demand through duty-free stores. Further, the availability of enormous options through off-trade coupled with a lower product cost will drive the business expansion.
The prominent players in the whiskey market are Pernod Ricard, Diageo, Bacardi, William Grant and Sons, Beam Suntory, Brown Forman Crown Royal, and Allied Blenders & Distillers.
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Whiskey Market Forecasts 2019-2025
The worldwide whiskey market set to achieve over 5% CAGR from 2019 to 2025 owing to attractive packaging of whiskey and rise in purchasing power of consumers.
SOURCE Global Market Insights, Inc.