In the last 10 years, the worldwide popularity of Bourbon has been increasing rapidly. Growing demand for premium U.S. whiskies and increasing number of super-premium and ultra-premium products, rapid development worldwide and rapidly expanding cocktail markets are the main drivers of the growth of the U.S. whisky markets globally.In the United States and overseas, demand for American whiskies like Bourbon, Tennessee, and Rye are on the rise. Luxury Bourbon and Tennessee whiskies have shown double-digit growth in recent years, indicating that super-premium whiskies are particularly popular with American customers.
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COVID-19 Impact analysis
• Due to the pandemic, the American Whiskey Market has taken a significant hit. Particularly in the U.S., where it is most likely to abandon its initial sales and growth projections for 2020. Companies are focusing more on present European markets (Germany, France, Poland, and the UK) in order to expand their market reach in Eastern Europe.
• The output has increased, but the focus has shifted from on-premises to off-premises, since consumers prefer to buy bottles rather than eat at restaurants.
• The outbreak (COVID-19), as a result of trade limitations and a decrease in consumption as a result of lockdowns by governments globally, has played a massive role in the whiskey market in 2020.
• The outbreak of Coronavirus disease on Food and Beverages producers depends on domestic and international suppliers for supply of raw materials. Since many governments restricted the movement of goods across the countries and locally, the production of raw materials had to stop.
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Top Impacting Factors
• Increased global tourism, along with an increase in number of restaurants and bars, will boost the whiskey industry's market share. Tourism will also help to boost goods sales through duty-free shops.
• The labor and personnel component alone are a significant aspect.
• Because of the huge demand for whiskey, this segment is expected to increase significantly. Wheat whiskey's widespread use in cocktails is expected to fuel the segment's growth.
• The exclusivity of whiskey festivals and clubs, as well as its increased prominence in specific types of on-trade venues, are anticipated to increase the demand for the product. In addition, the market is expected to benefit from increased demand for single-malt scotch in Asia-Pacific.
Market Trends
• Whiskey market depends on changing lifestyles, whiskey consumption patterns, high disposable income, improving whiskey affordability, and rising demand for premium whiskey.
• Europe has the largest portion of the whiskey market, accounting for over 34% of total sales. In this region, the top countries for whiskey production and consumption are Germany, Italy, Spain, and France. Europe is also the world's largest whiskey producer and consumer.
Overall growth is being fueled by premiumization.
Consumers, especially millennials, are skipping the value and premium liquor store aisles in favor of high-end, super-premium items. Between 2012 and 2017, the super-premium and high-end premium spirits segments rose at a rate of 6% to 7% per year in volume, outperforming the premium and value sectors and driving overall growth in spirits consumption.
What is it that makes people gravitate toward high-end spirits? Millennials, naturally, are the main reason behind this development, as ongoing confidence in the economy and product advances have led customers to more expensive liquors.
Flavored Whiskey market is the new trend
Due to factors such as increased availability of product variants with a wide range of flavors, such as apple, cider, citrus, cinnamon, honey, peanut butter, cherry, and many more, the flavored whiskey market has seen tremendous expansion. A youth-centric product trend is predicted to fuel the worldwide flavored whiskey market. Over the projection period, demand for flavored whiskey is predicted to rise due to an ageing population.
Increase in demand for ready to drink beverages
Ready-to-Drink (RTD) beverages are those that have been prepared and are ready to drink. Iced tea, alcopops, soft drinks, and other RTD beverages are examples. Alcopops, or alcoholic cocktails, are carbonated bottled drinks that are ready to drink. Cocktails are alcoholic drinks made out of one or more spirits, as well as flavoring agents, sweeteners, fruit juice, and other ingredients. The desire for all-day beverages has sparked interest in ready-to-drink (RTD) or single-serve cocktails.
Key Benefits of the Report
• This study presents the analytical depiction of the American whiskey industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the American whiskey market share.
• The current market is quantitatively analyzed from 2020 to 2028 to highlight the American whiskey market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed American whiskey market analysis based on competitive intensity and how the competition will take shape in coming years
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