Craft Whiskey is fastest growing segment fueling the growth of...

Craft Whiskey is fastest growing segment fueling the growth of Irish Whiskey Market

Posted 2023-11-10 15:03:00

Market Overview:
Irish whiskey is distilled from a fermented mash of cereal grains made up of barley, malted barley, corn, rye and wheat. Irish whiskeys have a smooth and creamy texture with flavors of vanilla, caramel and fruitiness which appeal to consumers worldwide. The demand for premium and authentic tasting Irish whiskeys is driving the growth of this market.

Market key trends:
One of the key trends witnessed in the global Irish whiskey market is the rising popularity of craft whiskeys. Small independent distilleries are experimenting with different techniques like using unique aging barrels or developing custom recipes to produce limited edition whiskey variants. This has led to the emergence of artisanal whiskeys which offer differentiated tasting profiles compared to mainstream Irish whiskeys. Consumers are increasingly interested in exploring new flavors and varieties of Irish whiskeys produced by craft distilleries, which is proving beneficial for market growth.

Segment Analysis
The Irish whiskey market is segmented by type into single malt, blended, wheat, and others. The blended segment dominates the market and accounts for over 60% share due to lower prices and broad availability across regions. Blended Irish whiskeys appeal to a wider consumer base and offer smooth taste with affordability.

Key Takeaways
The global Irish Whiskey Market Demand is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing demand for premium and craft spirits backed by rising disposable income.

Regional analysis
North America dominates the global Irish whiskey market and is expected to grow at a CAGR of over 6% during the forecast period. The growth in North America can be attributed to the growing adoption of artisanal spirits and popularity of Irish culture in the region.

Key players
Key players operating in the Irish whiskey market are introducing novel variants, such as apple, berries, mint, spiced, coffee, and honey, to expand their product portfolio. The Irish whiskey market size for 2023 is US$ 4.7 Bn.

Key players operating in the Irish whiskey are Pernod Ricard, William Grant & Sons, Diageo, Bushmills, Irish Distillers Limited, Beam Suntory, Ardsley Distillery, Teeling Distillery, Jameson Irish Whiskey, The GlenDronach Distillery, Tullamore D.E.W., and Glendalough Distillery.