The Global Whiskey Market Growth is driven by Increasing Social Gatherings
The whiskey market comprises various types of whiskies including Scotch whiskey, American whiskey, Canadian whiskey, Irish whiskey and others. Whiskey is a distilled alcoholic beverage made from fermented grain mash. The global whisky market is experiencing high demand owing to its wide use in social gatherings and occasions. Whiskey is consumed all over the world and find applications in cocktail recipes and is also consumed on its own.
The Global whiskey market is estimated to be valued at US$ 97.12 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031.
The growing demand for whiskey is attributed to increasing social gatherings and occasions across the world where whiskey is often consumed. Whiskey cocktails and highballs are becoming increasingly popular among millennials and gen Z consumers supplementing the market growth. Various product launches catering to preferences of new age consumers will further propel the demand.
Key players in the Global Whiskey Market Growth are focusing on global expansion strategies. They are eyeing high potential markets including Asia Pacific and Latin American regions for future business opportunities. Various marketing activities are being carried out to promote brands and educate people about whiskey tastes and preferences. This is expected to support the whiskey market growth especially in developing economies.
Increasing experimentation and demand for unique whiskey varieties is fueling market growth in Asia Pacific. The region is expanding at the fastest rate and is likely to surpass Europe as the second largest whiskey market by revenue during the forecast period. Rapid urbanization, rising disposable incomes, and evolving tastes are supporting sales across developing countries like China, India, Philippines and Vietnam in the region.
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