Global Irish Whiskey Market size was valued at US$ XX 4,260.0 in 2019 and the total revenue is expected to grow at 9.2% through 2020 to 2026, reaching nearly US$ 7,677.5Mn.
The Global Irish whiskey market report is a comprehensive analysis of the industry, market, and key players. The report has covered the market by demand and supply-side by segments. The Global Irish whiskeyreport also provides trends by market segments, technology, and investment with a competitive landscape.
Global Irish Whiskey Market Overview:
Irish whiskey is considered to be one of the best alcoholic beverages globally. It is made with malted and unmalted barley and then distilled for 3 years. In distillation, it undergoes a fermentation process, where additional enzymes help in the processing and conversion of alcohol. It is then distilled thrice for better taste and smoothness. The Irish whiskey is known to fuse perfectly with other drinks as well as it is smoother than other whiskeys Furthermore, Irish whiskey is perfect for making cocktails and shooter recipes. It is very popular in economies such as U.K., U.S, France, and Germany.
Owing to factors such as an increase in disposable income, bar etiquette, and spirit-led tourism. The global Irish whiskey market by volume was pegged at 95 million litres in 2018 and is expected to a demonstration at a CAGRof 8.9% over the forecast period, to reach 200 million litres by 2027.
Global Irish Whiskey Market Dynamics:
Irish whiskey is one of the oldest and most popular distilled spirits among consumers across the globe. It possesses a unique smooth Product Typeand appears as pale gold color as compared to scotch and earthy Product Type of scotch whiskey. The companies operating in the global Irish market are focused on launching a new blend of Irish whiskey.
For case in point on 8th February 2020, Kilbeggan Distilling Company a subsidiary of Beam Suntory which is one of the world’s leading Producers of distilled beverages launched the limited edition of kilbeggan single pot still. This new product is a combination of malted barley and oats, a recipe inspired by traditional Irish whiskey. This scenario is expected to drive market growth during the forecast period.
The global Irish whiskey witnessed a decline in the 20th century, due to the introduction of blended whiskey around the world. Furthermore, the additional factors such as the independence of Ireland in the 1920s and trade war with Britain coupled with prohibition in the U.S. during the 1930s together hampered the production and exports of various distilleries market in Ireland. In the later years of the 20th century, the global Irish whiskey market witnessed a resurgence, owing to the rising number of opening distilleries and new entrances of the alcohol beverages industry.
The demand for Irish whiskey has remained consistent among the buyers. The COVID-19 pandemic has adversely affected the market growth worldwide the decline in the growth of the Irish whiskey market can be attributed to the shut of bars, clubs, and pub. The fluctuation in distribution and supply chain management impacted the supply of whiskey and led to low sales. However, the manufactures did not suffer a huge loss on the stock of their alcoholic beverages, which are already in barrels, as longer drinks are in barrel the value increases.
One of the key challenges includes government rules and regulations across the globe. For instance, alcohol consumption is prohibited in the countries, especially the ones with Muslim population as the majority such as Saudi Arabia, Libya, Yemen, Pakistan, and others which in turn, is expected to be a major restrain to the overall growth of Irish whiskey market. In addition to this stringent government rules and regulations about the legal age of drinking alcohol is expected to hamper the market growth. For instance,the legal age of drinking in Kazakhstan, Mongolia, and some parts of India such as Punjab, Delhi, and Haryana is 25.
Global Irish Whiskey Market Segment Analysis:
By Product Type, the segment product type is categorized into blended, single malt, single pot, and single grain. The blended segment is dominated the Irish whiskey market with the highest share of 32.10% in 2017. Blended whiskey contains a mixture of different whiskies like malt and grain. Whiskies differ in type, but especially in their origin i.e. the distillery they come from. The single malt segment is second dominating and is projected to grow at a notable CAGR of 9.0% over the forecast period.
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By Pricing, the segment is further classified into mass and premium. The sub-segment premium is the largest and fastest-growing in the whiskey market. The premium segment is expected to remain dominant over the forecast period and is expected to grow at a CAGR of 10.01% from 2019 to 2026. The growth of the segment is attributed to an increase in demand and consumption of premium whiskey in the developed region such as Europe, North America. Growing club and pub-visiting has also accelerated the growth of the demand. Moreover, the preference for alcoholic beverages with genuine Product Types and strong taste has augmented the demand for premium drinks.
By Distribution channel, the segment is bifurcated into off-trade and on trade. Off-trade is further segmented into hypermarket and supermarket, wine and spirit shop, convenience store. The segment of off-trade was dominant in 2019 in the global whiskey market. The majority of Irish whiskey sale volumes are generated by the large supermarket chain.
This is due to sales promotion through in-store strategies like price off promotion, tasting for selective products and others. Hence off-trade sales category account for the largest market share. On trade is second dominating. The on-Trade segment would witness the fastest growth, registering a CAGR of 5.40% during the forecast period.
Global Irish whiskey Market Regional Insights:
North America, was the largest market in 2019. In terms of revenue generation, generating almost one-third of the Irish whiskey market share. The U.S. is further expected to expand at a notable growth rate exhibiting the highest share over the forecast period. The market growth in this region is attributed to the rising population and growing adoption of alcohol in general. The volume sale of Irish whiskey grew by 8.6% in 2020 in the US Irish whiskey has become the fastest-growing spirit sector in the US, but represents only 2% of total spirit volume in the states, and a 7% market share among all whiskey there.
The objective of the report is to present a comprehensive analysis of the global Irish whiskey market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the global Irish whiskey market dynamics, structure by analyzing the market segments and project the global Irish whiskey market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Irish whiskey market make the report investor’s guide.
Global Irish whiskey Market Scope: Inquire before buying
Global Irish Whiskey Market, by Region
• North America
• Asia Pacific
• Middle East and Africa
• South America
Global Irish Whiskey Market Key Players
• Beam Suntory Inc.
• Jameson Irish whiskey
• Teeling Distillery
• The Old Bushmills Distillery Co.
• Pernod Ricard
• William Grant & Sons
• West Cork Distillers
• Knappogue Castle Whiskey.
• Castle Brand
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