Whiskey Market Size By Product (Scotch Whiskey, American Whiskey, Canadian Whiskey, Irish Whiskey, Other Whiskey), By Distribution Channel (On-Trade, Off-Trade) & Forecast, 2023-2032

Industry Drivers

Whiskey Market size surpassed USD 65 billion in 2022 and is anticipated to exhibit over 6.5% CAGR from 2023 to 2032.
 

The surging demand for alcoholic beverages worldwide is expected to have a positive impact on the whiskey industry growth. Over the past few years, alcohol consumption has increased dramatically on account of changing consumer preferences, rapid urbanization, and the increasing purchasing power of the middle-class population. For instance, according to data published by the American Addiction Centers, globally, more than 445 billion liters of wine, beer, and spirits are consumed annually. This scenario has spurred the overall global production and distribution of spirits, such as whiskey. Additionally, favorable government initiatives supporting the establishment of advanced food processing units for boosting the food & beverage production output will empower whiskey manufacturing distilleries across the world.
 

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Emerging trend of non-alcoholic beverage alternatives may impede the market demand

The emergence of innovative non-alcoholic beverages and the rising consumer preference for juices and carbonated drinks could restrain the whiskey market outlook. In recent years, non-alcoholic beverages such as Heineken 0.0, and Budweiser Zero have gained notable traction owing to the growing health awareness and inclination towards healthy beverages. According to a new report published by the Indian Council for Research on International Economic Relations (ICRIER) in May 2022, the non-alcoholic beverage business in India is estimated to be worth more than USD 17 billion by 2030.
 

Increasing imports of scotch whiskey across developing nations to augment the market size

The scotch whiskey market revenue is predicted to reach USD 46.3 billion by 2032, accredited to the growing consumer inclination toward premium products. Moreover, the appealing sensory characteristics and high alcohol percentage are driving the community of scotch lovers, thus compelling distillers to amplify the production rate. The developing economies in particular are experiencing a notable rise in consumer spending on high-end spirits. For instance, as per the Scotch Whisky Association (SWA), India emerged as the largest importer of scotch whiskey produced in the U.K. with a 60% surge in imports between 2021 and 2022.
 

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High preference for on-trade channels for whiskey distribution to boost the market trends

The whiskey market size from the on-trade distribution channel segment is projected to witness 6.5% CAGR through 2032. On-trade distribution channels remain a prominent distributor due to the increasing consumption of alcoholic beverages across bars, pubs, and hotels. After experiencing significant disruptions caused by the COVID-19 pandemic, the restaurant and hotel sectors are anticipating a promising business trajectory in the looming years.  Despite the virtualization of food businesses and the rapid penetration of food delivery services, consumers across the globe are heavily inclined towards on-premise experiences to enable socialization. For instance, the 2023 forecast by the National Restaurant Association showcases high consumer preference for culinary exploration with 70% of respondents inclined towards in-restaurant experiences.