Whiskey Market Size

Whiskey Market Size

Whiskey Market size surpassed USD 67.6 billion in 2023 and is anticipated to exhibit over 6.8% CAGR from 2024 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.