As per the latest research report, “Whiskey Market by Product, Distribution Channel, and Geography – Forecast and Analysis 2021-2025”, the increasing number of new product launches by the players is notably driving the whiskey market growth.The existence of various major, small, and medium-sized manufacturers characterizes the worldwide whiskey market. The majority of large and established firms have global sales and distribution networks, whilst the majority of minor players are focused on regional markets. Price, quality, technology, brand identification, and distribution are all factors that vendors compete on.Key Whiskey Market Report Highlights:
Market growth 2020-2025: USD 28.67 billion
Growth momentum & CAGR: Accelerate at a CAGR of 5.64%
YoY growth (%): 5.00%
Performing market contribution: APAC at 51%
Key consumer countries: India, US, Thailand, Canada, France, and the UK
Regional Market Analysis
With 51% of the growth originating from APAC, this region will record a fast growth rate during 2021-2025. India and Thailand are the key markets for whiskey in APAC. Market growth in APAC will be faster than the growth of the market in other regions.
The growing demand for whiskey can be attributed to a variety of factors like rising disposable incomes, westernization, and lifestyle changes. Emerging economies have a large population and rising disposable incomes, making this a good market for whiskey.
India held the greatest share of the global whiskey market in 2016, and it is likely to continue to do so over the forecast period. The rise of the whiskey market in APAC is being fueled by rising disposable income, the growing appeal of western culture, and the introduction of novel whiskey tastes.Key Vendors and Vendor Strategies
Bacardi Ltd., Beam Suntory Inc., Brown Forman Corp., Constellation Brands Inc., Davide Campari Milano Spa, Diageo Plc, LVMH Moet Hennessy Louis Vuitton, Pernod Ricard SA, William Grant and Sons Ltd., Allied Blenders, and Distillers Pvt. Ltd. are a few of the key vendors in the whiskey market.
The vendors in the market are constantly focusing on broadening their product portfolio through expanding their product offerings. Additionally, vendors are focusing on expanding their presence in new regions.
Allied Blenders and Distillers Pvt. Ltd., the company offers Stering, Officers choice blue and others.
Bacardi Ltd., the company offers Maestros de Ron BACARDÍ.
Brown Forman Corp., the company offers popular brand Jack Daniels Tennessee Whiskey .Key Market Drivers
Our analysts have extensively outlined the information on the key market drivers and their impact on the Whiskey Market.
New product launches:
The increasing number of new product launches by manufacturers is one of the main drivers for the global whiskey market. To meet the wants of the consumers, market participants are introducing new items. The expansion of the industry and the participants is aided by successful new product releases. A successful new product introduction can help a player’s income and customer base grow. It also helps the player improve their market share and gives them a competitive advantage over their competitors.
Key Market Trends
Increasing demand for Irish whiskey and American bourbon
Irish whiskey is the world’s fastest-growing spirit category, and rising demand for Irish whiskey and American bourbon is likely to boost the whiskey market’s growth over the projection period. Despite having a modest market share of the global whiskey market in 2020, demand for Irish whiskey is growing rapidly, and the sector is likely to grow its market share during the forecast period. Some of the reasons that will boost demand for Irish whiskey over the projection period are its sweet and smooth flavor, competitive pricing, investments by big brands, and an increase in demand among the young, first-timers, and female whiskey consumers.About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Source : https://www.prnewswire.com/news-releases/51-of-growth-to-originate-from-apac-for-whiskey-market–technavio-301465782.html