Irish Whiskey Market by Type (Blended, Single malt, Single Pot, Single Grain), Pricing (Mass and Premium), and Sales Channel (On-trade and Off-Trade): Global Opportunity Analysis and Industry Forecast, 2021–2027." According to the report, the global Irish whiskey industry generated $4.26 billion in 2019, and is expected to reach $7.67 billion by 2027, witnessing a CAGR of 9.2% from 2021 to 2027.
Experimentation
and innovation in manufacturing, taste and preference, and innovative packaging
of the bottles drive the growth of the global Irish whiskey market. However,
huge taxation on alcoholic beverages and impact of Brexit on Irish whiskey
market hinder the market growth. On the other hand, advent of e-commerce and
growth in demandfor premium drinks in developing countries present new opportunities
in the coming years.
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Covid-19
Scenario
· The outbreak of the pandemic led to
shut down the bars, clubs, and restaurant. This, in turn, affected the sales of
Irish whiskey globally.
· The manufacturing processes was
suspended and supply chain was interrupted during the first phase of the
lockdown, which further impacted the market.
· However, the restrictions are getting
eased off in certain regions, owing to which the market is expected to recoup
soon.
Based on
pricing, the premium segment accounted for the highest market share in 2019,
contributing to around three-fifths of the global Irish whiskey market, and is
projected to maintain its leadership status during the forecast period. In
addition, the segment is also estimated to portray the largest CAGR of 9.7%
from 2021 to 2027, owing to the fact that the customers find high quality and
better taste in the premium drinks.
Based on
sales channel, the off-trade segment contributed to the highest market share,
holding more than half of the global Irish whiskey market in 2019, and will
continue its lead position throughout the forecast period. Furthermore, the
segment is expected to maintain the highest CAGR of 9.5% from 2020 to 2027.
This is attributed to easy availability of Irish whisky at the off-trade
channel &growing acceptance of alcohol among the young group of demographic
cohort.
Based on
region, North America accounted for the highest share in terms of revenue in
2019, contributing to around half of the global Irish whiskey market, and will
maintain its dominant position by 2027. This is attributed to demographical
factors such as high disposable income as well as standard of living. However,
Asia-Pacific is estimated to manifest the fastest CAGR of 11.5% during the
forecast period. This is due to the growing alcoholism in this region.
Leading
market players profiled in the report include Beam Suntory Inc., Jameson Irish
whiskey, Teeling Distillery, The Old Bushmills Distillery Co., Brown-Forman,
Diageo, Pernod Ricard, William Grant & Sons, West Cork Distillers, and
Knappogue Castle Whiskey.
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Report Summary: https://www.alliedmarketresearch.com/irish-whiskey-market-A07457
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