NEW
YORK, July 18, 2024 /PRNewswire/ -- The
global irish whiskey market size is estimated to grow by
USD 2.40 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of 6.78% during the forecast
period. Increasing demand for premium whiskey is
driving market growth, with a trend towards growing
preference for organic whiskey. However, growing health
awareness among consumers poses a challenge. Key market
players include Asahi Group Holdings Ltd., Bacardi Ltd., Becle SAB
de CV, Brown Forman Corp., Diageo Plc, Dingle Distillery,
Glendalough Distillery, Irish Distillers International Ltd., P J
Rigney Distillery and International Brands Ltd, Pernod Ricard SA,
Quintessential Brands Group, Suntory Holdings Ltd., Teeling Whiskey
Co. Ltd., WEST CORK DISTILLERS,
and William Grant and Sons Ltd.
Get a detailed analysis on regions, market
segments, customer landscape, and companies - Click for the
snapshot of this report
Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Distribution Channel
(Offline trade and Online trade), Type (Blended, Single malt,
Single pot still, and Single grain), and Geography (Europe, North
America, APAC, South America, and Middle East and
Africa)
|
Region
Covered
|
Europe, North America,
APAC, South America, and Middle East and Africa
|
Key companies
profiled
|
Asahi Group Holdings
Ltd., Bacardi Ltd., Becle SAB de CV, Brown Forman Corp., Diageo
Plc, Dingle Distillery, Glendalough Distillery, Irish Distillers
International Ltd., P J Rigney Distillery and International Brands
Ltd, Pernod Ricard SA, Quintessential Brands Group, Suntory
Holdings Ltd., Teeling Whiskey Co. Ltd., WEST CORK DISTILLERS, and
William Grant and Sons Ltd
|
Key Market Trends Fueling Growth
The Irish whiskey market is experiencing growth due to
increasing demand from emerging economies for whiskey diversity and
a trend towards lower alcohol and organic options among
health-conscious consumers. This global preference for organic
whiskeys is driving market expansion. Companies, like Bainbridge
Organic Distillers, produce artisan-distilled spirits using
USDA-certified organic grains, ensuring high-quality products. This
focus on organic whiskeys is expected to significantly contribute
to the market's growth during the forecast period.
Irish Whiskey Market: Trending Brands and Tastes Irish Whiskey
is experiencing a resurgence in global markets, with key players
like Jameson, Bushmills, Redbreast, and Walsh Whiskey leading the
charge. Consumers are drawn to the unique design and taste of these
brands, as well as the growing trend towards organic content and
clean labels. Major players in the industry, such as Beam Suntory,
Diageo, and William Grant Sons, are
investing in new product lines and distilleries, including Lough
Gill Distillery and Clonakilty Distillery. Unsalted malt and barley
are used in the production process, ensuring a smoothness that sets
Irish Whiskey apart. Trends like Oktoberfest and spirits tourism
are driving demand, with shooting recipes and bar etiquette adding
to the experience. Ageing, caramel, and the use of malted oats add
to the flavour profile. The market is facing challenges such as
trade wars and e-trade, but the adult population's interest in
Irish Whiskey remains strong. Brands like Slainte Irish Whiskey,
BlueCheck Ukraine, and Writers Tears are also gaining popularity.
The price per hectare and excise ratio are important factors, with
tax rates varying in regions like Libya and Muslim populations. Global Irish
Whiskey sales are expected to grow, with blended whiskeys
continuing to dominate the market. Single Pot Still and Single
Grain are also gaining traction.
Discover 360° analysis of this market. For
complete information, schedule your consultation- Book
Here!
Market Challenges
- The shift towards healthier lifestyles and reduced alcohol
consumption in the US population poses a challenge for the Irish
whiskey market. With increasing awareness of the health risks
associated with alcohol, such as depression, liver diseases, and
cancer, consumers are turning to non-alcoholic beverages.
Government campaigns and media reports further reinforce this
trend, leading to a decline in sales of alcoholic beverages,
including Irish whiskey. Substitute products, like Irish whiskey
with known health benefits, are capitalizing on this trend and
gaining market share. This health-conscious consumer behavior may
negatively impact the Irish whiskey market during the forecast
period.
- The Irish whiskey market faces several challenges in areas of
production capacities and facilities, requiring continuous
modernization and expansion. The fermentation process and
distillation techniques are crucial, with enzymes and alcohol
optimization essential for optimal yields. Blending and innovation
in cocktail recipes and shooter creations are key trends, while
influencers and unique flavors drive consumer perceptions.
Accessibility and experimentation with juices, ice creams, snacks,
and smooth textures are growing areas. Customs, taxes, and economic
factors influence trade, while medical and corporate markets
provide opportunities. Technological advancements, e-commerce, and
the prosperous economy with a young adult population and high
disposable income fuel demand for innovative, premium products with
varying alcoholic content. Restaurants and sports clubs are
significant sales channels, making Ireland the second-largest whiskey market
after the US. Teeling Distillery is a notable player, embodying the
industry's commitment to tradition and innovation.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This irish whiskey market report extensively covers market
segmentation by
- Distribution Channel
- 1.1 Offline trade
- 1.2 Online trade
- Type
- 2.1 Blended
- 2.2 Single malt
- 2.3 Single pot still
- 2.4 Single grain
- Geography
- 3.1 Europe
- 3.2 North America
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Offline trade- Irish whiskey is a popular
spirit category with significant growth potential. Offline trade
distribution channels, including individual retailers,
supermarkets, and hypermarkets, are common avenues for Irish
whiskey sales. Tesco Plc (Tesco) and Carrefour SA (Carrefour) are
major hypermarkets offering various Irish whiskey brands. Consumers
prefer these channels for their dedicated sections and wide range
of options. Liquor stores also attract buyers with their diverse
offerings, catering to collectors and whiskey enthusiasts. These
factors contribute to the expansion of the offline trade
distribution segment and, in turn, the global Irish whiskey
market.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2018 - 2022) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global Scotch Whisky market is witnessing robust growth,
driven by increasing demand for premium spirits and rising consumer
interest in authentic and aged whiskies. Key players like Diageo,
Pernod Ricard, and William Grant
& Sons dominate the market. Concurrently, the global whiskey
market is expanding, with significant contributions from American,
Canadian, and Irish whiskey segments. Growth is fueled by
innovations in flavor profiles, marketing strategies targeting
younger demographics, and the proliferation of whiskey bars and
festivals worldwide. Both markets are poised for continued
expansion, reflecting evolving consumer preferences and global
trends.
Research Analysis
The Irish whiskey market is experiencing a resurgence, fueled by
growing acceptance and favorable attitudes towards alcoholic
beverages, particularly premium Irish whiskey. The industry's focus
on craft production and unique flavors has attracted consumers with
disposable income, leading to increased demand. Carbon content and
sustainable packaging are also important considerations for modern
consumers. Key players, such as Diageo and William Grant Sons, dominate the market with
their popular brands like Jameson
Irish whiskey and Slainte Irish Whiskey. However, smaller
distilleries like Castle Brand, Clonakilty Distillery, BlueCheck
Ukraine, and others are making a mark with their unsalted malt,
barley, and malted oats-based whiskeys. The global Irish whiskey
market faces challenges such as trade wars, excise ratios, and tax
rates, but e-trade and the Irish Independent Lavelle's promotion
efforts continue to boost sales. Blended whiskeys, a significant
segment, are also gaining popularity, with American Prohibition and
the subsequent revival of the industry influencing consumer
preferences.
Market Research Overview
The Irish whiskey market is experiencing a resurgence, fueled by
favorable attitudes towards alcoholic beverages and the acceptance
of premium Irish whiskey. This revival is driven by a prosperous
economy, a young adult population with high disposable income, and
a growing demographic. The market is characterized by innovative
trends, with an emphasis on craft alcoholic beverages and unique
flavors. Carbon content and packaging are important considerations
for consumers, who value smooth texture, aroma, and fruity flavors.
Bars, pubs, and clubs are key sales channels, with alcohol-led
tourism also contributing to growth. E-commerce platforms and
online shopping platforms are increasingly important, as are
production capacities and facilities. The fermentation process,
distillation, enzymes, and blending are all crucial elements of
whiskey production. Innovative products, such as cocktails, shooter
recipes, and even whiskey-infused juices, ice creams, and snacks,
are driving experimentation and accessibility. Influencers and
innovative trends are shaping perceptions, with a focus on organic
content and clean labels. The market is competitive, with players
including Teeling, Jameson, Bushmills, Redbreast, and others, all
vying for market share. The taxation pattern, technological
environment, and modernization are also important factors, as is
the role of trades, economies, customs, and medical considerations.
Overall, the Irish whiskey market is a dynamic and exciting space,
with a focus on premium products, taste, and innovation.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Distribution Channel
-
- Offline Trade
- Online Trade
- Type
-
- Blended
- Single Malt
- Single Pot Still
- Single Grain
- Geography
-
- Europe
- North America
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides 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.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download
multimedia:https://www.prnewswire.com/news-releases/irish-whiskey-market-size-is-set-to-grow-by-usd-2-40-billion-from-2024-2028--increasing-demand-for-premium-whiskey-to-boost-the-market-growth-technavio-302198933.html
SOURCE Technavio