Rising Urban Population Levels to Impel Global Whiskey Market Over 2019-2025
Selbyville, Delaware, United States, November 4 2020 (Wiredrelease) Global Market Insights, Inc –:Customer expenditure on alcoholic beverages is on the rise, for better taste and experience, which is likely to add impetus to global whiskey market growth over the forecast spell.
These days, customers are more open to experimenting with new product and flavor offerings. As a consequence of this, beverage companies are developing product innovations like organic, single malt and flavored distilled drinks, in turn propelling industry share.
Variations in taste, owing to the use of myriad ingredients like sugarcane, barley, corn, rye, etc. along with varying production methods will boost whiskey market outlook across the globe.
The steady surge in urban population is giving rise to higher numbers of people of legal drinking age, swift urbanization as well as growth in real incomes. As per UN estimates, the global urban population is anticipated to grow from 54% in 2014 to nearly 68% over 2025.
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The population surge will lead to higher per capita income levels, more house parties and create an established distribution network for distilled beverages, in turn spurring product penetration. Global whiskey industry growth can be impeded however due to rising raw material costs. Furthermore, shifting geopolitical conditions may lead to an increase in import duties, which may hamper market growth in coming years.
Export of distilled beverages across the globe has flourished significantly owing to the growing number of distilleries. In fact, the Wine and Spirit Trade Association (WSTA) reports that in UK, the number of distilleries has grown from 116 in 2010, to almost 315 in 2017. Irish distilled beverage exports also rose considerably from 13% in 2018, as a result of an upsurge in the number of licensed distilleries in the region.
Additionally, promotions and product marketing facilitated by burgeoning tourism levels has proliferated the demand for imported beverages. To illustrate, in 2018, Irish distilleries witnessed a commendable increase of nearly 13.4% in the number of visitors, amounting to a total of 923 thousand people.
With regards to the product spectrum, scotch accounted for a major chunk of the global whiskey market in 2018. Segmental growth is attributable largely to easy availability of the product, premium taste, consistent product launches and intense focus on promotional activities.
For example, Jonnie Walker partnered with the Game of Thrones production company to launch its White Walker Edition, which served a dual purpose, brand promotion as well as an increase in revenue. Increasing customer propensity towards single malt flavors is contributing heavily to whiskey industry expansion in the segment.
In 2018, off-trade distribution represented nearly 2.8 billion liters of the overall product sales. Distribution share was held majorly by liquor stores, auctions, duty-free outlets and supermarkets.
Among these, the whiskey industry demand from duty-free stores has increased rapidly due to rising tourism levels, supportive trends in whiskey production and strong economic development. Furthermore, plethora options offered by off-trade alongside low manufacturing costs will drive market expansion.
With respect to the regional landscape, North America whiskey industry is poised to register revenue of approximately $17 billion over 2025. Corn and rye-based Canadian and American distilled beverages will hold a leading position in the regional market.
Irish and Canadian distilled beverage imports, on the other hand, have grown immensely over the past few years. As a consequence of this, the US has emerged as the biggest importer for Irish products. Innovations in products facilitated by the rising number of craft distilleries in the region are also expediting whisky industry growth to a great extent.
Meanwhile, the APAC whiskey market accounts for a major share in the global distilled beverage industry, owing to strong presence of major whiskey producing countries like Australia, India, Japan and Taiwan. Of these, India accounts for over half of the worldwide whiskey consumption, with local brands holding 98% of the overall market share. Growing demand for barrel-aged Japanese premium whiskey has backed propitious trade initiatives, thereby spurring APAC whiskey industry development.
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