Global Irish Whiskey Market to grow at a CAGR of 7.6%: Brown-Forman and Diageo among key vendors, Market.us

The global Irish whiskey market was valued at USD 5.2 billion in 2023 and is expected to grow at a CAGR of 7.6%

NEW YORK CITY, NEW YORK, UNITED STATES, March 23, 2023 /EINPresswire.com/ -- Market Overview:

The Irish whiskey market is a rapidly growing industry that is expected to continue to expand in the coming years. Irish whiskey is a distilled alcoholic beverage that is made from a blend of malted and unmalted barley, as well as other grains. The growing popularity of Irish whiskey globally and the increasing demand for premium and super-premium Irish whiskey products are driving the growth of the market.

Key Takeaways:

- The largest market for Irish whiskey is North America, followed by Europe and Asia Pacific.
- The premium and super-premium Irish whiskey segments are expected to witness the highest growth rate during the forecast period.
- The growing popularity of Irish whiskey globally and the increasing demand for premium and super-premium Irish whiskey products are driving the growth of the market.

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Market Demand and Trend:

The demand for Irish whiskey is increasing due to the growing popularity of whiskey-based cocktails and the rising consumer preference for premium and super-premium Irish whiskey products. The trend in the market is towards the use of natural and organic ingredients in Irish whiskey products, as well as the development of new and innovative whiskey flavors.

Largest Market and Fastest Growing Market:

The largest market for Irish whiskey in North America, with the United States being the largest consumer of Irish whiskey globally. The fastest-growing market for Irish whiskey is Asia Pacific, with a CAGR of over 10% from 2021 to 2028.

Market Dynamics

1. Drivers:
The drivers of the Irish whiskey market include the growing popularity of whiskey-based cocktails, the increasing demand for premium and super-premium Irish whiskey products, and the growing number of Irish whiskey distilleries worldwide.

2. Restraints:
The restraints of the Irish whiskey market include the high taxes and regulations on alcohol in some countries, as well as the limited availability of high-quality ingredients.

3. Opportunities:
The opportunities in the Irish whiskey market include the development of new and innovative whiskey flavors, the expansion of the market in emerging economies, and the use of social media and digital marketing to reach new consumers.

4. Challenges:
The challenges in the Irish whiskey market include the increasing competition among whiskey brands, the high cost of production, and the shortage of high-quality ingredients in some regions.

Recent Developments:

- In 2021, Irish Distillers announced a €20m investment in its Midleton Distillery to increase the production of its premium Irish whiskey products.

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Key Market Segments
Type

Off-trade whiskey
On-trade whiskey

Application

Online Sales
Offline Sales

Key Market Players included in the report:

Beam Suntory
Brown-Forman
Diageo
Pernod Ricard
William Grant & Sons

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