World: Global whisky category forecast to increase by 2028
The global whisky category is forecast to increase in value by US$88.85 billion by 2028, new research has revealed, The Spirit Business reported on July 18.
The Global Whisky Market Overview, 2023-28 by Bonafide Research found the sector is on track to reach US$127.53bn by 2028, a compound annual growth rate (CAGR) increase of 6.34% since 2022. Asia Pacific has been pegged as a prominent region for the category’s consumption growth.
Leading this region in whisky consumption is India, according to the report, while Japanese whiskies were noted to be ‘challenging the longstanding dominance of Scotch’.
In addition, Bonafide Research acknowledged that while demand for alcohol-free substitutes has been growing, ‘traditional whisky’ reigns supreme due to its ‘distinctive flavours, cultural value, and ceremonial enjoyment’. Yet non-alcoholic alternatives to whisky are becoming increasingly popular due to health reasons.
Globally, Scotch stands out as the preferred whisky, the report revealed, yet there is a ‘growing inclination’ towards flavoured whiskies.
The research reviewed Scotch, Canadian and Japanese whiskies, as well as American and Irish whiskeys. Major players in the category include Brown-Forman, Pernod Ricard, Suntory, Bacardi, Edrington Group, Constellation Brands and Diageo.
Last month, Straits Research released its Alcoholic Beverages Market: Information by Distribution Channels (Supermarkets, Liquor Stores, Convenience Stores, Grocery Stores, and Online Retail), Type, and Regions-Forecast Till 2031 report.
The overall alcohol sector was valued at US$1.6 trillion in 2022 and is set to increase by a compound annual growth rate (CAGR) of 2.5% by 2031. Whisky is expected to grow by 3.2% by 2031 in the US, the research also found.
Plus, earlier this year, global technology research company Technavio reported that the ready-to-drink category is set to see 11.43% year-on-year growth in 2023.
The category is also predicted to see a 12.42% CAGR between 2022-2027, growing by US$748.7m in value.
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