Whiskey is a
distilled liquor manufactured by distilleries from fermented malted grains such
as rye, maize, or barley. It's an alcoholic drink with a bright, pale brown
colour that originated in Ireland and Scotland.
Market
Dynamics:
The
establishment of favourable trade policies by various governments, as well as
the decrease of import levies on spirits, are driving the global
whiskey market forward. For example, in July 2018, the European
Union and Japan agreed to eliminate tariffs on traded goods such as Japanese
whiskey and scotch. Furthermore, the expansion of distilleries around the world
is likely to fuel market growth over the forecast period. According to Her
Majesty's Revenue and Customs, 54 new distilleries opened in the United Kingdom
in 2018. However, swings in average demand for aged premium whiskeys are
projected to stifle expansion in the worldwide whiskey market.
Market
Outlook:
The global
whiskey market is divided into American whiskey, Scotch whiskey, Canadian
whiskey, Irish whiskey, and others based on product type. Over the projection
period, the Scotch whiskey category is expected to have a prominent position in
the market. Customized services provided by market vendors, rising popularity
of Scotch whiskey-based tourism, and an expanding number of Scotch whiskey
distilleries throughout the world are all contributing to the segment's growth.
According to the Scotch Whiskey Association, the European Union was one of the
most important markets for scotch whiskey in 2018, accounting for about 36% of
total exports in terms of volume.
Off-trade
distribution had the biggest market share in 2018 when it came to distribution
channels. The off-trade distribution channel is likely to expand due to the
expansion of the travel and tourist industry, which is expected to drive
whiskey sales through outlets such as duty-free shops and other outlets.
Consumers like to save high-end products for special occasions, which is
expected to propel the market forward.
Key Players:
Diageo plc,
Pernod Ricard, William Grant and Sons Ltd., Crown Royal, Beam Suntory, Inc.,
Allied Blenders & Distillers (ABD) Pvt. Ltd., Brown–Forman Corporation, and
Suntory Beverage & Food Limited are among the major companies in the global
whiskey business.
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