Whiskey is a sort of liquor made by distilling various
grains like corn, wheat, barley, and rye, among others. Whiskey can be drunk
straight or used in a variety of cocktail and shot recipes. Some of the types
of whiskey available on the market include blended whiskey, single malt
whiskey, Irish whiskey, Japanese whiskey, Scotch whiskey, Bourbon whiskey,
Tennessee whiskey, Canadian whiskey, and Rye whiskey. Increasing product
developments, such as organic whiskey, are likely to have a favourable impact
on customer preferences and drive demand for whiskey. The younger generation's
growing habit of social gatherings and parties should help the industry grow
even more.
Whiskey Market
Trends:
The market is being driven by innovations and developments
in the manufacturing of alcoholic beverages, as well as an increase in the
number of whiskey distilleries around the world. Premium and super-premium
whiskeys are also in high demand in both developed and developing countries.
Changing consumer habits, as well as the growing trend of socialising and
mid-week/weekend gatherings among working professionals, are also positively
impacting the Whiskey
market. Whiskey is frequently associated with a desire to demonstrate
class and sophistication among peers, prompting customers to seek out novel and
unusual drinking experiences. Furthermore, the Whiskey market is being driven
forward by intensive promotional activities by manufacturers to increase
distribution and purchase channels, as well as the growth of online retailing
portals that provide customers with a hassle-free purchasing experience.
Furthermore, product developments such as organic whiskeys are rapidly gaining
popularity among consumers all over the world. Other variables that are
expected to contribute to Whiskey market expansion include rising disposable
income levels and increased urbanisation.
However, the unexpected closure of restaurants, bars, and
pubs as a result of stay-at-home orders issued by governments across the globe
during the COVID-19 pandemic is expected to reduce product demand in the short
to medium term. Furthermore, travel restrictions implemented in many countries
throughout the world resulted in a lack of barrels required for whiskey
storage, which is anticipated to stifle market growth to some extent. Several whiskey
producers moved their operations from whiskey production to alcohol and hand
sanitizer production during the coronavirus outbreak, which is projected to
significantly impede product sales for the foreseeable future.
Comments
Post a Comment