NEW YORK, July 18, 2024 /PRNewswire/ -- The global irish whiskey market size is estimated to grow by USD 2.40 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.78% during the forecast period. Increasing demand for premium whiskey is driving market growth, with a trend towards growing preference for organic whiskey. However, growing health awareness among consumers poses a challenge. Key market players include Asahi Group Holdings Ltd., Bacardi Ltd., Becle SAB de CV, Brown Forman Corp., Diageo Plc, Dingle Distillery, Glendalough Distillery, Irish Distillers International Ltd., P J Rigney Distillery and International Brands Ltd, Pernod Ricard SA, Quintessential Brands Group, Suntory Holdings Ltd., Teeling Whiskey Co. Ltd., WEST CORK DISTILLERS, and William Grant and Sons Ltd.
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Forecast period |
2024-2028 |
Base Year |
2023 |
Historic Data |
2018 - 2022 |
Segment Covered |
Distribution Channel (Offline trade and Online trade), Type (Blended, Single malt, Single pot still, and Single grain), and Geography (Europe, North America, APAC, South America, and Middle East and Africa) |
Region Covered |
Europe, North America, APAC, South America, and Middle East and Africa |
Key companies profiled |
Asahi Group Holdings Ltd., Bacardi Ltd., Becle SAB de CV, Brown Forman Corp., Diageo Plc, Dingle Distillery, Glendalough Distillery, Irish Distillers International Ltd., P J Rigney Distillery and International Brands Ltd, Pernod Ricard SA, Quintessential Brands Group, Suntory Holdings Ltd., Teeling Whiskey Co. Ltd., WEST CORK DISTILLERS, and William Grant and Sons Ltd |
Key Market Trends Fueling Growth
The Irish whiskey market is experiencing growth due to increasing demand from emerging economies for whiskey diversity and a trend towards lower alcohol and organic options among health-conscious consumers. This global preference for organic whiskeys is driving market expansion. Companies, like Bainbridge Organic Distillers, produce artisan-distilled spirits using USDA-certified organic grains, ensuring high-quality products. This focus on organic whiskeys is expected to significantly contribute to the market's growth during the forecast period.
Irish Whiskey Market: Trending Brands and Tastes Irish Whiskey is experiencing a resurgence in global markets, with key players like Jameson, Bushmills, Redbreast, and Walsh Whiskey leading the charge. Consumers are drawn to the unique design and taste of these brands, as well as the growing trend towards organic content and clean labels. Major players in the industry, such as Beam Suntory, Diageo, and William Grant Sons, are investing in new product lines and distilleries, including Lough Gill Distillery and Clonakilty Distillery. Unsalted malt and barley are used in the production process, ensuring a smoothness that sets Irish Whiskey apart. Trends like Oktoberfest and spirits tourism are driving demand, with shooting recipes and bar etiquette adding to the experience. Ageing, caramel, and the use of malted oats add to the flavour profile. The market is facing challenges such as trade wars and e-trade, but the adult population's interest in Irish Whiskey remains strong. Brands like Slainte Irish Whiskey, BlueCheck Ukraine, and Writers Tears are also gaining popularity. The price per hectare and excise ratio are important factors, with tax rates varying in regions like Libya and Muslim populations. Global Irish Whiskey sales are expected to grow, with blended whiskeys continuing to dominate the market. Single Pot Still and Single Grain are also gaining traction.
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Market Challenges
- The shift towards healthier lifestyles and reduced alcohol consumption in the US population poses a challenge for the Irish whiskey market. With increasing awareness of the health risks associated with alcohol, such as depression, liver diseases, and cancer, consumers are turning to non-alcoholic beverages. Government campaigns and media reports further reinforce this trend, leading to a decline in sales of alcoholic beverages, including Irish whiskey. Substitute products, like Irish whiskey with known health benefits, are capitalizing on this trend and gaining market share. This health-conscious consumer behavior may negatively impact the Irish whiskey market during the forecast period.
- The Irish whiskey market faces several challenges in areas of production capacities and facilities, requiring continuous modernization and expansion. The fermentation process and distillation techniques are crucial, with enzymes and alcohol optimization essential for optimal yields. Blending and innovation in cocktail recipes and shooter creations are key trends, while influencers and unique flavors drive consumer perceptions. Accessibility and experimentation with juices, ice creams, snacks, and smooth textures are growing areas. Customs, taxes, and economic factors influence trade, while medical and corporate markets provide opportunities. Technological advancements, e-commerce, and the prosperous economy with a young adult population and high disposable income fuel demand for innovative, premium products with varying alcoholic content. Restaurants and sports clubs are significant sales channels, making Ireland the second-largest whiskey market after the US. Teeling Distillery is a notable player, embodying the industry's commitment to tradition and innovation.
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Segment Overview
This irish whiskey market report extensively covers market segmentation by
- Distribution Channel
- 1.1 Offline trade
- 1.2 Online trade
- Typ
- 2.1 Blended
- 2.2 Single malt
- 2.3 Single pot still
- 2.4 Single grain
- Geography
- 3.1 Europe
- 3.2 North America
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and Africa
1.1 Offline trade- Irish whiskey is a popular spirit category with significant growth potential. Offline trade distribution channels, including individual retailers, supermarkets, and hypermarkets, are common avenues for Irish whiskey sales. Tesco Plc (Tesco) and Carrefour SA (Carrefour) are major hypermarkets offering various Irish whiskey brands. Consumers prefer these channels for their dedicated sections and wide range of options. Liquor stores also attract buyers with their diverse offerings, catering to collectors and whiskey enthusiasts. These factors contribute to the expansion of the offline trade distribution segment and, in turn, the global Irish whiskey market.
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Learn and explore more about Technavio's in-depth research reports
The global Scotch Whisky market is witnessing robust growth, driven by increasing demand for premium spirits and rising consumer interest in authentic and aged whiskies. Key players like Diageo, Pernod Ricard, and William Grant & Sons dominate the market. Concurrently, the global whiskey market is expanding, with significant contributions from American, Canadian, and Irish whiskey segments. Growth is fueled by innovations in flavor profiles, marketing strategies targeting younger demographics, and the proliferation of whiskey bars and festivals worldwide. Both markets are poised for continued expansion, reflecting evolving consumer preferences and global trends.
Research Analysis
The Irish whiskey market is experiencing a resurgence, fueled by growing acceptance and favorable attitudes towards alcoholic beverages, particularly premium Irish whiskey. The industry's focus on craft production and unique flavors has attracted consumers with disposable income, leading to increased demand. Carbon content and sustainable packaging are also important considerations for modern consumers. Key players, such as Diageo and William Grant Sons, dominate the market with their popular brands like Jameson Irish whiskey and Slainte Irish Whiskey. However, smaller distilleries like Castle Brand, Clonakilty Distillery, BlueCheck Ukraine, and others are making a mark with their unsalted malt, barley, and malted oats-based whiskeys. The global Irish whiskey market faces challenges such as trade wars, excise ratios, and tax rates, but e-trade and the Irish Independent Lavelle's promotion efforts continue to boost sales. Blended whiskeys, a significant segment, are also gaining popularity, with American Prohibition and the subsequent revival of the industry influencing consumer preferences.
Market Research Overview
The Irish whiskey market is experiencing a resurgence, fueled by favorable attitudes towards alcoholic beverages and the acceptance of premium Irish whiskey. This revival is driven by a prosperous economy, a young adult population with high disposable income, and a growing demographic. The market is characterized by innovative trends, with an emphasis on craft alcoholic beverages and unique flavors. Carbon content and packaging are important considerations for consumers, who value smooth texture, aroma, and fruity flavors. Bars, pubs, and clubs are key sales channels, with alcohol-led tourism also contributing to growth. E-commerce platforms and online shopping platforms are increasingly important, as are production capacities and facilities. The fermentation process, distillation, enzymes, and blending are all crucial elements of whiskey production. Innovative products, such as cocktails, shooter recipes, and even whiskey-infused juices, ice creams, and snacks, are driving experimentation and accessibility. Influencers and innovative trends are shaping perceptions, with a focus on organic content and clean labels. The market is competitive, with players including Teeling, Jameson, Bushmills, Redbreast, and others, all vying for market share. The taxation pattern, technological environment, and modernization are also important factors, as is the role of trades, economies, customs, and medical considerations. Overall, the Irish whiskey market is a dynamic and exciting space, with a focus on premium products, taste, and innovation.
Das Inhaltsverzeichnis:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Distribution Channel
- Offline Trade
- Online Trade
- Typ
- Blended
- Single Malt
- Single Pot Still
- Single Grain
- Geography
- Europa
- North America
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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