Portland,OR, Sept. 08, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global was pegged at $59.63 billion in 2019, and is anticipated to reach $86.38 billion by 2027, registering a CAGR of 4.9% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Rise in spirit tourism and expansion of global consumer base are the major factorsfueling the growth of the global whiskey market. On the other hand, strict regulations regarding advertisement curtail down the growth to certain extent. Nevertheless, swelling demand in the Asia-Pacific region and increase in the craving for organic whiskey are anticipated to pave the way for multiple opportunities for the key players in the industry.
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Covid-19 scenario-
- The global lockdown has impacted the whiskey market negatively. Especially, in the first phase of the lockdown, most of the retail F.L stores ran into closure and shutdown for an indefinite period. However the sale of whiskey has now been recommenced to a certain extent.
- Simultaneously, local pubs that would reap substantial profit from serving whiskey have been stricken badly, since it’s going to take huge time for people to get back the trust in enjoying social lives.
The global whiskey market is analyzed across product type, distribution channel, and region.By product type, the scotch whiskey segment accounted for more than two-fifths of the total market revenue in 2020 and is anticipated to lead the trail by 2027. At the same time, the Canadian whiskey segment would manifest the fastest CAGR of 6.6% throughout the forecast period.
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By distribution channel, the off-trade segment contributed to more than half of the total market share in 2020 and is expected to dominate till 2027. On the other hand, the on-trade segment would portray the fastest CAGR of 5.4% during the estimated period.
By geography, Europe garnered the major share in 2020, generating around one-third of the global market. Simultaneously, Asia-Pacific would register at the fastest CAGR of 6.0% by 2027. The other regions analyzed through the report include North America and LAMEA.
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The key market players analyzed in the global whiskey market report include PernodRicard, William Grant & Sons Ltd,Asahi Group Holdings, Ltd., Loch Lomond Distillers Ltd., Bacardi Limited, The Brown–Forman Corporation, Constellation Brands, Inc., Beam Suntory, Inc., Diageo plc., andLa Martiniquaise. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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