The global Irish whiskey market was pegged at around 95 million liters in 2018, in terms of volume, according to Irish Whiskey Market Report, by Product Type (Single Malt, Single Grain, Pot Still, and Blended), by Distribution Channel (Specialty Stores, Hypermarkets & Supermarkets, Duty-free Stores, Restaurants & Bars, Online, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa), published by Coherent Market Insights.
The global Irish whiskey market is expected to reach over 200 million liters by 2027, in terms of volume, exhibiting a CAGR of 8.9% over the forecast period.
Whiskey belongs to the class of alcoholic beverages, which are obtained from the process of distilling the mixture produced from alcoholic fermentation of malted barley. Whiskey is categorized into different categories such as scotch, bourbon, rye, Tennessee, Irish, and Japanese depending on the variant of grain used, fermentation process, and origin of distillery. Irish whiskey is formed by triple-distillation process and by Irish standards, it must be aged in wooden barrel for a minimum of three years.
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*Browse 40 market data tables and 25 figures* on "Irish whiskey Market” – Global forecast to 2027.
Key Trends and Analysis of the Irish whiskey Market:
The global Irish whiskey market has witnessed a substantial growth in the recent past, owing to increasing demand for alcohol-based beverages among steadily growing younger demographic across the world. According to Coherent Market Insights, the global distilled spirits market is expected to surpass US$ 36.47 billion by 2025, which in turn, is expected to boost demand for Irish whiskey during the forecast period.
Key Takeaways of the Market:
- Irish whiskey is appealing to the consumers, especially adults, owing to its distinctive smooth taste. Irish whiskey can be consumed neat as well as it is mixed in cocktails on account of its, unique and versatile flavor. Prominent mixologists across the globe have showcased different innovative and crafted cocktail variant of Irish whiskey in their menus. For instance, Irish Distillers, a subsidiary of the France-based drinks company Pernod Ricard, launched new Jameson Cold brew in January 2020, which is a blended mix of Irish whiskey and coffee.
- On the basis of product type, the global Irish whiskey market is segmented into single malt, single grain, pot still, and blended. Blended segment was accounted for a significant market share in terms of volume, in the recent past years, as a result of its ease in production, as it comprises a combination of the different types of Irish whiskey. Moreover, surge in consumer base for whiskey around the globe is expected to drive growth of the global Irish whiskey market during the forecast period. For instance, according to the Distilled Spirits Council of the U.S., in 2018, around 4.7 million of 9-liter cases of Irish whiskey were sold in the U.S., which in turn, generated around US$ 1 billion revenue for distillers in Ireland.
- Major players operating in the global Irish whiskey market include Beam Suntory, Brown-Forman, Diageo, Pernod Ricard, William Grant & Sons, and Castle Brands
- Companies engaged in manufacturing of Irish whiskey are adopting different strategies such as mergers and acquisitions, in order to expand their product portfolio and increase their market presence globally. For instance, in April, 2018, Luxco, a provider and distributor of distilled beverages, acquired Niche Drinks, an Ireland-based producer and supplier of specialty liquor and traditional Irish alcoholic beverages. Niche Drinks markets its Irish whiskey products under the brand name, The Quiet Man.