Young consumers are more inclined toward well-crafted, flavored spirits that are artisanally produced and have an authentic, heritage-rich brand story. For this reason, whiskey particularly has become one of the fastest selling products among other alcoholic beverages. Bartenders are increasingly using top-tier whiskey brands as an ingredient in cocktails. Hence, the “cocktail culture” trend has become one the driving factors for the whiskey market. Furthermore, the rise in spirit-led tourism, especially in the western countries, has propelled tourists from overseas to indulge and develop taste for local beverages, including whiskeys. Countries such as the UK, France, the U.S., Scotland and others, have developed spirit led-tourism, which enables tourists to comprehend the history and distillation processes involved in producing whiskeys.
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Whiskey refers to a type of distilled alcoholic beverage made from distinctive varieties of grain including, wheat, barely, corn, rye and others. It is typically aged in wooden casks that are made from charred white oak.
The global whiskey market was valued at $59,631.2 million in 2019, and is projected to reach $86,389.5 million by 2027, registering a CAGR of 4.9% from 2020 to 2027.
The key players operating in the whiskey market include Diageo plc., Pernod Ricard, William Grant & Sons Ltd, Bacardi Limited, Beam Suntory, Inc., The Brown–Forman Corporation, Constellation Brands, Inc., Asahi Group Holdings, Ltd., La Martiniquaise and Loch Lomond Distillers Ltd.
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