Experimentation and innovation in manufacturing, taste and preference, and innovative packaging of the bottles drive the growth of the global Irish whiskey market. The market across North America region held the highest share in terms of revenue in 2019, and is expected to lead the trail throughout the forecast period. The outbreak of the pandemic negatively impacted the sales of Irish whiskey.
Portland, OR, April 19, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Irish whiskey industry generated $4.26 billion in 2019, and is expected to reach $7.67 billion by 2027, witnessing a CAGR of 9.2% from 2021 to 2027.
Experimentation and innovation in manufacturing, taste and preference, and innovative packaging of the bottles drive the growth of the global Irish whiskey market. However, huge taxation on alcoholic beverages and impact of Brexit on Irish whiskey market hinder the market growth. On the other hand, advent of e-commerce and growth in demand for premium drinks in developing countries present new opportunities in the coming years.
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The outbreak of the pandemic led to close the bars, clubs, and restaurant, thereby affecting the sales of Irish whiskey globally.
The manufacturing processes was suspended and supply chain was interrupted during the first phase of the lockdown, which further impacted the market.
However, as the restrictions are getting eased off in certain regions, the market is expected to recoup soon.
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Based on pricing, the premium segment accounted for the lion’s share in 2019, contributing to around three-fifths of the global Irish whiskey market, and is expected to maintain its leadership status by 2027. In addition, the segment is also projected to manifest the largest CAGR of 9.7% from 2021 to 2027.
Based on sales channel, the off-trade segment dominated the market with the highest revenue share, holding more than half of the global Irish whiskey market in 2019, and will continue its dominance throughout the forecast period. Additionally, the segment is anticipated to maintain the highest CAGR of 9.5% from 2020 to 2027.
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Based on region, the market is studied across numerous regions including Asia-Pacific, Europe, LAMEA, and North America. The North America region held the highest share in terms of revenue in 2019, with around half of the global Irish whiskey market, and will maintain its lead position by 2027. Nevertheless, Asia-Pacific is estimated to manifest the fastest CAGR of 11.5% during the forecast period.
Leading market players profiled in the report include Beam Suntory Inc., Jameson Irish whiskey, Teeling Distillery, The Old Bushmills Distillery Co., Brown-Forman, Diageo, Pernod Ricard, William Grant & Sons, West Cork Distillers, and Knappogue Castle Whiskey.
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