Analysis of the Global Irish Whiskey Market: Trends and Key Players
Irish whiskey is one of the oldest and most popular distilled spirit among consumers across the globe. It possesses a unique smooth flavor and appears as pale gold color compared to smoky and earthy flavor of scotch whiskey. The global Irish whiskey market witnessed a decline in 20th century, owing to introduction of blended whiskey around the world. Furthermore, additional factors such as independence war of Ireland in 1920s and trade war with Britain coupled with the alcohol prohibition in the U.S. during 1930s, together hampered the production and exports of various distilleries in Ireland. In the later years of 20th century, global Irish whiskey market witnessed a resurgence, owing to rising number of operating distilleries and new entrants in the alcohol beverage industry.
The global Irish whiskey market was pegged at 95 million liters in 2018, and is expected to exhibit a CAGR of 8.9% over the forecast period (2019-2027), to reach 200 million liters by 2027.
Top Key Players in Irish Whiskey market: Beam Suntory, Brown-Forman, Diageo, Pernod Ricard, William Grant & Sons, and Castle Brands
Regional Analysis For Irish Whiskey Market:
Besides segmental breakdown, the report is highly structured into region wise study. The regional analysis comprehensively done by the researchers highlights key regions and their dominating countries accounting for substantial revenue share in the Irish Whiskey market. The study helps understanding how the market will fare in the respective region, while also mentioning the emerging regions growing with a significant CAGR. The following are the regions covered in this report.
- North America [U.S., Canada, Mexico]
- Europe [Germany, UK, France, Italy, Rest of Europe]
- Asia-Pacific [China, India, Japan, South Korea, Southeast Asia, Australia, Rest of Asia Pacific]
- South America [Brazil, Argentina, Rest of Latin America]
- Middle East & Africa [GCC, North Africa, South Africa, Rest of Middle East and Africa]
The companies operating within the global Irish market are focused on launching new blends of Irish . as an example , on 8th February 2020, Kilbeggan Distilling Company, a subsidiary of Beam Suntory, which is one among the world’s leading producers of distilled beverages, launched the limited-edition of Kilbeggan Single Pot Still. This new product may be a combination of malted barley and oats, a recipe inspired by traditional Irish whiskeys. This scenario is predicted to drive the market growth during the forecast period.
In addition, the surge in number of different distribution channels such as outlets in airports and online retailing, in recent times, are expected to fuel demand for alcoholic beverages. Moreover, increasing research and developments by companies for production of distilled spirits, owing to the changes in consumer’s preferences for taste and variants, is expected to boost the global Irish whiskey market growth during the forecast period.
One of the key challenges of the global Irish whiskey market include strict government rules and regulations across the globe. For instance, alcohol consumption is prohibited in many countries, especially the ones with Muslim population as majority such as Saudi Arabia, Libya, Iran, Yemen, Pakistan, and others, which in turn, is expected to be a major restraint to overall growth for global Irish whiskey market. In addition to this, stringent government regulations about the legal age of drinking is expected to hamper the market growth of Irish whiskey. For instance, the permissible legal age of drinking alcohol in Kazakhstan, Mongolia, and some parts of India such as Punjab, Haryana and Delhi is 25.
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