Irish Whiskey Market: Global Analysis, Opportunities and Forecast to 2028

By- Infinium Global Research

A recent report by Infinium Global Research dives deep into the Irish whiskey market, analyzing both global and regional trends. It details market segments and sub-segments, along with the short and long-term influences that impact the industry. This includes factors that drive growth, like rising alcohol consumption due to its stress-relieving and mood-altering effects, which aligns with the busier lifestyles of today. The global irish whiskey market was valued at about USD 4.5 Billion in 2022 and is expected to reach nearly USD 7 Billion in 2028, with a CAGR of over 7% during the forecast period.

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Social gatherings and business events that incorporate alcohol contribute as well. The growing demand for premium cocktails, fueled by urbanization, rising disposable incomes, and overall improved lifestyles, is another key driver. Manufacturers are capitalizing on this by introducing new and unique flavors through e-commerce platforms. Additionally, they're investing in distinctive packaging to attract new customers.

However, the report acknowledges that competition from established Scottish and American whiskey brands presents a challenge. Despite this, opportunities exist through continued product innovation. Geographically, North America, particularly the United States, has dominated market revenue for the past decade and is expected to maintain its lead. The Asia-Pacific and LAMEA regions are projected to experience significant growth due to their large populations and increasing overall alcohol consumption.

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Market segmentation:

The global irish whiskey market report analyzes the market across different categories: type, pricing, and sales channel. By type, the market is segmented into single-malt, single-pot, and single-grain Irish whiskey. In terms of pricing, the market is divided into mass and premium segments. Finally, the sales channel category looks at on-trade and off-trade sales of Irish whiskey.

Market Dynamics:

Social media influence: Influencers on social media platforms are driving the Irish whiskey market by promoting innovative cocktails and highlighting the drink's smooth texture and fruity flavors. This creates a positive perception and sparks customer interest.

Packaging innovation: Modern packaging goes beyond protection; it attracts customers by showcasing the product's unique features. Irish whiskey brands are using innovative bottle designs, limited editions, and gift packs to position themselves as premium drinks and boost sales.

Market Trends:

Irish whiskey is going upscale! Consumers are happy to pay more for high-quality, unique flavors, and handcrafted labels. This has led to:

  • Pricier labels: Established brands like Midleton Very Rare now cost over $100 a bottle.
  • Craft distillery boom: Smaller players are experimenting with new flavors and cask finishes, attracting enthusiasts.
  • Super-premium focus: Leading distilleries are expanding their premium offerings, with limited edition releases like Redbreast 32-Year-Old.
  • Export boom: This focus on premium and craft has boosted Irish whiskey exports, reaching over $1 billion in 2021.
  • Industry diversification: The rise of craft distilleries has created more jobs and made the industry less reliant on specific styles.
  • Global appeal: Younger consumers worldwide are discovering the complexity of top-shelf Irish whiskey.

Companies Profiles

  • Beam Suntory Inc. (Suntory Holdings Limited)
  • Boann Distillery
  • Brown-Forman Corporation
  • Connacht Whiskey Company Limited
  • Diageo plc
  • Edrington
  • Pernod Ricard
  • Sazerac Company Inc.
  • Teeling Whiskey Distillery
  • West Cork Distillers

 

Contact Us:

Infinium Global Research LLP

Mob: +91 9923950043

Email: info@infiniumglobalresearch.com

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