Figures released by Allied Market Research show the global Irish whiskey market 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.
The reasons behind the positive market growth include experimentation and innovation in manufacturing, new taste trends and innovative packaging. However, taxation on alcoholic beverages and the impact of Brexit remain a hindrance. In the coming years, the growth of e-commerce and demand for premium drinks in developing countries present new opportunities.
Some of the leading market producers of Irish whiskey 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.
In terms of market share and revenue, North America accounted for the highest share in 2019, accounting for around half of the global Irish whiskey market. Looking forward to 2027, North America looks set to continue to dominate. However, Asia-Pacific is estimated to manifest the fastest CAGR of 11.5% during the forecast period. This is due to the growing alcoholism in this region.
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Sources
Market ResearchIrish Whiskey
Battle for the title of ‘Most Expensive Whiskey in the World’ continues as 30-Year-Old Irish Single Malt sells for $2.8 million - The Whisky Dispatch