Food & Drink

Global whisky market to reach $108bn by 2031

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Gross sales of whisky worldwide will almost double over the subsequent decade to hit US$108 billion by 2031, based on a brand new report.

Whisky market
The super-premium section will lead progress within the international whisky market

The examine from market analysis agency Reality MR mentioned the worldwide whisky market will improve at a compounded annual progress charge (CAGR) of 6% between 2021 and 2031.

Rising at this tempo, whisky revenues, which reached US$60bn this yr, will hit US$108bn in 10 years’ time.

The prediction represents an acceleration from earlier progress charges. From 2016 to 2020, the class expanded at a CAGR of 4%.

Reality MR mentioned it expects the US to account for 30% of whisky revenues over the subsequent decade, and that American drinkers have taken a selected curiosity within the super-premium section.

Certainly, gross sales of super-premium merchandise accounted for 40% of spirits revenue growth in the US in 2020, based on the Distilled Spirits Council of america (Discus).

Reality MR forecast that the demand for super-premium whiskies will proceed to climb, in the end gaining a market share of two-fifths by 2031.

In the meantime, South Korea will proceed to be an vital marketplace for whisky gross sales. In line with the report, whisky within the nation grew by 16% when it comes to worth and 22% when it comes to quantity between 2016 and 2020. Reality MR mentioned the market offers a possibility for a ‘home-grown’ whisky model to excel.

Malt-based whiskies are ‘considerably’ driving the market, Reality MR mentioned, and can match the general class’s CAGR of 6% over the subsequent decade. The report attributes this reputation partially to shopper perceptions of malt whisky’s purported “well being advantages”.

“Growing consciousness about well being advantages of whisky compared to different types of alcohol will enhance gross sales prospects via the evaluation interval,” mentioned a Reality MR analyst.

“With rising disposable revenue in creating economies, consumption of whisky is predicted to speed up over the forthcoming years.”

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