The bourbon spirits industry is driven by factors such as rise in consumer spending, rapid urbanization, product innovation, and rise in demand from the millennial population
PORTLAND, Ore., April 19, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Global Bourbon Spirits Market by Type (Wheated, Barrel Finished, Barrel Select, and Others), by ABV (40-45%, 46-55%, and 56% and Above) and by Distribution Channel (On-trade and Off-trade), Global Opportunity Analysis and Industry Forecast, 2022-2031″. According to the report, the global bourbon spirits industry generated $7.8 billion in 2021, and is anticipated to generate $12.8 billion by 2031, witnessing a CAGR of 5.0% from 2022 to 2031.
Prime determinants of growth
The bourbon spirits market is driven by factors such as rise in consumer spending, rapid urbanization, product innovation, and rise in demand from the millennial population. However, stringent regulations over advertisement restrict the market growth. On the other hand, the general shift in consumer consciousness and demand for innovative products has led to an increase in desire for bourbon spirits distilled with organic malted barley and grains. This consumer demand can be regarded as an opportunity for the manufacturers to broaden their market base.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $7.8 billion |
| Market Size in 2031 | $12.8 billion |
| CAGR | 5.0 % |
| No. of Pages in Report | 297 |
| Segments covered | Type, ABV, and Distribution Channel |
| Drivers | Rise in spirit tourismWide utilization of spirits in premium cocktailsSurge in demand for premium ready-to-drink and luxury spirits |
| Opportunities | Exploring demand in Asia-Pacific regionIntroduction of craft spirits |
| Restraints | Stringent regulations over advertisement |
Covid-19 Scenario
- The COVID-19 pandemic impacted consumer spending negatively as the spendings had declined across entire alcoholic beverage categories such as vodka, whiskey, and gin in 2020.
- The pandemic had increased volatility and uncertainty for alcohol manufacturing companies as liquor sales fell by 12% in 2020 due to the lockdown and consumer tendency to stay at home.
- Furthermore, the rise in transportation costs caused delays in product distribution across the globe.
The wheated bourbon spirits segment to maintain its leadership status throughout the forecast period
Based on type, the wheated bourbon spirits segment dominated the market in 2021, accounting for more than one third of the market share and is expected to dominate the market during the forecast period, owing to its highest rate of consumption demand, and maximum exports. The barrel-finished segment would also showcase the fastest CAGR of 6.1% during the forecast period, due to the rise in the demand for triple-distilled and blended spirits among consumers.
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The bourbon spirits with ABV of 46-55% segment to maintain its leadership status throughout the forecast period
Based on ABV, the ABV of 46-55% bourbon spirits segment dominated the market in 2021 accounting for around two-fifths of the market share and is expected to dominate the market during the forecast period, as it refer as a premium drinks that are available at the price above the nominal or usual price of the bourbons with specialty ingredients and blending the whiskey in a special manner during fermentation and aging. The 56% and above segment would also showcase the fastest CAGR of 10.3% during the forecast period, owing to the increase in demand for high-end premium or luxury bourbons to follow the trend ‘drink less with high experience.
The on-trade segment to maintain its lead position during the forecast period
On the basis of the distribution channel, the on-trade segment dominated the market in 2021 accounting for around three-fifths of the market share and is expected to maintain its dominance during the forecast period. The same segment would also showcase the fastest CAGR of 5.1% during the forecast period, owing to a rise in the preferences of consumers toward socialization.
North America garnered the major share in 2021-
By region, North America garnered the highest share in 2021, holding more than one-third of the global endpoint security market revenue in 2021, and is projected to retain its dominance by 2031. The LAMEA region would also portray the fastest CAGR of 6.0% during the forecast period, due to increasing demand for bourbon whisky among consumers.
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Leading Market Players: –
- Brown-Forman Corporation
- Suntory Holdings Limited
- Conecuh Brands, LLC
- Distiller’s Way, LLC
- Laws Whiskey House
- MGP Ingredients, Inc.
- Bardstown Bourbon Company
- Wyoming Whiskey, Inc.
- Jos. A. Magnus & Co.
- Kirin Holdings Company, Limited
- Bacardi Limited.
- Nashville Barrel Company
- Heaven Hill Brands
- Michters Distillery LLC.
- Sazerac Company, Inc
The report provides a detailed analysis of these key players in the global bourbon spirits market. These players have adopted different strategies such as acquisition, partnerships, and product launch to increase their market share and maintain dominant shares in the market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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