Irish Whiskey Market, By Product Type (Single Malt, Single Grain, Pot Still, and Blended), By Distribution Channel (Specialty Stores, Hypermarkets & Supermarkets, Duty-free Stores, Restaurants & Bars, Online, and Others), By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) is estimated to be valued at US$ 5.46 Bn in 2024 and is expected to exhibit a compound annual growth rate (CAGR) of 7.1% during the forecast period (2024 – 2031), as highlighted in a new report published by Coherent Market Insights.
Whiskey belongs to the class of alcoholic beverages that are obtained from the process of distilling the mixture produced from the alcoholic fermentation of malted barley. Whiskey is categorized into different categories, such as SCOTCH, BOURBON, RYE, Tennessee, Irish, and Japanese depending on the variant of grain used, fermentation process, and origin of distillery. Irish whiskey is formed by a triple-distillation process, and by Irish standards, it must be aged in a wooden barrel for a minimum of three years.
Global Irish Whiskey Market - Impact of Coronavirus (Covid-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly and had a serious negative impact on the economies, social behaviours, and healthcare of every country in the world.
The impact of the COVID-19 pandemic on this market has been notable. While the pandemic presented significant challenges, the market has shown resilience and adaptability. The pandemic led to changes in consumer behavior, with a shift towards off-trade channels such as online stores and supermarkets. Within Ireland, supermarkets and online stores experienced increased activity. The rise in demand for innovative products and the increasing use of e-commerce have supported the market's growth, particularly in North America, which is the highest revenue contributor to this market. Despite the challenges, the Irish whiskey industry has demonstrated confidence in its business strategy and remains optimistic about the future.
Recent Developments
- In October 2021, Clonakilty Distillery launch their brand-new Single Malt whiskey which is the latest addition to their award-winning range of spirits. Clonakilty distillery offers a visitor experience, including guided tours and tastings, and has a store where its products are available for purchase.
Browse 24 Market Data Tables and 28 Figures spread through 150 Pages and in-depth TOC on “Global Irish Whiskey Market”- Forecast to 2031, Global Irish Whiskey Market, By Product Type (Single Malt, Single Grain, Pot Still, and Blended), By Distribution Channel (Specialty Stores, Hypermarkets & Supermarkets, Duty-free Stores, Restaurants & Bars, Online, and Others), By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa)
Link: https://www.coherentmarketinsights.com/market-insight/irish-whiskey-market-3474
Key Takeaways of the Market
- The global Irish whiskey market was valued at US$ 5.46 Bn in 2024 and is forecast to reach a value of US$ 8.83 Bn by 2031 at a CAGR of 7.1% between 2024 and 2031
- Major players operating in the global Irish whiskey market include Beam Suntory, Brown-Forman, Diageo, Pernod Ricard, William Grant & Sons, and Castle Brands.
- Key players operating in the Irish whiskey market are focusing on various strategies such as mergers & acquisitions in order to strengthen their market presence and expand their product portfolio.
