Irish Whiskey Market is Estimated To Witness High Growth Owing To Increasing Consumption among Millennials

Irish Whiskey Market 

The Irish whiskey market is estimated to be valued at US$ 4.7 Bn in 2022 and is expected to exhibit a CAGR of 7.44% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Irish whiskey is a type of whiskey produced in Ireland in pot still distilleries. It is triple distilled and aged in barrels previously used for bourbon or other whiskeys. Irish whiskey is known for its versatility, smooth taste and golden color. It is popularly used for making cocktails. The high demand for premium and super premium whiskeys is propelling the growth of the Irish whiskey market.

Market key trends:
Irish whiskey market is witnessing high growth owing to increasing consumption among millennials. Millennials prefer premium alcoholic beverages over basic ones. They are more willing to pay high prices for high quality whiskeys whichoffers specialized taste. Their interest in exploring unique flavors is fueling innovations in craft whiskeys. Many distillers are focusing on small-batch whiskey production to cater to the preferences of millennials. Their growing purchasing power makes them an important consumer base influencing market trends.

Porter’s Analysis
Threat of new entrants: High capital requirements for distillation and aging in oak barrels pose entry barriers in the Irish whiskey market.
Bargaining power of buyers: Buyers have moderate bargaining power as production is dominated by few large companies. However, rising demand enables buyers to negotiate on price and quality standards.
Bargaining power of suppliers: Suppliers of raw materials like malted barley and oak barrels have low bargaining power as these inputs are abundantly available and can be sourced from multiple regions globally.
Threat of new substitutes: Low threat due to strong brand recognition and unique taste profile of Irish whiskey that is difficult to substitute or replace by other spirits.
Competitive rivalry: Intense rivalry among established players to expand markets abroad through innovative products and premiumization.

SWOT Analysis
Strengths: Protected geographical indication; strong brands and heritage; growing global fame and popularity.
Weaknesses: Declining domestic volumes; dependence on exports making revenues vulnerable to economic factors abroad.
Opportunities: Rising experimentation and craft styles; popularity among millennials and women; Asia Pacific markets offer scope for expansion.
Threats: Stringent regulations and high excise duties; health consciousness and competition from alternate drinks.

Key Takeaways
The global Irish Whiskey Market Share  is expected to witness high growth, exhibiting CAGR of 7.44% over the forecast period, due to increasing consumption in Asia Pacific and North America driven by rising disposable incomes, growing premiumization, and expanding experimental flavors. Regional analysis: North America leads consumption, holding over 40% value share in 2022 led by the US. Asia Pacific is the fastest growing region expanding at a CAGR of around 9% due to economic development in large markets like China and India. Key players: Key players operating in the Irish whiskey market are Beam Suntory, Brown-Forman, Diageo, Pernod Ricard, William Grant & Sons, and Castle Brands.

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