Irish Whiskey Market Is Experiencing Growth Due To Rising Demand For Craft Spirits

Irish Whiskey Market 

Market Overview:

Irish whiskey refers to whiskey made on the island of Ireland. It is distilled from cereal grains like malted barley and is then aged in oak barrels for a minimum period of three years. Irish whiskey is known for its smoothness, fruitiness and complexity of flavors like honey, vanilla and citrus. It is gaining popularity due to rising inclination towards craft spirits across the globe.

The global Irish whiskey market size is estimated to be valued at US$ 5.42 million in 2024 and is expected to exhibit a CAGR of 7% over the forecast period 2024 to 2031.

Key Takeaways

Key players: Key players in the Irish whiskey market include BMW AG, AUDI AG, Intel Corporation, Tesla Inc, Uber Technologies, Volvo Car Corporation, Honda Motors, Ford Motor Company, NVIDIA Corporation, Tencent, Microsoft. BMW AG has emerged as a leading player with their diversified product portfolio.

Growing demand: Factors such as rising disposable income, changing lifestyle and growing experimentation with new flavors have boosted the consumption of craft spirits including Irish whiskey Market Size Millennials are major consumers of craft spirits which is a key driver of market growth.

Global expansion: International beverage companies are focusing on geographical expansion to leverage growth opportunities. Large whiskey companies are aggressively promoting Irish whiskey in emerging markets to benefit from rising globalization. Premiumization trend and growing experimentation are encouraging global penetration of niche whiskey varieties.

Market key Trends: 

Customization is a major trend gaining grounds in the Irish whiskey market Size And Trends Consumers are willing to pay premium prices for unique flavors, finishes and limited editions. Companies are diversifying their product lines with new flavor variants through experimentation with different oak cask finishes, grains and distillation methods. This is helping them in standing out from competition and attracting consumers interested in uniqueness.

Porter’s Analysis

Threat of new entrants: High capital requirement for distillery set up and distribution network acts as a deterrent.

Bargaining power of buyers: Large international liquor companies and regional distributors possess strong bargaining power over Irish whiskey producers.

Bargaining power of suppliers: Specialized equipment and raw material suppliers face less threat.

Threat of new substitutes: Growth of craft spirits and premiumization of categories like gin and rum increase danger of substitution.

Competitive rivalry: Major global players compete intensely on price and brand value for market share.

Geographical concentration

Ireland has historically been the largest market for Irish whiskey in terms of value. Other top value markets currently include the United States, Great Britain, France, and Germany.

Fastest growing region

The Asia Pacific region excluding Japan has emerged as the fastest growing geographical region for Irish whiskey over the past decade due to rising disposable incomes, expanding urbanization, and increasing appreciation for premium alcoholic beverages across countries such as China, India and Thailand.

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About Author:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)