The global flavored whiskey market is expected to reach a market value of US$27 billion by 2022. Due to its growing popularity, especially among Gen Z and Millennials, the demand for flavored whiskey is expected to increase during the forecast period. From 2022 to 2032, flavored whiskey sales are expected to improve, registering a CAGR of 7.4% to US$55,132.4 million.
During the historical period 2016-2021, the market was predicted to have a CAGR of 6.7%. The flavored whiskey is largely welcomed due to its ability curve out “off tastes” from the finished product to give the consumer a relaxing and sherbety finish.
The flavored whiskey market is expected to be dominated by the North America region owing to its early entry into the region and rising flavored spirit in the region. The honey flavored segment is expected to dominate the global flavored whiskey market resulted by its welcoming taste.
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Flavored Whiskey Market: Segmentation
The flavored whiskey market is segmented on the basis of type, end-user, flavor type, and distribution channel.
On the basis of type, the flavored whiskey market is segmented into bourbon, scotch, malted, blended and others. The scotch segment is expected to dominate global flavored whiskey market owing to the presence of large consumer base for scotch whiskey, globally.
On the basis of end-user, the flavored whiskey market is segmented into retail and HoReCa. The HoReCa segment is comprised of hotel, restaurants, and catering services which are expected to dominate the global flavored whiskey market owing to ease of penetrability and introduction to new consumer base for the product. The retail segment to witness a healthy CAGR over the forecast period resulted by the presence of strong consumer base in the retail format for spirits.
On the basis of flavor type, the flavored whiskey market is segmented into citrus, honey, caramel, cider, apple, and others. The honey segment is anticipated to dominate the global flavored whiskey market owing to its widely accepted taste and better masking of “off taste” in whiskey offerings.
On the basis of distribution channel, the global flavored whiskey market is segmented into modern store formats, traditional store formats, and e-commerce. The modern store format is further sub-segmented into hypermarket/supermarket, departmental stores, and liquor stores.
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The traditional store format is sub-segmented into food & drink specialty store, independent liquor stores, and others. The modern store format is expected to dominate global flavored whiskey market over the forecast period owing to its appeal to younger crowd and easier penetration of newer products.
Flavored Whiskey Market: Region-wise Outlook
The North America region is expected to dominate the global flavored whiskey market resulted by the fact that the regional manufacturers are the initiator of the flavored whiskey market which means flavored whiskey is already a known product in the region. Europe to capture the successive place owing to large consumer base for flavored spirit in the region.
Asia Pacific is anticipated to witness strong CAGR over the forecast period owing to the rapid adoption of flavored spirit trend. The Latin America region is expected to capture a substantial volume share and the Middle East and Africa to experience weak initial growth rates.
Flavored Whiskey Market: Drivers and Restraints
The global flavored whiskey market is expected to be driven by youth-centric product trend. The increasing younger population is expected create demand for flavored whiskey over the forecast period. Also, a spike in female drinking population is anticipated which requires a different taste profile to target which is why flavored spirits are expected to witness high CAGR growth in the developing regions, globally. The introduction of a competitive segment in mature spirit market is expected to drive the demand for the flavored whiskey over the forecast period owing to the introduction of attractive drinks against old ones.
The competitive flavored spirit and lower price point of craft beers over flavored whiskey are expected to restrain the global flavored whiskey market over the forecast period.
Flavored Whiskey Market: Key Players
The global player for the Flavored Whiskey market are Brown-Forman Corporation, Bacardi Limited, Beam Inc., The Crown Royal Company, The Old Bushmills Distillery Co., Pernod Ricard SA., and Diageo Plc.
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