Irish Whiskey Market to Flourish owing to Increasing Consumption by Millennials

Irish Whiskey Market to Flourish owing to Increasing Consumption by Millennials

Market Overview:
The Irish whiskey market consist of whiskey distilled and aged in Ireland. Key types include single malt whiskey, single grain whiskey, blended whiskey and specialty whiskey. Irish whiskey is consumed for celebration as well as relaxation and is served neat, on the rocks or with mixers depending on consumer preference. Premiumization trend is driving the demand for super premium and luxury brands in the market.

Market Dynamics:
The Irish whiskey market is driven by increasing consumption among millennial population across globe. As per a survey, over 50% of Irish whiskey consumers in United States are between ages of 21 to 40 years. Millennials prefer premium products with novel flavors hence, key players are focusing on innovations in product offerings. For instance, introduction of whiskey variants flavored with apple, berries, mint, spices, coffee and honey. Another driver fueling the market growth is the rise in culture of social drinking especially across Asia Pacific region. Countries like China, India and South Korea are witnessing growth in bar and pub culture which is positively impacting the sales of Irish whiskey.

SWOT Analysis


Strength: The Irish Whiskey Market Demand boasts of a rich tradition and strong brand affinity. It enjoys high brand recognition and a cult following globally due to its legacy spanning centuries. It possesses a distinctive style and taste rooted in tradition that gives it an edge over competitors. Furthermore, it benefits from growing spirit tourism in Ireland which attracts millions of visitors annually.

Weakness: Irish whiskey accounts for a small share of the global whiskey market currently. It faces stiff competition from larger substitute markets such as Scotch and American whiskey. High import duties also restrict its large scale growth in strategic developing markets. Furthermore, supply chain disruptions and production delays owing to the ongoing pandemic pose challenges.

Opportunity: There is substantial untapped potential in high growth emerging economies of Asia Pacific and Latin America driven by rising disposable incomes and experimentation among young urban consumers. Furthermore, the growing craft distillery culture and premiumization trends worldwide present an opportunity to launch super premium and specialty variants.

Threats: Volatility in barley prices and dependence on specific harvests for production pose raw material supply risks. Furthermore, popularity of other brown spirits as well as ready-to-drink canned cocktails present competition. Trade wars and geopolitical issues can also impact cross border trade.

Key Takeaways

The global Irish whiskey market is expected to witness high growth, exhibiting a CAGR of 7.4% over the forecast period, due to increasing experimentation andpremiumization trends among consumers globally. The market size is projected to reach US$ 6.4 Bn by 2030 from US$ 4.7 Bn in 2023.

Regional analysis:

North America dominates the market currently owing to significant Irish diaspora and cultural influence in the region. However, Asia Pacific is projected to be the fastest growing market going forward driven by expanding middle class populations in countries such as China, India and Thailand which are increasingly adopting western drinking habits. Countries like Japan and South Korea are also major importers.

Key players:

Key players operating worldwide are introducing novel variants, such as apple, berries, mint, spiced, coffee, and honey, to expand their product portfolio. Players like Bushmills, Jameson, Powers, and Pearse Lyons are focusing on craft and limited edition offerings targeting niche consumer segments globally.

Read More:

https://www.pressreleasebulletin.com/irish-whiskey-market-overview-share-and-value-analysis/