July 18, 2024
Irish Whiskey Market

Premium Single Malt Irish Whiskey is the largest segment driving the growth of Irish Whiskey Market

Market Overview:
Irish whiskey is a whiskey made in Ireland utilizing malted barley and aged in oak barrels. Irish whiskey is recognized globally for its smoothness and taste. Its versatility makes it suitable as an after-dinner drink or cocktail mixer.

Market key trends:
One of the key trends driving the growth of the Irish whiskey market is the increasing demand among millennials and generation Z for premium and super premium whiskeys. These demographics are more attracted to authentic and craft products with an interesting story and unique taste profiles. Irish whiskey provides an ideal option as it offers a variety of choices from mainstream to artisanal craft whiskeys in the premium and super premium segments. This growing interest among new-age consumers is expected to support market growth over the forecast period.
Market key trends:
The Irish Whiskey Market Demand has witnessed substantial growth over the past few years owing to rising globalization and increasing popularity of premium and craft spirits. One of the key trends gaining traction in the market is the growing focus of consumers on premium and super premium Irish whiskeys. Players in the market are introducing high-end, exclusive, and aged Irish whiskey variants to cater to the rising demand from affluent consumers looking for unique flavor profiles. Moreover, the growing experimental tendencies among younger demographic have prompted companies to launch flavored Irish whiskeys infused with fruits, spices and herbs.

SWOT Analysis
Strength: Wide availability of aged whiskeys and focus on premiumization.
Weakness: High dependency on tourism and on-trade channels.
Opportunity: Untapped growth potential in emerging markets of Asia Pacific and Latin America.
Threats: Stringent regulations regarding spirit labeling and rising competition from other spirit categories.

Key Takeaways
The global Irish whiskey market is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing experimentation with flavors. By 2030, the market size is projected to reach US$ 8.3 Bn.
North America currently dominates the Irish whiskey market, accounting for over 35% share. However, Asia Pacific is expected to witness fastest growth due to rising disposable incomes and growing popularity of Irish pub culture in countries like China and India.
Key players operating in the Irish whiskey market are Pernod Ricard, Beam Suntory, Brown-Forman, Diageo, and Anchor Distilling Company. These players are introducing novel variants, such as apple, berries, mint, spiced, coffee, and honey, to expand their product portfolio and attract new consumers.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it