Irish whiskey Market – Global Industry Analysis and Forecast (2023-2029)

Irish Whiskey Market was valued at US$ 5.34 Bn in 2022. The global market is expected to grow at a CAGR of 9.2% during the forecast period and market is expected to reach a value of US$ 9.89 Bn.
Irish Whiskey Market Overview:
Irish whiskey is considered one of the best alcoholic beverages in the world. It is made with unsalted malt and barley and then distilled for 3 years. During distillation, it undergoes a fermentation process where further enzymes help to practice and metabolize the alcohol. It is then triple distilled for a better taste and smoothness.

Irish whiskey is known to blend entirely with other beverages as well as being smoother than other whiskeys. In addition, Irish whiskey is well suited for making cocktails and shooting recipes. It is very popular in countries such as the United States, United Kingdom, France, and Germany, due to factors such as increased disposable income, bar etiquette, and spirits tourism.To Know About The Research Methodology :- Request Free Sample Report
Irish whiskey Market Dynamics:
Experimentation and innovation in production, flavours and preferences, and innovative bottle packaging is driving the growth for the market:

Irish whiskey has a distinctive flavour that is often described as light and fruity with distinct grainy notes. Ageing also imparts the distinctive flavours of whiskey and caramel. There are four different types of Irish whiskey Malt, Whole, Grain and Blended. Irish whiskey is one of the oldest and most popular distilled spirits among consumers around the world. It has a unique smooth product range and is pale yellow compared to the Scotch and earthy range of Scotch whiskey.

Companies in force in the Irish market are determined to debut a new intermingle of Irish whiskey. Kilbeggan Distillery, a subsidiary of Beam Suntory, one of the world's leading manufacturers of distilled beverages, has launched a limited edition Kilbeggan Single Pot Still. This new product is a combination of barley and malted oats, a recipe inspired by traditional Irish whiskey. This circumstance is expected to force market growth during the forecast period.

Massive alcohol tax and Brexit impact on Irish whiskey market are hindering market growth:

The price per hectare of Irish cider and ale in 2022 was 94.46 for alcohol content of 2.9% to 5.9% for Irish whiskey. Thus, for cider with up to 6% alcohol by volume, Ireland's excise ratio is 110.4% which is higher than the UK's rate. The tax rate on spirits is 10.99% in Ireland, much higher than the European Union which is a minimum of 1.54%. In 15 states, the tax rate is less than 3%.

Global Irish whiskey declined in the 20th century, due to the advent of blended whiskeys around the world. In addition, additional factors such as the independence of Ireland in the 1920s and the trade war with Britain along with the American Prohibition in the 1930s hampered the production and exports of the markets which is considered to be a major restraining factor for the Irish whiskey market.

The arrival of e-commerce and the growing demand for premium beverages are creating a huge opportunity for the market:

The Irish Whiskey Association has indexed e-trade as a place of boom possibility for most of the whiskey companies. The Irish Independent Lavelle, says that 2029 has seen a boom in the sale of Irish whiskey online and this has played a key role in creating lucrative growth for the market during the forecast period. E-commerce is set to become an increasingly important sales channel in the future and it has provided Irish whiskey brands unique opportunities to penetrate markets and consumer segments new use.

Strict Government rules and regulations for alcohol are creating challenging factors for the market:

One of the major challenges concerns is government rules and regulations. For example, drinking alcohol is banned in various countries, especially those with majority Muslim populations such as Saudi Arabia, Libya, Yemen, Pakistan, and others, thus posing a major challenge to Ireland's overall growth of the whiskey market.
Irish Whiskey Market Segment Analysis:
Based on Product, the market is segmented into blended, single malt, single pot, and single grain. The blended segment is expected to hold 32.10% of the overall market share in terms of revenue by 2029. Blended whiskey contains a mixture of different whiskeys such as malts and grains. Whiskeys vary according to their type, but especially in terms of their provenance, which means the distillery, they come from. This blending technique allows the blender to achieve the specific flavour required which is driving the growth of the Irish whiskey market.

However, the single malt Irish whiskey segment is expected to grow at a CAGR of 9.2% during the forecast period. Single malt whiskey is made from a fermented mashed blend of a single malt grain, at a single distillery. It is aged in oak for at least 3 years, and consumers prefer this type of whiskey according to their preference of taste.

Based on Pricing, the Irish Whiskey is segmented into Mass, Premium and Others. The premium segment is expected to dominate the Irish Whiskey market during the forecast period. The premium segment is the largest and fastest-growing segment of the whiskey market. The growth of this segment is due to the increase in demand and consumption of fine whiskey in developed regions such as Europe and North America. An increase in club and pub visits has also fuelled an increase in demand. In addition, the preference for alcoholic beverages with authentic product categories and strong flavours has increased the demand for premium beverages.

However, the Mass segment is expected to grow at a CAGR of 4.5% during the forecast period. The mash bill contains at least 30% natural, raw, and non-peated malted barley, a minimum of 30% unmalted barley and a maximum of 5% other unmalted cereals like oats or rye.
Regional Insights:
North American regions accounted for the largest market share of 59.24% in recent years. The US remains the largest market for Irish people over whiskey, with about five million cases sold in 2022 and 2029, accounting for 43% of the total Selling Irish whiskey. The current growth trajectory is expected to continue and will be further supported by increased availability to more premium consumers aged Irish whiskey, as well as the rise of e-commerce.

The United States is expected to continue to grow at a remarkable rate of growth, representing the highest share during the forecast period. The growth of the market in this region is due to the increase in population and the increasing use of alcohol in general. Sales of Irish whiskey are up 8.6% in 2022 in the United States. Irish whiskey has become the fastest-growing spirits sector in the United States but accounts for only 2% of total U.S. spirits production and 7% market share among all whiskeys.

The objective of the report is to present a comprehensive analysis of the global market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the market dynamics, structure by analyzing the market segments and projecting the market size. Clear representation of competitive analysis of key players by Technology, price, financial position, product portfolio, growth strategies, and regional presence in the global market makes the report investor's guide.
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Global Irish Whiskey Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 5.34 Bn.


Forecast Period 2023 to 2029 CAGR:
9.2%
Market Size in 2029:
US $ 9.89 Bn.


 Segments Covered:
by Product
Blended
Malt
Pot
Grain


by Pricing
Premium
Mass
Others


by Sales Channel
On-Trade
Off - Trade



Irish whiskey Market by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players
1. Diageo
2. Pernod Ricard
3. William Grant & Sons
4. West Cork Distillers
5. Knappogue Castle Whiskey
6. Castle Brand
7. Beam Suntory Inc.
8. Jameson Irish whiskey
9. Teeling Distillery
10. The Old Bushmills Distillery Co.
11. Brown-Forman

Frequently Asked Questions:

1] What segments are covered in the Irish whiskey Market report?
Ans. The segments covered in the Irish Whiskey Market report are based on Product,Sales Channel  and Pricing.

2] Which region is expected to hold the highest share in the Irish whiskey Market?
Ans. The North American region is expected to hold the highest share in Irish whiskey.

3] What is the market size of Irish whiskey by 2029?
Ans. The market size of Irish whiskey is expected to be 9.89 Bn by 2029.

4] What is the forecast period for the Irish whiskey Market?
Ans. The forecast period for Irish whiskey is 2023-2029.

5] What was the market size of Irish whiskey in 2022?
Ans. The market size of Irish whiskey in 2022 was US$ 5.34 Bn.