Whiskey Market: Outlook
The robust demand for premium alcohol across the globe among a considerable populace will prove as a significant reason for the growth of the global whiskey market during the assessment period of 2020-2030.
A whiskey is a diluted form of ethyl alcohol distilled from a fermented mash of saccharified cereal grains containing a considerable amount of malt. Different types of whiskeys derive their taste through diverse characteristics of aroma and flavor from the malt and also from the traces of the by-products during various stages of manufacture, maturing, storing, and blending.
The production rate of whiskey has increased greatly across the years. Escalating global tourism levels and the heightening number of restaurants and bars across the world may bring promising growth avenues for the whiskey market during the assessment period. The types of whiskeys available in the market are scotch whiskey, Irish whiskey, American whiskey, Canadian whiskey, and others.
This report on the whiskey market helps the CXOs to eliminate the obstacles of scattered knowledge and offers a scrutinized analysis of numerous segments such as industry analysis, geographical prospects, emerging trends, and prominent growth drivers. The report creates awareness of the current market landscape and assists the stakeholders and CXOs to chalk out their business strategies accordingly.
The report also makes the stakeholders aware of the impact of the COVID-19 pandemic and the threats that have the potential to dent the market prospects. The exhaustive study conducted by the analysts also sheds light on the threats and challenges that the whiskey market may face during the assessment period.
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Whiskey Market: Industrial Insights
The whiskey market comprises numerous players vying for a top position among others. The players in the whiskey market are in constant pursuit of introducing novel flavors and formulations that offer extensive taste and great quality to the consumer. This is possible only through research and development activities. Hence, manufacturers invest heavily in such activities.
The players are also involved in activities like mergers, acquisitions, joint ventures, collaborations, and partnerships. These activities help the players to increase their influence. A classic instance of such activity is the acquisition of Strathearn Distillery by Scotch Whiskey blender Douglas Laing & Co.
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Some well-entrenched players in the whiskey market are Beam Suntory, William Grant and Sons, Diageo, Jack Daniels, Royal Stag, Officer’s Choice, and Johnnie Walker.
Whiskey Market: Overcoming Threat of COVID-19 Pandemic
The whiskey market has been severely affected due to the novel coronavirus pandemic. Initially, the sales observed a short-term spike as people were stocking up for the quarantine period. After the lockdown began, all the economic activities were shut. The shutting down of bars, restaurants, and wine shops negatively affected the growth of the whiskey market. Manufacturers in the whiskey market switched to manufacturing sanitizers during the lockdown period to gain some profits.
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However, the production began smoothly after the announcement of some relaxations and the resuming of hotel and bar operations. But the threat of a second wave of COVID-19 pandemic looms over the globe. Some countries in Europe have already announced lockdowns seeing the surge in COVID-19 cases. Thus, 2020 will be a moderate-growth generating year for the whiskey market. The next year may raise hopes for the betterment of the growth rate.
