Irish Whiskey Market is Estimated To Witness High Growth Owing To Revived Interest to Indigenous Spirits

 
 Irish whiskey market

Market Overview:

Irish whiskey is a type of whiskeys distilled from malted barley in Ireland. It is aged in wooden casks, typically made of American white oak. Irish whiskey offers attributes like rich texture, warmth, and robust flavor that are admired by connoisseurs. The whiskeys also provide health benefits owing to the presence antioxidants.

Market key trends:
Revived interest in indigenous spirits is driving considerable growth of the Irish whiskey market. Young consumers are exhibiting more preference to traditional spirits as opposed to others. This has prompted distillers to intensify their focus on whiskey varieties that are produced using conventional distillation and aging methods. Furthermore, rising experimentation among producers to develop new whiskey variants such as spiced, coffee-flavored and honey-based variants is expanding the consumer base, thereby fueling the market growth.

Porter’s Analysis

Threat of new entrants: The threat is low as the market is mature with established players, high capital required for production and marketing, and high brand recognition.

Bargaining power of buyers: Buyers have high bargaining power due to the availability of substitutes and fragmented nature of supply.

Bargaining power of suppliers: Suppliers have moderate bargaining power as raw materials like barley, yeast and others have limited suppliers while production know-how is also limited.

Threat of new substitutes: Substitute threat is high from spirits like scotch, vodka and rum.

Competitive rivalry: Intense due to established brands.

SWOT Analysis

Strength: High quality standards, traditional production methods, and strong brand recognition globally.

Weakness: Heavy reliance on export markets and vulnerable to global economic changes. High taxation.

Opportunity: Growing popularity of craft spirits, increased tourism, and rising demand in emerging markets.

Threats: Volatile commodity prices and currency fluctuations can impact costs. stringent regulations.

Key Takeaways

The global Irish Whiskey Market Demand is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing preferences for premium and craft spirits. The market size is projected to reach US$ 8.2 Bn by 2030 from US$ 4.7 Bn in 2023.

Regionally, Europe dominates currently accounting for over 50% value share due to high consumption especially in Ireland and UK. However, North America is expected to surpass Europe to lead the market owing to rising cultural adoption of Irish drinks and lifestyle in countries like US.

Key players operating in the Irish whiskey market are introducing novel variants, such as apple, berries, mint, spiced, coffee, and honey, to expand their product portfolio.

Read More:

https://www.dailyprbulletin.com/irish-whiskey-driving-the-growth-demand-and-share/

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