Whiskey Market Players to Target Gen-Y Consumers
Banking on dynamic shifts in consumer preference, the whiskey market is set for a promising growth trajectory of more than 6%. Growth in this market is driven by marketing efforts from major brands and strategic promotional partnerships with bars, restaurants, and events. Another factor that influences growth of whiskey market is urban expansion and increase in buying power of adult millennial consumers. Market players are capitalizing on social media channels and engaging in product launch campaigns to attract this stimulus-driven consumer segment.
Premium Quality Whiskey Takes Center Stage
Premium whiskey manufacturers are driving exponential growth in the market. The segment will witness 1.6X growth during the forecast period. High availability, expansion of consumer base, investments in infrastructure (bars, restaurants, and breweries), and increasing buying potential drive this segment. Super-premium whiskey brands are second in line to receive humbling consumer traction and healthy revenue growth. The highest growth rate will be in high-end premium whiskey, this segment will register an annual growth rate of more than 7%. The growing importance of social repertoires on the back of modernized alcohol laws increasing consumer access will propel blended whiskeys as a profit center for manufacturers.
South Asia & Oceania - Epicenters of Whiskey Market Growth
South Asia & Oceania accounts for a majority of market share (greater than 50%) as a result of rapid urbanization and economic development in countries like India and Indonesia. Latin America is an emerging region that offers lucrative growth opportunities for whiskey manufacturers aiming for global expansion. This is a direct result of cultural factors that drive consumers to opt for premium whiskey brands in urban lifestyles. Latin American countries are particularly enticed by scotch whiskey brands. Europe and North America collectively account for more than 1/4th of the global whiskey market due to high per capita consumption of alcohol drinks.
Whiskey Market Prioritizing R&D and New Launches
Manufacturers in the whiskey market are strengthening their presence in emerging profit centers such as India, Indonesia, and Mexico. R&D departments in established brands are innovating new flavors that entice the millennial consumer. Positioning of products is a key strategy for product differentiation and gaining long-term traction from customers. Companies are focused on building consumer communities that facilitate product launches. The rise of e-commerce platforms is being leveraged on a global scale by manufacturers and consumers alike. Major players in the global whiskey market are: Diageo, Chivas Brothers of Pernod Ricard, William Grant & Sons, Bacardi & Company Limited, La Martiniquaise, The Edrington Group, Belvédère International Inc., Beam Suntory Inc., Whyte & Mackay Ltd., Inver House Distillers Ltd., LVMH Moët Hennessy – Louis Vuitton SE, and Loch Lomond Distillery Company.
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Source : Fact.MR