The bourbon whiskey market continues to improve and may reach US$12.8 billion by 2031
The bourbon whiskey market continues to improve and may reach US$12.8 billion by 2031
After conducting in-depth interviews with companies such as Brown Forman, Beam Suntory, Bacardi, Heaven Hills and Sazerac, Allied Market Research recently released the "Bourbon Whiskey Global Opportunities Analysis and Industry Forecast" report, reaching a very optimistic conclusion. ——
The bourbon whiskey market is already worth US$7.8 billion in 2021 and is expected to grow to US$12.8 billion by 2031 after reaching a compound annual growth rate (CAGR) of 5%.
When reviewing distribution channels, the study believes that in 2021, the on-trade trading segment dominates the market, accounting for three-fifths of the market share. It is expected to maintain its dominance during the forecast period and exhibit a CAGR of 5.1% during 2022-2031 due to the increase in social activities.
By region, North America held the highest share in the bourbon market in 2021, accounting for more than one-third of global revenue in 2021 and is expected to maintain its dominance by 2031.
The Latin America, Middle East and Africa (LAMEA) region is also expected to register a CAGR of 6% during the forecast period. In contrast, Asia’s interest in bourbon is still developing.
Link: Golden Bali Group continues to bet on bourbon whiskey and will invest US$161 million to open a new distillery for Wild Turkey
