What Is The Scope Of The Global Bourbon Spirits Market?
Bourbon spirits refer to a type of American whiskey primarily made from at least 51% corn, aged in new charred oak barrels, and distilled to no more than 160 proof. It is known for its rich, sweet, and full-bodied flavor profile, which includes notes of caramel, vanilla, and oak.
Bourbon Spirits Global Market Report 2024 provides data on the global bourbon spirits market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The bourbon spirits market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Bourbon Spirits Market?
The bourbon spirits market has shown steady growth, expanding from $7.79 billion in 2023 to $8.29 billion in 2024, reflecting a CAGR of 6.4%. This growth can be attributed to cultural heritage, the trend toward premiumization, tourism linked to whiskey trails, celebrity endorsements, and the craft cocktail movement. By 2028, the market is projected to reach $10.69 billion, growing at a CAGR of 6.6%. Factors such as increased demand for craft and premium spirits, inventive cocktail recipes, expanding cocktail culture, and growing interest in craft distilleries are expected to drive growth. Trends include flavor innovations, collaborations with celebrities, increased sales in hospitality venues, unique branding strategies, and sustainable practices.
What Are The Core Factors Supporting Growth In The Bourbon Spirits Market?
The rising consumption of alcoholic beverages is expected to contribute to the growth of the bourbon spirits market. Alcoholic beverages, which contain ethanol, have seen an increase in consumption driven by changes in social behaviors, better availability, and marketing. Bourbon spirits, known for their rich flavor, are a preferred choice among consumers, whether in cocktails, on the rocks, or neat. For instance, in April 2023, the National Institute on Alcohol Abuse and Alcoholism reported that per capita alcohol consumption in the US rose by 2.9% in 2021, reaching 2.51 gallons. As a result, the growing demand for alcoholic beverages is expected to propel the growth of the bourbon spirits market.
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What Are The Major Segments Within The Global Bourbon Spirits Market?
The bourbon spirits market covered in this report is segmented –
1) By Type: Barrel Select, Wheated, Barrel Finished, Other Types
2) By Alcohol By Volume (ABV): 40%-45%, 46%-55%, 56% And Above
3) By Distribution Channel: On-Trade, Off-Trade
Which Trends Are Expected To Transform The Bourbon Spirits Market?
The bourbon spirits industry is seeing companies create distinctive offerings, such as wood-finished bourbon, to cater to evolving consumer tastes and distinguish their products. Wood-finished bourbon undergoes additional aging in barrels previously used for other spirits or wines, adding complex flavors. For example, in May 2024, RD1 Spirits, a US-based artisan bourbon maker, unveiled a wood-finished bourbon-tasting set featuring 200-ml bottles of Kentucky Straight Bourbon finished with French Oak, Brazilian Amburana Wood, and a double finish in Oak and Maple barrels. These small bottles mimic the design of the larger 750-ml RD1 bottles, showcasing intricate craftsmanship and delivering unique flavor profiles through innovative barrel finishing techniques.
What Is The Fastest Growing Region In The Bourbon Spirits Market?
Europe was the largest region in the bourbon spirits market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bourbon spirits market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
