American Whiskey Market (2024-2031)
The American Whiskey Market was valued at $13.71 billion in 2023. This market is expected to reach $29.38 billion by 2031 from an estimated $14.95 billion in 2024, at a CAGR of 10.1% during the forecast period from 2024 to 2031. American Whiskey Market Size & Forecast The growth of this market is driven
- Published
- Oct 2024
- Pages
- 200
- Format
- PDF + Excel
- Report ID
- MRFB - 104343
- Base year
- 2024
- 2023 · HISTORICAL
- $13.71B
- 2031
- $29.38B
- CAGR 2024–2031
- 10.1%
2023 baseline · 2024–2031 forecast at 10.1% CAGR · hover a bar for the value
Key highlights
The American Whiskey Market was valued at $13.71 billion in 2023.
This market is expected to reach $29.38 billion by 2031 from an estimated $14.95 billion in 2024, at a CAGR of 10.1% during the forecast period from 2024 to 2031.
The Bourbon Whiskey Segment to Dominate the American Whiskey Market in 2024
The Super-premium Segment to Dominate the American Whiskey Market in 2024
In 2024, North America is expected to account for the largest share of 68.6% of the American whiskey market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
However, Asia-Pacific is expected to record the highest CAGR during the forecast period. This growth is attributed to the rising demand for premium barrel-aged whiskey, favorable trade policies, and an increasing preference for the highball—a mix of whiskey and soda served over ice.
Report summary
| Particulars | Details |
|---|---|
| Number of Pages | ~200 |
| Format | |
| Forecast Period | 2024–2031 |
| Base Year | 2024 |
| CAGR (Value) | 10.1% |
| Market Size (Value) | USD 29.38 Billion by 2031 |
| Segments Covered | By Product Type · Bourbon Whiskey · Tennessee Whiskey · Rye Whiskey · By Product Quality · Value · Premium · High-end Premium · Super Premium · By Distribution Channel · Off-trade · On-trade |
| Countries Covered | North America (U.S., Canada), Europe (U.K., Germany, France, Spain, Russia, Poland, Italy, Austria, Netherlands, Switzerland, and Rest of Europe), Asia-Pacific (Australia, Japan, China, India, South Korea, Indonesia, Thailand, Philippines, Malaysia, Singapore, Taiwan, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Argentina, Chile, and Rest of Latin America), and the Middle East & Africa |
| Key Companies | Brown-Forman Corporation (U.S.), Diageo plc (U.K.), Davide Campari-Milano N.V. (Italy), Kirin Holdings Company, Limited (Japan), Suntory Global Spirits Inc. (U.S.), Castle Brands (U.S.), Tuthilltown Spirits Distillery (U.S.), Luxco, Inc. (U.S.), Heaven Hill Brands (U.S.), and Sazerac Company, Inc. (U.S.) |
Report overview
Segments covered: product type, product quality, distribution channel. Regions: North America, Europe, Asia-Pacific, Latin America.
The growth of this market is driven by increasing demand from millennials for premium American whiskies, the expansion of super-premium and ultra-premium whisky brands, rapid global urbanization, and the rising popularity of whiskey-based cocktails and mixology. However, the emergence and increasing popularity of innovative non-alcoholic beverages are expected to restrain the growth of this market.
Emerging economies in Latin America, Asia, and the Middle East & Africa are projected to generate significant market growth opportunities. Conversely, stringent government regulations, shifts in consumer preferences, and the threat of substitutes pose substantial challenges for market participants. Prominent trends in the American whiskey market include marketing strategy & promotions and new product launches and rising export of American whiskey.
Report infographic
Market dynamics
4 factors across 3 forcesIncreasing Demand for Premium American Whiskies Among Millennials
The rising demand for premium whiskies among millennials is profoundly influencing the American whiskey market. This trend is further enhanced by the introduction of new flavors and innovative whiskey expressions. There is a growing appetite for American whiskies, including Bourbon, Tennessee whiskey, and Rye, both domestically and internationally. Consumers are increasingly seeking a diverse array of premium options, driving interest in American whiskies.
The millennial group is vital in driving innovation and premiumization within the market. This demographic emphasizes quality over quantity, actively seeking premium whiskies that showcase superior craftsmanship and authenticity. They are also more inclined to invest in premium products that deliver unique experiences, exclusivity, and a sense of luxury. Brands that offer limited-edition releases or single-cask bottlings particularly resonate with this audience.
Furthermore, the American whiskey industry is undergoing substantial innovation, with distillers launching new flavors and experimenting with diverse production techniques to meet changing consumer preferences. These advancements are designed to attract younger generations, including millennials and Gen Z, who are enthusiastic about exploring unique flavor profiles and novel drinking experiences.
Growing Popularity of Whiskey-based Cocktails in Mixology
Today, consumers are increasingly embracing cocktail culture, leading to a resurgence of classic whiskey drinks like the Manhattan, Old Fashioned, and Whiskey Sour in bars and restaurants. This revival is attracting a new generation of whiskey drinkers who appreciate the rich, bold flavors of American whiskey, especially when paired with modern, inventive ingredients. Whiskey’s versatility as a cocktail base allows for a wide range of flavor profiles, making it appealing to both traditional enthusiasts and newcomers to the spirit.
Furthermore, the rise of mixology as a craft significantly enhances the demand for premium American whiskey. Mixologists, who emphasize creativity and precision, favor high-quality whiskeys with unique characteristics to elevate their cocktail creations. The diverse flavor spectrum of American whiskeys—ranging from smooth, sweet bourbons to robust, spicy ryes—makes them ideal for experimentation in the cocktail realm. This increasing interest in craft cocktails and the role of whiskey within them has prompted consumers to seek more premium and artisanal American whiskey options, further driving the sustained growth of this spirit in the global market.
Table of contents
11 chapters · 120 sections · 200 pages · click to expandSegmental analysis
| Segment | Largest share (2024) | Fastest growth (2024–2031) |
|---|---|---|
| By Product Type | Bourbon Whiskey | Rye whiskey |
| By Product Quality | Super-premium | Premium |
By Product Type
- The Bourbon Whiskey Segment to Dominate the American Whiskey Market in 2024
- The bourbon whiskey segment is expected to account for the largest share of 69% of the American whiskey market.
- The large market share of this segment is primarily attributed to innovation and new product launches, robust growth in international markets, premiumization, and the rise of craft distilleries.
- Additionally, the increasing consumer interest in premium spirits and a growing appreciation for American whiskey globally are also driving the growth of this segment.
- However, the rye whiskey segment is expected to register the highest CAGR of 9% during the forecast period.
- This segment's growth is fueled by changing consumer preferences towards better-tasting, higher-quality whiskies, and an increased appreciation for traditional and craft distilling techniques.
- Furthermore, the versatility of rye whiskey in mixology and cocktails has enhanced its appeal among mixologists and bartenders.
By Product Quality
- The Super-premium Segment to Dominate the American Whiskey Market in 2024
- The super-premium segment is expected to account for the largest share of the American whiskey market.
- The large market share of this segment is primarily driven by growing consumer demand for high-quality, luxury whiskey, an uptick in spending on rare, small-batch, and limited-edition offerings, and a preference for more premium alcoholic beverages.
- However, the premium segment is expected to register the highest CAGR during the forecast period.
- This segment's growth is driven by the increasing consumer sophistication and desire for high-quality, crafted spirits and balance between quality and affordability.
Geographic analysis
North America
Largest shareIn 2024, North America is expected to account for the largest share of 68.6% of the American whiskey market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The North America American whiskey market is estimated to be worth USD 10,256.4 million in 2024. North America's large market share is driven by several key factors, including a well-established alcoholic beverages market, the growing popularity of cocktails, rapid innovation and development within the sector, increased investment in production capacity, and a surging demand for whiskey from the food service industry in the region. North America Dominates the American Whiskey Market
Asia-Pacific
Fastest growthHowever, Asia-Pacific is expected to record the highest CAGR during the forecast period. This growth is attributed to the rising demand for premium barrel-aged whiskey, favorable trade policies, and an increasing preference for the highball—a mix of whiskey and soda served over ice. Moreover, growing consumption in developing countries such as China and India is further boosts the growth of this regional market.
Competitive landscape
- November 2022
Diageo acquired Balcones Distilling in the U.S., gaining access to high-growth brands in rapidly expanding segments, particularly in the super-premium whiskey category.
- October 2022
Knob Creek Bourbon, a brand of Suntory Global Spirits, launched a limited-edition 18-Year-Old Bourbon. This offering provides a complex and well-balanced flavor profile, attributed to its mature age.
- June 2022
Brown-Forman and The Coca-Cola Company announced a global partnership to launch the Jack Daniel’s Tennessee Whiskey and Coca-Cola Ready-to-Drink Cocktail.
- Brown-Forman Corporation (U.S.)
- Diageo plc (U.K.)
- Davide Campari-Milano N.V. · Italy
- Kirin Holdings Company, Limited · Japan
- Suntory Global Spirits Inc. (U.S.)
- Castle Brands (U.S.)
- Tuthilltown Spirits Distillery (U.S.)
- Luxco, Inc. (U.S.)
- Heaven Hill Brands (U.S.)
- Sazerac Company, Inc. (U.S.)
Frequently asked questions
This report covers the American whiskey market sizes and forecasts based on product type, product quality, distribution channel, and geography. It also provides the value & volume analysis of various segments of the American whiskey market at the regional and country levels.
Cite this report
Meticulous Research. (2024). American Whiskey Market - Global Opportunity Analysis and Industry Forecast (2024-2031) (Report No. MRFB - 104343). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/american-whiskey-market-5042