The global Japanese whisky market is estimated to reach USD 1.1 billion, by 2025, and is projected to grow at a CAGR of 9.4% from 2019 to 2025, according to a new report by Million Insights. Growing consumer inclination towards imported spirits and rising awareness about aged whisky is propelling the demand for the product in the alcohol market.
Growing trend of cocktails among the consumers is driving the demand for Japanese whisky. Moreover, increasing penetration of digital media is helping to create awareness through blogs and posts. Furthermore, high consumption of imported liquors and whisky in pubs and bars is expected to boost the growth of Japanese whisky market. In addition, growing popularity of home bars with mixture experiments is increasing the demand for Japanese whisky. Due to this, the residential segment is projected to grow at the CAGR exceeding 9.0% during the forecasted period.
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The on-trade channel held the highest share in 2018. High consumption of premium whisky and spirits owing to rising income levels of consumers across countries such as Germany, U.K., India, and U.S. is supporting market growth. In addition, growing trend of offers like happy hours especially in breweries, pubs are boosting the growth of the commercial segment.
Asia Pacific dominated the market with the majority of market share, in 2018. Rising product demand and availability of different whisky brands are increasing product demand. Moreover, growing population and rapid urbanization in countries such as China, Thailand, and India are anticipated to impact the market positively.
The industry possesses heavy competition owing to the presence of a large number of alcohol manufacturing companies. Major players in the market are focusing on product innovations and expanding their reach across the world.
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Further key findings from the report suggest:
• In 2018, by application, the residential segment held the largest share in the global Japanese whisky market. It is anticipated to grow at a CAGR of around9.2%from 2019 to 2025.
• Based on the distribution channel, on-trade segment attributed to the highest market share in 2018.
• Asia Pacific dominated the market with share of over 66.7% in 2018 and is expected to remain at its position in the next few years owing to product penetration in countries like China, Japan, and India.
• Major players in the market are Nikka Whisky Distilling Co., Ltd., Suntory Holdings Ltd., Chichibu Distillery, FLAVIAR, Venture Whisky, Ltd., Asahi Breweries Ltd., and Louisville Distilling Co. LLC.
Million Insights has segmented the global Japanese whisky market based on application, distribution channel, and region:
Japanese Whisky Application Outlook (Revenue, USD Million, 2015 – 2025)
Japanese Whisky Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
Japanese Whisky Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
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