LONDON--(BUSINESS WIRE)--The global whiskey market is expected to post a CAGR close to 6% during the period 2019-2023, according to the latest market research report by Technavio.
The flavor and quality of whiskey are indebted to its geographical origin. The area of origin can attract consumers toward a particular whiskey type/brand. The growing popularity of whiskey-based tourism plays a crucial role in the growth of the economy of many countries. Some of the vendors are focusing on promoting whiskey-based tourism through their distilleries. For instance, the highest number of visitors in Scottish distilleries are from the US, Germany, India, China, and Japan. Scotch whiskey visiting centers in Scotland also provide opportunities for visitors to make whiskey trails, which can encourage them to buy whiskey from there. Thus, the growing popularity of whiskey-based tourism is expected to propel the growth of the market during the forecast period.
As per Technavio, the growing demand for whiskey in connected bottles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global whiskey market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Whiskey Market: Growing Demand for Whiskey in Connected Bottles
The vendors operating in the global whiskey market are increasingly trying to differentiate their products from their competitors' products to achieve a competitive advantage and expand their customer base. Therefore, many vendors in the market are focusing on offering whiskey in innovative bottles to drive consumer interest. Vendors are also incorporating technology into whiskey bottles to connect with consumers and to launch social media campaigns. For instance, in October 2018, Mackmyra Svensk Whisky AB unveiled its whiskey in new smart bottles through a partnership with Thin Film Electronics ASA (Thin Film), a near-field communication (NFC) specialist. These connected bottles also help vendors upload promotional offers and stay in touch with their customers, thus building a strong customer relationship. Therefore, the increasing focus of vendors on offering whiskey in connected bottles is expected to augment the growth of the global whiskey market during the forecast period.
“Apart from the growing demand for whiskey in connected bottles, increase in marketing campaigns, growing focus on premiumization of whiskey, and the opening of new whiskey distilleries are some other factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
Global Whiskey Market: Segmentation Analysis
This market research report segments the global whiskey market by distribution channel (off-trade and on-trade), by product (Scotch whiskey, American whiskey, Canadian whiskey, Irish whisky, and others) and geographical regions (APAC, North America, Europe, South America, and MEA).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA, respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market and register the highest incremental growth due to the rising market expansion activities of vendors in the region.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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