The Whiskey Tourism Market Size is valued at USD 19.8 billion in 2023 and is predicted to reach USD 41.7 billion by the year 2031 at a 10.1% CAGR during the forecast period for 2024-2031.
Whiskey tourism entails visiting whiskey-producing areas to tour distilleries, get knowledge about the production process, and partake in tastings. Notable destinations encompass Scotland, Ireland, the United States, and Japan, where travelers engage with whiskey trails and delve into local culture and history.
The rising number of consumers viewing whiskey as a measure of wealth and their preference for high-end liquor are the main factors driving the whiskey industry. Greater financial freedom due to industrialization and the development of the upper social class has led to greater expenditure on expensive beings, which in turn is driving up the need for whiskey. In addition, the whiskey sector is significantly influenced by the booming travel and tourism sector. Travellers and frequent travellers alike seek out genuine and high-quality ethnic drinks to imbibe, which boosts sales. Drinking events, occasions, and social gatherings piqued customer interest, which is fueling the market's expansion. Expenditures also aid the expansion of the whiskey market in distinctive containers and advertising strategies.
However, the biggest element limiting the whiskey industry's growth is the prolonged maturation process. Whiskey containers require lengthy storage and upkeep, which requires breweries to commit funds and resources with no guarantee of recovery. Alcohol distilleries may also find it difficult to precisely project market demands due to shifts in consumer choices and variations in supply. Alcohol distilleries manage the risk of either excessive or underproduction of old whiskey as a consequence, which could result in diminished profits or insufficient stock. Furthermore, external elements like temperature and moisture might have an impact on the standard of the end item during ageing.
Competitive Landscape
Some Major Key Players In The Whiskey Tourism Market:
- Bacardi Limited
- Brown-Forman Corporation
- Chivas Brothers Limited
- Diageo Plc
- Edrington Group
- Heaven Hill Distilleries, Inc.
- John Distilleries Pvt Ltd
- LVMH
- Pernod Ricard S.A.
- Speyside Distillers Ltd,
- Suntory Global Spirits, Inc.
- The Bunnahabhain distillery
- The Edrington Group Limited
- William Grant & Sons Ltd
- Other Market Players
Market Segmentation:
The whiskey tourism market is segmented based on experience type and whiskey type. Based on experience type, the market is segmented into distillery tours/ tasting experiences, whiskey festivals, and others. By whiskey type, the market is segmented into single malt whiskey, blended whiskey, bourbon, craft whiskey, and others.
Based On The Experience Type, The Whisky Festivals Whiskey Tourism Market Segment Is Accounted As A Major Contributor To The Whiskey Tourism Market
The whisky festivals' whiskey tourism market will hold a major global market share. Whisky festivals are becoming increasingly popular, progressing from small-scale communal events to significant global audiences. Whisky festivals are expected to develop further because they provide distinctive, deep experiences that reflect the extensive culture and tradition of the liquor. This rise is indicative of the sector's ability to engage with enthusiasts throughout nations.
Single Malt Whisky Segment To Witness Growth At A Rapid Rate
The single malt whisky industry is the dominating category. A fully immersive event that showcases the tradition and creativity in single malt whisky manufacturing, the tour offers travellers the chance to discover Glenfiddich's historic storage facility, understand the history of barrel development, and taste the whisky's extraordinary level of sweetness.
In The Region, The North American Whiskey Tourism Market Holds A Significant Revenue Share.
The North American whiskey tourism market is expected to note the highest market share in revenue in the near future. This can be attributed to the area's food and beverage sector's sharply growing need for whiskey and the increasingly evolving living in this area. Furthermore, the distillery began producing whiskey because of a deadline for permission from government regulators. Big distilleries will thus become much more prevalent in the area. In addition, Europe is likely to grow rapidly in the global whiskey tourism industry because of the area's growing nightclub and eating establishment scene as well as the population's sharply expanding average disposable income. Furthermore, it is anticipated that the expanding impact of occidental societies on this region's youth will expand the global market.
Recent Developments:
- In Aug 2024, Chivas Brothers, the Pernod Ricard division focused on Scotch whisky and producers of Chivas Regal and Ballantine’s, in collaboration with its wheat supplier, Simpsons Malt Ltd., has invested in low-carbon fertilizer developed by OCI Global, a major fertilizer enterprise. The trial represented a significant advancement in Chivas Brothers' objective to establish a sustainable future for whisky and mitigate its indirect carbon footprint.
- In March 2024, Bacardi announced Move the Future in five Italian regions. Despite Venice, Rome, Florence, and Naples, the event will be hosted in Genoa as its inaugural perpetually, offering forty youngsters a unique chance to begin a profession in cocktails.
Whiskey Tourism Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 19.8 Bn |
|
Revenue Forecast In 2031 |
USD 41.7 Bn |
|
Growth Rate CAGR |
CAGR of 10.1% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Experience Type, Whiskey Type |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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Competitive Landscape |
Diageo, Pernod Ricard, William Grant & Sons Ltd, Brown-Forman Corporation, Suntory Global Spirits, Inc, Bacardi Limited, Edrington Group, Heaven Hill Brands, Chivas Brothers Ltd, and LVMH. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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