Bourbon Spirits Market Share, Regional Developments and Top Vendors Analysis 2030
Bourbon Spirits Market Set to Soar to US$12 Billion by 2030, Forecasts Latest Report
Tina Rajawat
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The global market for bourbon spirits, which was valued at approximately US$8.2 billion in 2022, is poised for remarkable growth, with expectations to reach an impressive US$12 billion by 2030, according to a recent market research report. The report forecasts a Compound Annual Growth Rate (CAGR) of 5.6% for the bourbon spirits market valuation between 2023 and 2030.
Key Trends Driving Market Growth
Premiumization of Bourbon: The market is witnessing a significant trend towards premiumization, with consumers increasingly appreciating the distinctive flavor profiles, craftsmanship, and versatility of bourbon in cocktails.
Expanding Aging and Unique Barrel Finishes: Distilleries are releasing limited edition bourbons with extra aging, specific barrel finishes, or distinctive cask types, creating excitement among collectors and enthusiasts.
Competition from Other Spirits: While bourbon remains popular, it faces competition from other spirits like gin, tequila, and craft beer, as consumers experiment with a variety of beverage options.
Barrel Finished Category Dominance: In 2022, the barrel finished category dominated the industry, with bourbon gaining fruity and wine-like qualities through finishing in port casks.
46-55% ABV Category Leadership: Bourbons in the 46-55% alcohol by volume (ABV) range dominated the market in 2022, making them suitable for a wide range of cocktails and straight sips.
Fast-Growing Off-Trade Category: The off-trade category, which includes bulk purchases at warehouse clubs like Costco and Sam's Club, is expected to experience the fastest growth.
Regional Highlights
North America Dominance: North America, especially the United States, is expected to dominate the bourbon spirits market due to the popularity of classic bourbon-based cocktails like the old fashioned and mint julep.
Asia Pacific Growth: The Asia Pacific region is anticipated to be the fastest-growing bourbon spirits market, driven by the rise of cocktail establishments and mixology.
Growth Determinants
Growing Whiskey Appreciation: The increasing popularity of whiskey outside traditional markets, coupled with access to knowledge about various whiskey varieties, has driven sales and market growth.
Expanding Cocktail Culture: Bourbon's versatility in cocktails, along with the popularity of classic bourbon-based drinks, has contributed to its growing demand.
Demand for Craft Distilleries: Craft distilleries are producing unique bourbon types, appealing to consumers looking for handmade and distinctive flavors.
Major Growth Barriers
Tariffs and Trade Disputes: Tariffs on bourbon exports can raise prices and impact competitiveness in global markets.
Supply Chain Challenges: Supply chain interruptions, including grain shortages and delays in barrel availability, can slow down production.
Key Trends and Opportunities
Premium and Super Premium Bourbons: Premium bourbons offer exclusivity and elegance, attracting consumers looking for high-quality experiences.
Flavored Bourbons and Innovations: Flavored bourbons appeal to a broader audience, while innovations in flavoring and aging processes create unique taste profiles.
Small-Batch Bourbons: Small-batch distilleries focus on artisanal craftsmanship and attention to detail, appealing to connoisseurs.
Regulatory Scenario
In the United States, bourbon production is governed by the Federal Alcohol Administration (FAA) Act and related rules from the Alcohol and Tobacco Tax and Trade Bureau (TTB), ensuring the quality and labeling of bourbon products.
Segmentation Outlook
Barrel Finished Category Leads: Barrel-finished bourbon, which undergoes additional aging in different barrels, dominates the market, offering unique flavor profiles.
Preference for 46-55% ABV Segment: Bourbon spirits with 46-55% ABV, known as high-proof, are popular among enthusiasts seeking stronger flavors.
On-Trade Channel Dominance: The on-trade channel, including bars and restaurants, dominated the market in 2022, while the off-trade category is expected to grow rapidly.
Regional Frontrunners
North America: North America leads the bourbon spirits market due to premiumization and the growth of craft distilleries.
Asia Pacific: The Asia Pacific region experiences the fastest growth, driven by an expanding cocktail culture and mixology.
Competitive Landscape
The global bourbon spirits market is consolidated, with leading brands like Brown-Forman Corporation, Beam Suntory Inc., Campari Group, and others driving innovation and expansion.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa):
https://www.fairfieldmarketresearch.com/report/bourbon-spirits-market
Bourbon Spirits Market
https://www.linkedin.com/pulse/bourbon-spirits-market-trends-size-analysis-forecast-chhavi-rajawat-utyrf
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