Bourbon Spirits Market Set to Soar to US$12 Billion by 2030, Forecasts New Report
The global bourbon spirits market is poised for significant growth, with a new report predicting it to reach a staggering US$12 billion by 2030, up from approximately US$8.2 billion in 2022. This forecast is based on a compound annual growth rate (CAGR) of 5.6% expected between 2023 and 2030, highlighting the expanding popularity of bourbon spirits worldwide.
Key Trends Driving Market Growth
One of the key trends fueling the growth of the bourbon spirits market is the premiumization of the bourbon category. Consumers are increasingly appreciating the unique flavor profiles and craftsmanship of bourbon, making it a sought-after spirit. Larger distilleries have also invested significantly in expanding production and crafting bourbon types with reduced alcohol concentration or fewer calories to cater to health-conscious consumers seeking a lighter drinking experience.
Another major trend boosting the market is the increasing demand for aged and uniquely finished bourbons. Distilleries are releasing limited edition bourbons with extra aging, specific barrel finishes, or distinctive cask types, generating excitement and anticipation among collectors and enthusiasts. This trend has been driving demand for unique bourbon offerings.
Challenges and Opportunities
Despite its popularity, bourbon faces stiff competition from other whiskey varieties, gin, tequila, and craft beer as consumers experiment with various beverage options. Tariffs and trade disputes can also impact the industry, potentially leading to increased prices and decreased exports.
However, opportunities abound in the market, with premium and super-premium bourbons gaining traction among consumers seeking exclusivity and elegance. Flavored bourbons are also finding favor with a broader audience, and small-batch bourbons are appealing to connoisseurs looking for unique taste experiences.
Regional Dominance
North America is expected to maintain its dominance in the bourbon spirits market, driven by the premiumization of bourbon, the growth of craft distilleries, and the popularity of bourbon tourism. In Asia Pacific, the market is experiencing rapid growth due to an expanding cocktail culture and mixology, with countries like Japan, China, and Australia showing increased interest in bourbon.
Regulatory Framework
The bourbon spirits industry is regulated by the Federal Alcohol Administration (FAA) Act and rules established by the Alcohol and Tobacco Tax and Trade Bureau (TTB) in the United States. These regulations ensure the high quality and reliability of bourbon products, with specific requirements for labeling and marketing.
Segmentation and Distribution Channels
The report highlights that the barrel finished category led the market in 2022, with barrel-finished bourbons offering distinctive flavor profiles. Additionally, bourbons with an alcohol by volume (abv) of 46-55% dominated the market in 2022, catering to consumers desiring stronger flavors.
In terms of distribution channels, the on-trade segment, which includes bars, restaurants, and hotels, dominated the market in 2022. However, the off-trade segment, involving retail establishments such as supermarkets and liquor stores, is expected to experience the fastest growth due to rising demand for at-home consumption.
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
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COMTEX_443574601/2840/2023-11-16T14:24:24
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