Flavored Whiskey Market Size, Share, Industry, Forecast and outlook (2024-2031)

Flavored Whiskey Market is segmented By Type (Scotch whiskey, Irish whiskey, US whiskey, Canadian whiskey, Others), By Flavor (Apple, Cinnamon, Salted Caramel, Honey, Others), By Distribution Channel (Supermarket, Specialty stores, Online retails, Food Service, Others), By Bottle Size (500ml, 750ml, 1 L, Others), By Range (Premium, Regular, Luxury), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Flavored Whiskey Market Overview

Flavored Whiskey Market is expected to grow at a CAGR 7% during the forecast period (2024-2031). 

Whiskey is a prominent alcoholic beverage consumed worldwide. Flavored whiskey is characterized by a blend of conventional malt ingredients and one or more additional flavors to it. Key brands in the whiskey market are involved in producing, labeling, and marketing flavored whiskey to provide a unique experience to their customers. Some of the common flavors include honey, cinnamon, peanut butter, cherry, cider, apple, and others.

Flavored Whiskey Market Summary

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Flavored Whiskey Market Dynamics

The flavored whiskey companies are continuously emphasizing launching unique flavored products favoring regional acceptance and customer taste. Demand for flavored whiskey is projected to follow the high demand trend during the forecast period, due to the changing consumer preference and growing niche customer archetypes. Factors such as the rapid increase in the population, urbanization, and changing demographics & consumer lifestyles are expected to augment the global flavored whiskey market during the forecast period.

New product launches to flourish the market

New Businesses are entering the global flavored whiskey market because of the rise in the innovative and growing culture of cocktails across the globe. Many companies are coming up with flavored whiskey by experimenting with the ageing process. Consumers are demanding new and exotic flavors and tastes and are spending on new variants of flavored whiskey, thus contributing to the overall flavored whiskey market growth. Furthermore, companies engaged in the manufacturing of flavored whiskey implement unique packaging and designs for product differentiation and attract new customers. For instance, Red Stag by Jim Beam is having introduced a series of flavored whiskies, which includes black cherry and honey tea.

Increasing usage in Kitchen and Restaurant

Flavored whiskey is the key segment of the liquor market. Whiskey is now expanding its presence from the drink’s cabinet to the kitchen. Many Chefs are incorporating whiskey in their cooking to enhance the flavors of the food. The alcoholic spirit acts similar to the enhanced taste of salt in the seafood, the smokiness of the smoked food, and the sweetness of the desserts. Trends such as adding a drink to a variety of foods in various restaurants across the globe are expected to augment the market growth.

COVID-19 Impact Analysis

COVID-19 pandemic affected the global economy in many terms, such as directly affecting production and demand, supply chain disruption, and financial impact. COVID-19 has directly impacted the manufacturers' supply chain across the globe and shut down production facilities to minimize the risk of virus spread. Every business is affected due to COVID-19. lockdown imposed the food service areas such as restaurants & Bar, are affecting the global flavored whiskey market. Liquor consumption had reduced which is affecting the demand for flavored whiskey. The social distancing culture followed by the consumers during this pandemic situation had resulted in an increase in sales through online sales channels. The changing consumer consumption pattern is likely to drive the market globally.

Flavored Whiskey Market Segment Analysis

Based on the distribution channel, the flavored whiskey market has been classified into Specialty stores, Online retails, Foodservice, Supermarket and others.

The Supermarket segment accounted for the significant sales increase in the global market

Flavour alcoholic beverages are expected to show significant growth during the forecast period. The recent pandemic has to lead to a change in customer preference for places of consumption, due to the closure of bars and pubs, people are forced to drink at their homes. Recently there has been a significant change in people's shopping spending, the widespread restrictions on movement have to lead to a boost in demand for convenience stores, independents, and symbolic stores. Convenience stores witnessed an increase in sales, while smaller branches of the big grocers and independents saw their collective market share rise.

Based on the range the flavored whiskey market has been segmented into premium, regular, and Luxury

Premium flavoured whiskey is expected to witness substantial demand during the forecast period.

The demand for premium flavoured whiskey is anticipated to witness significant growth during the forecast period on account of increasing per capita income and rising demand for conventional drinks. Growing pub- and club- visiting population is expected to propel the product demand. Furthermore, the preference for alcoholic beverages with genuine flavors and strong tastes has also augmented the demand for premium flavoured whiskey.

Flavored Whiskey Market Geographical Share

Based on geography, the study analyzes the flavored whiskey market in the global market, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.

North America leads the global market throughout the forecast period

The North American region is expected to dominate the global flavored whiskey market during the forecast period owing to the established presence of flavored whiskey manufacturers and the high demand for new and exotic tastes from consumers. Escalating product demand has attracted several new companies to the market. Furthermore, increasing demand for premium and high-quality alcoholic beverages, increasing socialization, and high purchase power of the consumers will escalate the market growth in North America.

Flavored Whiskey Market Companies and Competitive Landscape

The flavored whiskey market is highly competitive. Various companies are focusing on growth strategies such as product launches, product approvals and partnerships & collaborations. These activities have paved the way for the expansion of business and the customer base of market players. The market payers from flavored whiskey market are anticipated to lucrative growth opportunities in the future with the rising demand for flavored whiskey in the global market. Key players in the global flavored whiskey market are Bacardi Limited, Beam Inc., Brown-Forman Corporation, Diageo Plc., Old Bushmills Distillery, Pernod Ricard, Pernod Ricard SA, SUNTORY, The Crown Royal Company, The Old Bushmills Distillery Co.

Brown–Forman

Overview: Brown-Forman Corporation is one of the largest spirits and wine companies in the US. The Company is engaged in manufacturing and sells of a range of alcoholic beverages. The Company offers spirits and wines under more than 25 Brands across the globe. Some of its key brands include Jack Daniel, Woodford Reserve, Old Forester, Coopers’ Craft, and Slane Irish Whiskey. The company is headquartered in Louisville, Kentucky.

Product Portfolio: The Company’s portfolio comprises mid-priced to super-premium alcoholic beverages.