Global Flavored Whiskey - Market Outlook
Whiskey is a dominant alcoholic beverage consumed worldwide, and manufacturers have been experimenting with the offering from a different perspective. Flavored whiskey which is characterized by a blend of conventional malt ingredients and one or more additional flavor to it. Despite the addition of additional flavor, the alcohol content of whiskey remains higher than 40% by weight. Big brands in the whiskey category engaged in producing, labeling, and marketing flavored whiskey to offer a unique experience to its customers. However, this also helped the brands to ensure effective customer brand loyalty by offering widespread options, as well as attract and acquire new customers.
Flavored whiskeys are available for more than five decades at commercial scale, with early variants of flavored whiskey featuring fruits and spices mixed in with the whiskey. Meanwhile, over the past few years, blended flavors have been trending and several such products can be seen of liquor aisles. Over 35 global, regional and local brands offer flavored whiskey, of which some of the common flavors include cinnamon, honey, peanut butter, cider, cherry, apple, etc.
Global Flavored Whiskey Market Dynamics
Since, the launch of first flavored whiskey, companies have been reported to regularly launch the unique flavored products favoring regional acceptance and customer taste. The Jack Daniel Distillery – a US-based leading liquor brand introduced Apple flavored whiskey in late 2019. The company had anticipated mass acceptance in the country as well as in international markets, which was offset by the restriction on global trade in the early months of 2020. Meanwhile, other brands had also introduced different variants of flavored whiskey in 2019 to capitalize on available white spaces in the global flavored whiskey market.
Demand for flavored whiskey is identified to be following the northward demand trend over the mid-term forecast period is largely due to the customer’s changing preference and emerging niche customer archetypes. These customer groups do not hesitate to experiment with new flavors and spend on new variants of flavored whiskey, thus contributing to the overall market growth. Companies engaged in flavored whiskey manufacturing reportedly also used unique packaging formats and designs to make their products stand apart from conventional products in their portfolio. Rapidly growing urban population and changing lifestyle of the consumers is expected to drive the global flavored whiskey market.
Global Flavored Whiskey Market – Segmentation
Based on whiskey type the global flavored whiskey market is segmented as
Based on flavor, the global flavored whiskey market is segmented as
Based on Sales Channel, the global flavored whiskey market is segmented as
Based on Bottle Size, the global flavored whiskey market is segmented as
Based on Range, the global flavored whiskey market is segmented as
Based on the region the global flavored whiskey market is segmented as
Global Flavored Whiskey Market – Key Players
Some of the key players of the global flavored whiskey market are Gaur Spice Whiskey, The Crown Royal Company, Bacardi Limited, Pernod Ricard, and others.
Global Flavored Whiskey Market - Opportunity
North America is dominating the global flavored whiskey market owing to the high alcohol consumption consumer base. The Asia Pacific is the fastest growing economy in the world gives ample opportunity to the flavored whiskey manufacturers to expand their brand's presence. Expanding hospitality sector in all the regions is propelling the demand for flavored whiskey which in turn is also the factor for the growth of the global flavored whiskey market. The global manufacturers are focusing country-specific flavors to attract customers which further fuels the demand of the flavored whiskey market.
Impact of COVID-19 on Global Flavored Whiskey Market
The COVID-19 outbreak in most of the part of the world had reduced the sales of liquors. The lockdown imposed the food service area is affecting the global flavored whiskey market. The liquor consumption had reduced which is affecting the demand of the flavored whiskey in most of the regions of the world.
The social distancing culture followed by the consumers during this pandemic situation had increased the sales of products on online sales channels. The changing consumer consumption pattern is affecting the market globally.