The bourbon spirits global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Bourbon Spirits Market, 2024 report by The Business Research Company offers
comprehensive insights into the current state of the market and highlights
future growth opportunities.
Market Size -
The bourbon spirits market size has grown strongly in recent years. It will
grow from $7.79 billion in 2023 to $8.29 billion in 2024 at a compound annual
growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed
to cultural heritage and tradition, the premiumization trend, tourism, and
whiskey trails, celebrity endorsements and influences, and the craft cocktail
movement.
The bourbon spirits market size is expected to see strong growth in the next
few years. It will grow to $10.69 billion in 2028 at a compound annual growth
rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to
increasing craft and premium bourbon spirits, inventive cocktail recipes,
expanding cocktail culture, and increasing demand for craft distilleries. Major
trends in the forecast period include flavor innovations, collaborations with
artists or celebrities, product sales in hotels and restaurants, investing in
unique branding strategies, and sustainable practices.
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Scope Of Bourbon Spirits Market
The Business Research Company's reports encompass a wide range of information,
including:
1. Market Size (Historic and Forecast): Analysis of the market's historical
performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market
landscape.
4. Key Segments: Breakdown of the market into its primary segments and their
respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and
geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting
the market.
Bourbon Spirits Market Overview
Market Drivers -
The rising consumption of alcoholic beverages is expected to propel the growth
of the bourbon spirits market going forward. Alcoholic beverages refer to
drinkable liquids containing ethanol (ethyl alcohol), a psychoactive substance
that is rapidly absorbed from the gastrointestinal tract and distributed
throughout the body. The rising consumption of alcoholic beverages can be
attributed to factors such as changes in social norms, increased availability
and marketing, and cultural influences. Bourbon spirits are enjoyed for their
rich, distinctive flavor and are a popular choice in cocktails, on the rocks,
or neat among alcohol consumers. For instance, in April 2023, according to the
National Institute on Alcohol Abuse and Alcoholism, a US-based government association,
in 2021, per capita consumption of all alcoholic beverages combined reached
2.51 gallons, marking a 2.9 percent rise from the 2.44 gallons recorded in
2020. Therefore, the rising consumption of alcoholic beverages is driving the
growth of the bourbon spirits market.
Market Trends -
Major companies operating in the bourbon spirits market are focused on
developing innovative solutions, such as wood-finished bourbon, to cater to
evolving consumer preferences and differentiate their products. Wood-finished
bourbon is a bourbon whiskey that has undergone additional aging in barrels
previously used for other spirits or wines, imparting unique and complex
flavors. For instance, in May 2024, RD1 Spirits, a US-based artisan bourbon
company, launched a unique wood-finished bourbon-tasting set for connoisseurs
to enjoy in the comfort of their own homes. The set includes 200-ml bottles of
RD1 Kentucky Straight Bourbon finished with French Oak, Brazilian Amburana
Wood, and a double finish in Oak and Maple Barrels. These miniature bottles
replicate the iconic RD1 750-ml bottles, complete with the distinctive
four-plank horse farm fencing etched around the base and vibrant labels
denoting the wood finishes. The company carefully selects specific barrels, removes
the bung, inserts unique wood staves into the original American Oak barrels,
hammers the new bung back in place, and lets the bourbon rest for further
maturation. This meticulous process allows RD1 to craft wood-finished
expressions that significantly impact the overall tasting experience.
The bourbon spirits market covered in this report is segmented –
1) By Type: Barrel Select, Wheated, Barrel Finished, Other Types
2) By Alcohol By Volume (ABV): 40%-45%, 46%-55%, 56% And Above
3) By Distribution Channel: On-Trade, Off-Trade
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Regional Insights -
Europe was the largest region in the bourbon spirits market in 2023.
Asia-Pacific is expected to be the fastest-growing region in the forecast
period. The regions covered in the bourbon spirits market report are
Asia-Pacific, Western Europe, Eastern Europe, North America, South America,
Middle East, Africa.
Key Companies -
Major companies operating in the bourbon spirits market are Suntory Holdings
Limited, Brown-Forman Corporation, Sazerac Company Inc, MGP Ingredients Inc,
Jack Daniel’s, Jim Beam, Buffalo Trace, Angel's Envy, Heaven Hill Brands, Four
Roses, Maker’s Mark, Bardstown Bourbon Company, Laws Whiskey House, Woodford
Reserve, Bulleit Bourbon, Old Forester, Knob Creek, Conecuh Brands LLC,
Distiller’s Way LLC, Evan Willaims, Jos. A. Magnus & Co, Nashville Barrel
Company, Michters Distillery LLC, Wyoming Whiskey Inc, Willett Distillery
Table of Contents
1. Executive Summary
2. Bourbon Spirits Market Report Structure
3. Bourbon Spirits Market Trends And Strategies
4. Bourbon Spirits Market – Macro Economic Scenario
5. Bourbon Spirits Market Size And Growth
…..
27. Bourbon Spirits Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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