The global flavored whiskey market is expected to reach a market value of $ 27 billion by 2022. Due to its growing popularity, especially among Generation Z and millennials, demand for flavored whiskey is expected to increase over the period forecast. From 2022 to 2032, flavored whiskey sales are expected to improve, growing at a CAGR of 7.4% to $ 55,132.4 million.
In the 2016-2021 historical period, the market is expected to have a CAGR of 6.7%. Flavored whiskey is widely appreciated for its ability to distort flavors from the final product to give the consumer a relaxing, sorbet-like finish. The flavored whiskey market is expected to be dominated by the North American region as the company has entered the region early and flavored spirits are on the rise in the region. The honey-flavored segment is expected to dominate the global flavored whiskey market owing to its inviting taste.
Flavored Whiskey Market: Segmentation
The flavored whiskey market is segmented by type, end-user, flavor type, and distribution channel.
Based on type, the flavored whiskey market is segmented into bourbon, scotch, malty, blended, and others. The Scotch segment is expected to dominate the global flavored whiskey market considering the large consumer base of Scotch whiskey globally. Based on the end user, the flavored whiskey market is segmented into retail and hospitality. The HoReCa segment consists of hotels, restaurants, and catering services that are expected to dominate the global flavored whiskey market due to its easy penetration and introduction to a new consumer base for the product. The retail segment that has seen a healthy CAGR over the forecast period is the result of having a strong consumer base in the liquor store formula.
Based on the type of flavor, the flavored whiskey market is segmented into citrus, honey, caramel, cider, apple, and others. The honey segment is expected to dominate the global flavored whiskey market due to its widely accepted taste and better masking of the “unpleasant taste” in the whiskey offering.
Flavored whiskey market: regional perspectives
The North American region is expected to dominate the global flavored whiskey market as regional producers are the creators of the flavored whiskey market, meaning flavored whiskey is already a well-known product in the region. Europe will take the next spot due to the large consumer base of flavored spirits in the region.
The Asia-Pacific region is expected to witness a strong CAGR during the forecast period as the trend of flavored spirits is rapidly adopted. The Latin America region is expected to capture a large share of the volume and the Middle East and Africa will initially see low growth rates.
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