The market offers several alcoholic drinks to consumers such as beer, wine, and spirits. Out of these, bourbon spirits have gained huge popularity in the North America market. Bourbon spirits is a distilled alcoholic drink that opens up a broad range of options to cater to the surge in demand for spirits. The trend of drinking different alcoholic drinks has led to an increase in the popularity of bourbon spirits products in the marketplace. Premiumization remains to be one of the major factors expected to drive the alcoholic beverages industry. The demand for premium cocktails is attributed to the trend of mixed drinks and crafted cocktails.
PORTLAND, Ore, Nov. 7, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “North America Bourbon Spirit Market, By Type (Wheated, Barrel Finished, Barrel Select, and Others), By Alcohol-By-Volume (ABV) (40-45%, 46-55%, and 56% & above). By Distribution Channel (On-Trade and Off-Trade)”. According to the report, the North America Bourbon Spirit Market generated $2643.2 million in 2021 and is anticipated to generate $4026.3 million by 2031, witnessing a CAGR of 4.2% from 2022 to 2031.
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Prime determinants of growth
The market has developed at a fast pace in recent years, and more people now consider bourbon whisky as an affordable luxury. The increase in acceptance of bourbon whisky has led to growth in demand for different spirits such as premium and organic. The shift in consumer consciousness and demand for innovative products have led to an increase in desire for bourbon spirits distilled with organic malted barley and grains. This consumer demand can be regarded as an opportunity for the manufacturers to broaden their market base. Bourbon spirit originated in the 17th century in North America and is now consumed in approximately 100 countries worldwide. Initially, it was a medicinal purpose liquor, however, it has become an internationally recognized alcoholic beverage now. It is frequently sipped with other beverages to enjoy in a trendy cocktail format or as a pre-dinner drink.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2022-2031 |
|
Base Year |
2021 |
|
Market Size in 2021 |
$2643.2 million |
|
Market Size in 2031 |
$4026.3 million |
|
CAGR |
4.2 % |
|
No. of Pages in Report |
220 |
|
Segments Covered |
Type, Alcohol-By-Volume (ABV), Distribution Channel, and Countries |
|
Drivers |
Rise in spirit tourism· Surge in demand for premium ready-to-drink and luxury spirits |
|
Restraints |
Stringent regulations over advertisement |
|
Opportunities |
Rise in consumption of cocktails Introduction of craft spirits |
The Wheated segment to maintain its leadership status throughout the forecast period
Based on type, the wheated segment held the highest market share in 2021, accounting for nearly one-third of the North America Bourbon Spirit Market revenue and is estimated to maintain its leadership status throughout the forecast period. Wheated bourbon is sweeter in nature that offers a softer drinking experience to the consumers. Wheat has a milder flavor appeal when compared with rye bourbon, which attracts a huge consumer base in the market. However, the Barrel Finished segment is projected to manifest the highest CAGR of 5.5% from 2022 to 2031. Barrel finished bourbon spirit is regarded as one of the greatest styles of bourbon spirits in North America. It is commonly triple distilled from unmalted barley and is typically blended with grain. It is produced in the U.S., although consumed worldwide, owing to its exceptionally smooth and light texture.
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The 46-55% segment to maintain its leadership status throughout the forecast period
Based on alcohol-by-volume (ABV), the 46-55% segment held the highest market share in 2021, accounting for nearly one-third of the North America Bourbon Spirit Market revenue and is estimated to maintain its leadership status throughout the forecast period. According to the Yale Center for Customer Insights (YCCI) 2021, consumers often associate premium drinks with rituals in society, thus inclining toward premium products. In addition, premium bourbon spirits with an ABV of 46-55% have elevated the drinking experience of consumers by adding specialty ingredients and blending the whiskey in a special manner during fermentation and aging. However, the 40-45% segment is projected to manifest the highest CAGR of 4.9% from 2022 to 2031. Consumers in countries such as Canada and Mexico have opted for bourbons with 40-45% ABV as they are price conscious. Manufacturers are launching standard ABV bourbon whiskeys consistently in these big markets to attain market traction over the coming years.
The On-trade segment to maintain its leadership status throughout the forecast period
Based on the distribution channel, the On-trade segment held the highest market share in 2021, accounting for nearly two-thirds of the North America Bourbon Spirit Market revenue and is estimated to maintain its leadership status throughout the forecast period. The trend of dining out is often not to accomplish appetite instead it is to socialize and to experience new places and services that support the demand for alcoholic drinks such as bourbon spirits, beer, and others. However, the Off-trade segment is projected to manifest the highest CAGR of 5.0% from 2022 to 2031. The preferences of consumers in several parts of the North America market are changing toward drink-at-home to attain peaceful experience with their near ones.
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Leading Market Players: –
- Brown-Forman Corporation
- MGP Ingredients, Inc.
- Laws Whiskey House
- Conecuh Brands, LLC
- Distiller’s Way, LLC
- Sazerac Company, Inc, Limited
- Bacardi Limited.
- Michters Distillery LLC.
- Heaven Hill Brands
- Nashville Barrel Company
- Bardstown Bourbon Company
- Wyoming Whiskey, Inc.
- Jos. A. Magnus & Co.
The report provides a detailed analysis of these key players in the North America Bourbon Spirit Market. These players have adopted different strategies such as collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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