PUBLISHER: The Business Research Company | PRODUCT CODE: 1546435
PUBLISHER: The Business Research Company | PRODUCT CODE: 1546435
Bourbon spirits are a type of American whiskey primarily made from at least 51% corn, aged in new charred oak barrels, and distilled to no more than 160 proof. They are renowned for their rich, sweet, and full-bodied flavor profile, featuring notes of caramel, vanilla, and oak.
The main types of bourbon spirits include barrel-selected, wheated, barrel-finished, and others. Barrel-selected bourbon spirits are chosen from a single barrel or a select few barrels for their unique characteristics. They can also be categorized by Alcohol By Volume (ABV) into ranges such as 40%-45%, 46%-55%, and 56% and Above. These spirits are distributed through various channels, including on-trade and off-trade.
The bourbon spirits market research report is one of a series of new reports from The Business Research Company that provides bourbon spirits market statistics, including bourbon spirits industry global market size, regional shares, competitors with a bourbon spirits market share, detailed bourbon spirits market segments, market trends and opportunities, and any further data you may need to thrive in the bourbon spirits industry. This Bourbon Spirits Market Research Report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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 several factors, including cultural heritage and tradition associated with bourbon, the premiumization trend where consumers seek higher-quality and more artisanal products, tourism and whiskey trails promoting distillery visits and tastings, celebrity endorsements and influences driving visibility and popularity, and the craft cocktail movement fostering creativity and appreciation for bourbon in mixed drinks.
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 demand for craft and premium bourbon spirits, the popularity of inventive cocktail recipes, the expanding cocktail culture, and rising consumer interest in craft distilleries. Major trends expected in this period include flavor innovations to cater to diverse consumer preferences, collaborations with artists or celebrities to enhance brand appeal, expanding product sales in hotels and restaurants to reach broader audiences, investments in unique branding strategies to differentiate products in the market, and a growing emphasis on sustainable practices to appeal to environmentally conscious consumers.
The bourbon spirits market is poised for growth due to increasing consumption of alcoholic beverages. Alcoholic beverages contain ethanol, a psychoactive substance absorbed quickly into the body after ingestion. Factors driving the rise in consumption include shifts in social norms, greater availability and marketing, and cultural influences. Bourbon spirits are favored for their distinct flavor profile and are popularly enjoyed in various forms such as cocktails, on the rocks, or neat. For instance, in 2021, per capita consumption of all alcoholic beverages in the US reached 2.51 gallons, marking a 2.9% increase from the previous year, according to the National Institute on Alcohol Abuse and Alcoholism. Thus, the growing consumption of alcoholic beverages is fueling the bourbon spirits market's expansion.
Leading companies in the bourbon spirits market are focusing on innovation to meet evolving consumer preferences and differentiate their products. One innovative approach is the production of wood-finished bourbon, which involves aging bourbon in barrels previously used for other spirits or wines to impart unique flavors. For example, RD1 Spirits recently introduced a wood-finished bourbon-tasting set that includes small bottles of RD1 Kentucky Straight Bourbon finished with French Oak, Brazilian Amburana Wood, and a double finish in Oak and Maple Barrels. This offering allows enthusiasts to enjoy distinct tasting experiences at home, replicating RD1's signature 750-ml bottles with their iconic horse farm fencing etching and vibrant labels denoting the wood finishes. The company meticulously selects barrels, adds unique wood staves, and ages the bourbon further to enhance flavor profiles.
In November 2022, Diageo, a UK-based alcoholic beverage company, acquired Balcones Distilling to strengthen its position in the super-premium American whiskey market, particularly in the emerging American single malt segment. This acquisition underscores Diageo's strategy to leverage its global resources and scale to support the growth of Balcones Distilling, renowned for its Texas Pot Still Bourbon and innovative approach to whiskey production.
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
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.
The countries covered in the bourbon spirits market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The bourbon spirits market consists of the sale of bourbon whiskey, straight bourbon, single barrel bourbon, and flavored bourbon. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Bourbon Spirits Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on bourbon spirits market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for bourbon spirits ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The bourbon spirits market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.