The global bourbon spirits market is expected to reach a valuation of USD 14.3 billion by the year 2032, according to a new report by Custom Market Insights. The report highlights that the market’s revenue was valued at approximately USD 8.2 billion in 2022 and is projected to reach USD 8.8 billion in 2023, with a compound annual growth rate (CAGR) of 6.2% between 2023 and 2032.
Several key players in the bourbon spirits market were identified in the report, including Jim Beam (Beam Suntory), Jack Daniel’s (Brown-Forman), Maker’s Mark (Beam Suntory), Woodford Reserve (Brown-Forman), and Wild Turkey (Campari Group), among others. These companies were analyzed based on their sales, revenues, and strategies.
The report, titled Bourbon Spirits Market Size, Trends and Insights, provides a comprehensive overview of the market, including analyses of various factors influencing its growth. It categorizes bourbon spirits based on type, such as wheated, barrel finished, barrel select, and others. Additionally, the market is segmented by alcohol by volume (ABV), distribution channel (on-trade and off-trade), and region.
The report attributes the market’s growth to several key factors and dynamics. The increasing popularity of bourbon spirits, changing consumer preferences, and the rise of craft distilleries are among the primary drivers of the market. Additionally, the report highlights the influence of cultural factors, such as the growing interest in cocktail culture and the rising demand for premium and aged spirits.
Partnerships and acquisitions have also played a significant role in shaping the bourbon spirits market. The report emphasizes the importance of collaborations between companies and the acquisition of key brands to strengthen market position and expand product portfolios.
The COVID-19 pandemic has had both positive and negative impacts on the bourbon spirits market. The closure of bars and restaurants affected on-trade sales, while off-trade sales experienced a surge as consumers shifted to at-home consumption. The report encourages manufacturers and retailers to remain adaptable and responsive to changing market conditions in order to overcome challenges and capitalize on emerging growth opportunities.
In conclusion, the global bourbon spirits market is expected to experience substantial growth in the coming years, driven by factors such as changing consumer preferences and increasing interest in craft spirits. The market’s projected valuation of USD 14.3 billion by 2032 indicates significant growth potential, and industry players are advised to adapt and innovate to meet evolving market demands.
