Flavored whiskey is an enhanced liquor for more youthful and female buyer base who has an inclination for smoother and unique complement in their beverage. With other soul offering, for example, beer, vodka, and rum, whiskey makers have likewise entered into flavored whiskey market by extending their product portfolio with flavored contributions. It is generally accepted because of its capacity to eliminate “off tastes” from the final product.
COVID-19 Scenario Analysis:
Every business is affected due to COVID-19. The biggest sign of this impact is seen while changing consumer sentiment and buying behavior. Due to this, there might be short to medium impact on small businesses globally. Interest for Irish Whiskey has been seen globally and this will not decline anytime soon but how people engage with the latest brands needs to be evolved. Businesses of this market segment have to engage with their target audiences virtually through digital platforms. However, this cannot beat the level of engagement, which is received from direct engagement at whisky bars globally.
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Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The worldwide flavored whiskey market is driven by youth centric trend. The expansion of youth population make interest for flavored whiskey market during the forecasted period. Likewise, a spike in female drinking populace is anticipated which requires an alternate taste profile to target which is the reason flavored spirits are relied upon to observe high development in the developing areas across the globe. Competitive market of mature spirit is expected to increase the demand for the flavored whiskey leading to the launch of more attractive drinks in the market globally during the forecast period. The competition witnessed in this market segment and lower price point of beers over flavored whiskey are expected to restrict the growth of flavored whisky market globally during the forecasted period.
New product launches to flourish the market
Businesses are entering into flavored whiskey market because of the rise in the innovative and growing culture of cocktails across the globe. Companies are coming up with several flavored whiskey by experimenting with the ageing process. Some of the experiments included flavored whiskey available in vanilla and salted caramel which became very popular in north America. Marina Kitchen and Restaurant & Bar collaborated with Malahat Spirits to come up with new flavor for its customer base. The flavor was of honey infused whiskey. The source of this honey was their own rooftop beehives. Maple is another famous whiskey flavor globally and various other companies are making Maple based flavored whiskey. Red Stag by Jim Beam are doing the series of flavored whiskies, which includes black cherry and honey tea.
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Surge in usage in automotive and industrial applications
Flavored whiskey is one of the key segments of the liquor market. Whiskey are now expanding their presence from drinks cabinet to the kitchen. Chefs are incorporating whiskey in their cooking to enhance the flavors of the food. The alcoholic spirit is similar to the enhanced taste of salt in the seafood, smokiness of the smoked food and the sweetness of the desserts. There are diverse flavors available in market in whisky market segment when compared to Wine. Various restaurants have whiskey in their menus but it is interesting to see how they are adding drink to variety of foods, making new trend in the market.
Key Benefits of the Report:
This study presents the analytical depiction of the global flavored whiskey market along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global flavored whiskey market share.
The current market is quantitatively analyzed from 2020 to 2027 to highlight the flavored whiskey market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed global flavored whiskey market analysis based on competitive intensity and how the competition will take shape in coming years.
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Key Players:
Diageo plc, Bacardi Limited, Suntory Beverage & Food Limited, Pernod Ricard, The Brown–Forman Corporation, Asahi Group Holdings Ltd., William Grant & Sons Holdings Ltd., The Edrington Group, Allied Blenders and Distillers Pvt Ltd., Constellation Brands, La Martiniquaise
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