Bourbon Market Size, Share, Growth, and Industry Analysis, By Type (Traditional Bourbon, Wheat Bourbon, and Rye Bourbon), By Application (Supermarkets/Hypermarkets, Convenience Stores, Independent Retailers, Online Sales, and Others) and Regional Insights and Forecast to 2031

Updated On: 29 April 2024

BOURBON MARKET REPORT OVERVIEW

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The global bourbon market size was USD 5766.27 million in 2022 and the market is projected to touch USD 9225.03 million by 2031, exhibiting a CAGR of 5.36% during the forecast period.

A Bourbon Market typically denotes a retail establishment or marketplace with a specialization in the distribution of bourbon whiskey and associated bourbon-related items. Bourbon, a distinct American whiskey, is renowned for its unique flavor profile characterized by a blend of sweet, caramel, vanilla, and oak notes. The mainstay of a Bourbon Market revolves around presenting an extensive assortment of bourbon whiskeys, encompassing renowned labels such as Maker's Mark, Jim Beam, Buffalo Trace, Woodford Reserve, among others. Additionally, collectors and aficionados may discover exclusive, limited-edition bourbon offerings within this marketplace.

To elevate the enjoyment of bourbon consumption, a Bourbon Market could offer a range of enhancements like whiskey glasses, whiskey stones, decanters, and tools for crafting cocktails. Furthermore, some Bourbon Markets may feature bourbon-themed merchandise, encompassing apparel, glassware, artistic items, and collectibles adorned with bourbon branding and labels. Additionally, certain Bourbon Markets might arrange bourbon tasting occasions, providing patrons with the opportunity to savor various bourbons and gain insights into their distinctive qualities.

COVID-19 Impact: Increased Off-Premises Sales among Population to Fuel Market Growth

An advantageous outcome was the upswing in off-site sales, including purchases made at liquor stores and through online retailers. As lockdowns and restrictions affected bars and restaurants, consumers shifted their focus to buying bourbon for home consumption. This heightened demand for bourbon bottles designed for home enjoyment positively impacted the bourbon market.

The most pronounced adverse effect on the bourbon market stemmed from the closure or limited capacity of bars and restaurants. These venues play a pivotal role in acquainting consumers with new bourbon brands and showcasing bourbon-based cocktails. The diminished patronage led to a decline in sales within these establishments.

LATEST TRENDS

"Bourbon's Rising Popularity, and Craft Bourbon to Drive Market Growth"

Bourbon had emerged as a central figure in the craft cocktail renaissance, with mixologists and bartenders incorporating bourbon into a diverse array of both modern and timeless cocktails. This trend drew the interest of a fresh wave of cocktail enthusiasts. Iconic bourbon-based cocktails like the Old Fashioned, Manhattan, and Mint Julep experienced a resurgence in popularity. Simultaneously, a thriving community of whiskey aficionados and connoisseurs was evolving, acknowledging and savoring the intricate and profound flavor profiles found in bourbon. This enthusiasm led to the flourishing of whiskey tasting events, clubs, and online communities, providing a platform for enthusiasts to exchange their ardor for bourbon. The craft distillery trend was on the rise, with smaller, independent distilleries increasingly crafting distinctive, high-quality bourbons. These distilleries often emphasized the use of locally sourced ingredients and adhered to traditional production methods.

BOURBON MARKET SEGMENTATION

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• By Type

Based on type the global bourbon market can be categorized into Traditional Bourbon, Wheat Bourbon, and Rye Bourbon.

The global bourbon market can be classified into distinct categories based on the type of bourbon being produced. Traditional Bourbon, characterized by its corn-based mash bill, is the classic and most common variety, known for its rich, sweet, and caramel notes. Wheat Bourbon, on the other hand, employs a higher wheat content in its mash bill, resulting in a softer and smoother flavor profile with a subtle sweetness. Rye Bourbon, featuring a significant portion of rye in its grain mixture, delivers a spicier and more robust taste. These bourbon categories offer consumers a diverse range of flavor experiences, catering to varying preferences and contributing to the market's overall versatility and appeal.

• By Application

Based on application the global bourbon market can be categorized into Supermarkets/Hypermarkets, Convenience Stores, Independent Retailers, Online Sales, and Others.

The global bourbon market's segmentation by application encompasses a wide range of distribution channels. Supermarkets and hypermarkets are essential pillars, providing convenience and a broad selection for consumers. Convenience stores offer accessibility and quick purchases, while independent retailers often specialize in curated selections. Online sales are on the rise, offering convenience and a diverse range of options for tech-savvy consumers. The Others category may include duty-free shops, bars, and restaurants, contributing to the market's multifaceted distribution network, ensuring bourbon's availability and accessibility to a global customer base.

DRIVING FACTORS

"Consumer Demand to Boost the Market"

The bourbon market growth is witnessed in response to rising consumer demand, both within the United States and on the international stage. This expansion was fueled by bourbon's broad and diverse flavor profile, which resonated with a wide spectrum of tastes.

"Craft Distillery Movement to Expand the Market"

The surge in craft distilleries crafting exceptional and premium bourbons played a crucial role in propelling the market forward. Consumers were actively pursuing artisanal, locally-produced offerings that emphasized quality and traditional production techniques.

RESTRAINING FACTORS

"Supply Chain Disruptions to Potentially Impede Market Growth"

Supply chain disruptions, encompassing challenges in sourcing essential ingredients like corn, acquiring barrels, and navigating transportation obstacles, had the potential to disrupt both production and distribution processes, potentially resulting in shortages and heightened operational expenses.

BOURBON MARKET REGIONAL INSIGHTS

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"North America Region Dominating the Market is driven by providing an opportunity to explore various distilleries"

In terms of bourbon market share, the U.S. dominated the bourbon industry, with Kentucky serving as the central hub for production. The allure of the Kentucky Bourbon Trail drew in tourists and aficionados, providing an opportunity to explore various distilleries. While traditional bourbon strongholds like Kentucky and Tennessee retained their significant market share, other states were also experiencing an increase in market share through the establishment and growth of craft distilleries.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through featuring a range of significant industry participants"

The bourbon market featured a range of significant industry participants, comprising well-established distilleries as well as emerging ones. For instance, distilleries like Jack Daniel's and Woodford Reserve were renowned for their contributions to the industry.

List of Market Players Profiled

• Brown-Forman (U.S.)
• Four Roses (U.S.)
• Diageo (U.K.)
• Angel's Envy (U.S.)
• Willett Distillery (U.S.)

INDUSTRIAL DEVELOPMENT

October 2023: The Bourbon industry features a significant array of participants, ranging from small enterprises to multinational corporations. Nevertheless, there is a prevailing pattern of industry consolidation, where larger firms either acquire smaller ones or engage in mergers with their competitors. This consolidation can serve as a catalyst, as companies aim to increase their market presence and enhance operational effectiveness

REPORT COVERAGE

The future demand for bourbon market is covered in this study. The Research report includes the Increased Off-Premises Sales due to the Covid-19 Impact. The report covers the latest trends in Bourbon's Rising Popularity. The paper includes a segmentation of the bourbon market. The research paper includes the driving factors that are Consumer Demand to Fuel Market Growth. The report also covers information on Regional Insights where the region which has emerged leading market for bourbon.