Bourbon Spirits Market Size, Share, Trends, Growth, Analysis 2030

Bourbon Spirits Industry Prospective:

The global bourbon spirits market size was evaluated at US$ 8 billion in 2022 and is slated to hit US$ 15 billion by the end of 2030 with a CAGR of nearly 7% between 2023 and 2030.

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Bourbon Spirits Market: Overview

Bourbon spirit is a kind of American whiskey made from maize. Moreover, it is barrel-aged distilled liquor that originated in the 17th century in North America. These products are the part of alcoholic spirit family of the alcoholic beverages sector. Bourbon spirits are popular among consumers seeking high-quality products with good drinking experience with good drinking experience with a rise in socialization. In addition to this, the need to improve consumer experience for drinking will boost the global market expansion.  

Key Insights

• As per the analysis shared by our research analyst, the global bourbon spirits market is projected to expand annually at the annual growth rate of around 7% over the forecast timespan (2023-2030)
• In terms of revenue, the global bourbon spirits market size was evaluated at nearly US$ 8 billion in 2022 and is expected to reach US$ 15 billion by 2030.
• The global bourbon spirits market is anticipated to grow rapidly over the forecast timeline owing to a huge demand for alcohol among the millennial population and youth.
• In terms of type, the barrel select segment is slated to register the highest CAGR over the forecast period.
• Based on ABV, the 40%-45% segment is expected to dominate the segmental growth in the upcoming years.
• Based on the distribution channel, the off-trade segment is expected to dominate the application space in the forecast timeframe.
• Region-wise, the Asia-Pacific bourbon spirits industry is projected to register the fastest CAGR during the assessment timeline.

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Bourbon Spirits Market: Growth Factors

Rise in the demand for products by young & millennial to drive the global market trends

The flourishing alcoholic beverages sector along with product innovations will pave the way for humungous growth of the global bourbon spirit market.  Huge demand for alcohol among the millennial population and youth is predicted to embellish the expansion of the market across the globe. An increase in the consumption of alcoholic beverages such as wine and beer will steer the expansion of the global market. A surge in premiumization is one of the major growth drivers of the global market.

Moreover, the growing consumption of premium cocktails along with the huge demand for mixed & crafted drinks will embellish the global market trends. An increase in the popularity of fresh cocktails and pre-mixed drinks will spearhead the growth of the global market. With the product possessing a natural taste and earthy appeal, the market for bourbon spirits is predicted to expand by leaps & bounds in the upcoming years.  

Bourbon Spirits Market: Restraints

Growing consumer inclination towards other cost-efficient substitute products to put brakes on the global industry surge                                                                                            

Rapid shifts in customer preferences and an increase in trade & tariff conflicts are likely to put brakes on the global bourbon spirits industry. A surge in the purchase of duplicate items and illicit products is likely to hinder the expansion of the global industry in the upcoming years.  

Bourbon Spirits Market: Opportunities

An increase in product sales in hotels & restaurants to open new growth avenues for the global market

A paradigm shift in the lifestyle of consumers and growing health consciousness among consumers will open new avenues of growth for the global bourbon spirit market. A rise in the number of restaurants, bars, breweries, and pubs is likely to expand the scope of the global market in the years ahead.

Bourbon Spirits Market: Challenges

Reduced sale of products during the pandemic has posed a huge challenge to the expansion of the global bourbon spirits industry. Strict government legislation related to the sale and purchase of the product as well as strict licensing of the products in the Middle East and Asian countries can obstruct the growth of the industry across the globe.

Bourbon Spirits Market: Segmentation

The global bourbon spirits market is sectored into type, ABV, distribution channel, and region.                                    

In type terms, the bourbon spirits market across the globe is segregated into barrel select, wheated, barrel finished, and other segments. Furthermore, the barrel select segment, which acquired nearly two-fifths of the global market proceeds in 2022, is anticipated to record the fastest CAGR over the forecast timeframe. The expansion of the segment during 2023-2030 can be subject to the exceptional and distinct features of the product. Furthermore, the product is hand-selected by blenders and master distillers for exceptional flavors. The superior quality and lesser availability of products will enhance its demand in the years ahead.

Based on the ABV, the global bourbon spirits industry is sectored into 40%-45%, 46%-55%, and 56% & above segments. Additionally, the 40%-45% segment, which garnered a key share of the global industry in 2022, is expected to dominate the segmental surge in the forecasting years. The segmental expansion over 2023-2030 can be owing to a rise in the demand for cocktails & flavors having 40% -45% ABV.

Based on the distribution channel, the bourbon spirits market globally is divided into on-trade and off-trade segments. Moreover, the off-trade segment, which contributed a major share of the global market in 2022, is predicted to register exponential growth in the forecast timeframe. The segmental surge over the period from 2023 to 2030 can be due to a rise in the purchase of bourbon spirits from retail stores including supermarkets, hypermarkets, and liquor stores. Apart from this, a prominent increase in the customer demand for home product consumption along with its easy accessibility from retail stores as per customer convenience will drive the segmental surge.

Bourbon Spirits Market: Report Scope

Bourbon Spirits Market: Regional Insights

North America is predicted to retain its number one position in the global bourbon spirits market over the forecast timespan

North America, which contributed about half of the global bourbon spirits market revenue in 2022, will be a key region in the coming seven years. Moreover, the regional market expansion over the forecast period can be credited to a prominent increase in the craft distilleries in countries such as Canada and the U.S. Furthermore, the presence of key product manufacturers such as Buffalo Trace, Jim Beam, Jack Daniel, and Maker’s Mark will further drive the regional market trends.

The Asia-Pacific bourbon spirits industry is set to record the highest CAGR in the next couple of years. The growth of the industry in the Asia-Pacific zone can be ascribed to a rise in product penetration in countries such as Australia, Japan, and China. The rise in the demand for high-quality brands and the good reputation of bourbon spirits in the region will steer the expansion of the industry in the region.  

Bourbon Spirits Market: Competitive Space

The global bourbon spirits market profiles key players such as:

• Jim Beam
• Buffalo Trace
• Jack Daniel’s
• Wild Turkey
• Maker’s Mark
• Bulleit Bourbon
• Woodford Reserve
• Matthew McConaughey
• Knob Creek
• Evan Willaims
• Four Roses

The global bourbon spirits market is segmented as follows:

By Type

• Barrel Select
• Wheated
• Barrel Finished
• Others

By ABV

• 40%-45%
• 46%-55%
• 56% & Above

By Distribution Channel  

• On-Trade
• Off-Trade

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa