What are the latest figures on the bourbon spirits market’s size and projected CAGR?
The bourbon spirits market size has grown strongly in recent years. It will grow from $8.29 billion in 2024 to $8.85 billion in 2025 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to cultural heritage and tradition, the premiumization trend, tourism, and whiskey trails, celebrity endorsements and influences, and the craft cocktail movement.
The bourbon spirits market size is expected to see strong growth in the next few years. It will grow to $11.37 billion in 2029 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to increasing craft and premium bourbon spirits, inventive cocktail recipes, expanding cocktail culture, and increasing demand for craft distilleries. Major trends in the forecast period include flavor innovations, collaborations with artists or celebrities, product sales in hotels and restaurants, investing in unique branding strategies, and sustainable practices.
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Which Market drivers have played a significant role in driving the bourbon spirits market?
The rising consumption of alcoholic beverages is expected to propel the growth of the bourbon spirits market going forward. Alcoholic beverages refer to drinkable liquids containing ethanol (ethyl alcohol), a psychoactive substance that is rapidly absorbed from the gastrointestinal tract and distributed throughout the body. The rising consumption of alcoholic beverages can be attributed to factors such as changes in social norms, increased availability and marketing, and cultural influences. Bourbon spirits are enjoyed for their rich, distinctive flavor and are a popular choice in cocktails, on the rocks, or neat among alcohol consumers. For instance, in July 2024, according to the report of The House of Commons Library, a UK-based library and information resource of the lower house of the Parliament, in 2022, 56% of adults reported consuming alcohol in the past week, marking a slight increase from 55% in 2021.Therefore, the rising consumption of alcoholic beverages is driving the growth of the bourbon spirits market.
What are the key segments within the bourbon spirits market?
The bourbon spirits market covered in this report is segmented –
1) By Type: Barrel Select, Wheated, Barrel Finished, Other Types
2) By Alcohol By Volume (ABV): 40%-45%, 46%-55%, 56% And Above
3) By Distribution Channel: On-Trade, Off-Trade
Subsegments:
1) By Barrel Select: Single Barrel Bourbon, Small Batch Bourbon, Premium Barrel Select Bourbon
2) By Wheated: Traditional Wheated Bourbon, High Wheat Bourbon
3) By Barrel Finished: Sherry Barrel Finished Bourbon, Wine Barrel Finished Bourbon, Port Barrel Finished Bourbon, Other Barrel Finished Bourbons
4) By Other Types: Rye Bourbon, High-Rye Bourbon, Craft Bourbon, Flavored Bourbon
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Which key players are shaping the bourbon spirits market?
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
Which transformative trends will shape the bourbon spirits market landscape?
Major companies operating in the bourbon spirits market are focused on developing innovative solutions, such as wood-finished bourbon, to cater to evolving consumer preferences and differentiate their products. Wood-finished bourbon is a bourbon whiskey that has undergone additional aging in barrels previously used for other spirits or wines, imparting unique and complex flavors. For instance, in May 2024, RD1 Spirits, a US-based artisan bourbon company, launched a unique wood-finished bourbon-tasting set for connoisseurs to enjoy in the comfort of their own homes. The set includes 200-ml bottles of RD1 Kentucky Straight Bourbon finished with French Oak, Brazilian Amburana Wood, and a double finish in Oak and Maple Barrels. These miniature bottles replicate the iconic RD1 750-ml bottles, complete with the distinctive four-plank horse farm fencing etched around the base and vibrant labels denoting the wood finishes. The company carefully selects specific barrels, removes the bung, inserts unique wood staves into the original American Oak barrels, hammers the new bung back in place, and lets the bourbon rest for further maturation. This meticulous process allows RD1 to craft wood-finished expressions that significantly impact the overall tasting experience.
How do regional factors impact the bourbon spirits market, and which region is the largest contributor?
Europe was the largest region in the bourbon spirits market in 2024. 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.
What Does The Bourbon Spirits Market Report 2025 Offer?
The bourbon spirits market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Bourbon spirits refer to 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. It is known for its rich, sweet, and full-bodied flavor profile, which includes notes of caramel, vanilla, and oak.
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