Technavio, a leading provider of market research reports, has released its latest study on Japanese Whiskey Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.
The Japanese whisky market is a significant segment of the global brewers market, which encompasses producers of beer, craft beer, and malt liquors, as part of the larger food and beverages industry. According to Technavio, demographic shifts and evolving consumer preferences, particularly among young adults, are key growth drivers for the global brewers market. In 2021, the global average alcohol consumption, including beer, was approximately 2.35 gallons per capita. This trend is primarily driven by the increasing independence and changing outlooks of young adults, making them a significant consumer demographic for beer and other alcoholic beverages. - The Japanese Whiskey Market is experiencing significant growth, fueled by the Increasing use of online sales channels for selling alcohol. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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The market size is estimated to grow by USD 614.15 million, at a CAGR of 9.49% during the forecast period. Growing preference for organic whisky | Increasing international recognition | Rising cocktail culture
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The Japanese whisky market in the Asia-Pacific (APAC) region is projected to witness substantial growth and increasing demand during the forecast period. Japanese whisky has gained significant popularity among consumers in countries like India and Japan, leading to a surge in interest and sales. The APAC region has seen a growing appreciation for Japanese whisky in recent years, fueled by unique flavor profiles, meticulous craftsmanship, and the allure of Japanese culture. China has emerged as a major market for Japanese whisky in the APAC region, driven by these factors, and is expected to contribute significantly to the market's expansion during the forecast period.
The Japanese whiskey market has experienced exponential growth in recent years, making it a significant contributor to the country's economy with a market size of over USD3 billion, representing around 0.1% of the country's GDP. This industry's growth can be observed at both the country and regional levels, with Hokkaido and Chugoku being major production hubs. Qualitative data suggests that the increasing popularity of Japanese whiskey is driven by its unique taste profile and cultural significance. Quantitative data indicates a shift towards online sales, with revenue from online retail channels growing at a CAGR of 12% from 2016 to 2021. Offline sales applications, such as retail shops and off-trade distribution, still dominate the market, but the on-trade segment, including pubs, bars, and Happy Hours, is also a key growth area. Product pricing remains a critical factor in commercial development, with cost being a significant concern for both producers and consumers. Opportunities for growth lie in the residential sector, as well as in mixology and cocktail culture, which are gaining popularity both domestically and internationally. Social media plays a crucial role in marketing and promotion, with many brands leveraging platforms like Instagram and Facebook to reach new audiences.
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