Infinium Global Research and Consulting Solutions

The global irish whiskey market was valued at USD 4,299.9 million in 2021 and is expected to reach USD 6,947.4 million by 2028 and grow at a CAGR of 7.24% over the forecast period. Innovations and adoption of new technologies in brewing and manufacturing to boost the supply of Irish whiskey. Innovations and adoption of new technologies in brewing and manufacturing to boost the supply of Irish whiskey. Irish whiskey manufacturers had experienced a decline in the sale of Irish whiskey in comparison with other whiskeys, owing to their resistance to change and adoption of new technologies in the past.  With the rise in global demand for whiskeys, brewers are focusing on advancements in production technologies and brewing techniques. The Irish whiskey manufacturers have realized the importance of adopting new technologies to grow their production capacities and export Irish whiskey to the world market. As a result, they have witnessed growth in demand for Irish whiskey over the past few years. Irish whiskey is smoother and neutral in comparison with its counterparts. One of the main reasons for this is that Irish whiskey is distilled 3 times. Moreover, the Irish whiskey ages in 3 years, which blends the whiskey to perfection and enhance the taste of the whiskey. Furthermore, several social media influencers have highlighted the smoothness of Irish whiskey over other whiskeys. This in turn has escalated the demand for Irish whiskey among the youth. However, Irish whiskey manufacturers have witnessed a significant rise in the cost at the supply chain level. With the rise in global demand for Irish whiskey the demand for dry goods such as glass bottles, packaging material, and transportation is increasing. The prices of glass materials and packaging materials are going up along with the rise in transportation charges. The rise in the cost of the supply chain affects the small and mid-size distillers’ profit margins. The shortage in the supply of Irish whiskey can provide opportunities for another liquor type by affecting the sales volume of Irish whiskey worldwide. Irish whiskey had a substantial demand from the European market earlier. In recent years the demand for Irish whiskey has been higher in the U.S., as compared to any other country. Moreover, increasing disposable income in emerging markets has increased the footfall of consumers walking into restaurants and bars. The appealing taste of Irish whiskey is likely to boost revenues in emerging markets in the near future.