Bourbon Market Research Report By Age (Under 25, 25-34, 35-44, 45-54, 55-64, 65 and over), By Consumption Frequency (Never, Less than once a month, Once a month, 2-3 times a month, Once a week, 2-3 times a week, 4 or more times a week), By Purchase Location (On-premise, Off-premise, Online), By Flavor Preference (Sweet, Smokey, Spicy, Woodsy, Floral, Fruity), By Price Sensitivity (Not at all price sensitive, Somewhat price sensitive, Moderately price sensitive, Very price sensitive, Extremely price sensitive) and By Regional (North America,

Global Bourbon Market Overview

As per MRFR analysis, the Bourbon Market Size was estimated at 16.41 (USD Billion) in 2022.

The Bourbon Market Industry is expected to grow from 17.1(USD Billion) in 2023 to 24.8 (USD Billion) by 2032. The Bourbon Market CAGR (growth rate) is expected to be around 4.21% during the forecast period (2024 - 2032).

Key Bourbon Market Trends Highlighted

Bourbon consumption is augmenting, as it is increasingly perceived as a sophisticated and refined beverage. The growing popularity of craft distilleries and the increasing number of bourbon-based cocktail recipes are propelling the market. Additionally, the rising disposable income and the trend of premiumization among consumers are contributing to the demand for high-quality Bourbon.The increasing demand for aged Bourbon, particularly those aged for 10 years or more, presents an opportunity for market players. Exploration of unique and flavored bourbons, such as barrel-finished or infused varieties, can also capture untapped market segments. Furthermore, collaborations between distillers and culinary experts to create food pairings and tasting experiences offer promising market expansion opportunities.In recent times, the Bourbon market has witnessed a surge in demand for private barrel selections, where customers can choose specific barrels for their desired flavor profile. Limited-edition releases and special cask finishes have also gained traction, catering to discerning bourbon enthusiasts. The growing popularity of online bourbon clubs and subscription services provides convenient access to a wider range of products.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Bourbon Market Drivers

Rising Popularity of Craft and Specialty Bourbons

In the Bourbon Market Industry, there is a prominent trend in the growing demand for craft and specialty bourbons. Nowadays, consumers wish to opt for unordinary and exquisite spirits. Utilization of rare flavors appears to be the first step in this direction. It is considered that the production process of these beverages is performed in reduced quantities, and the manufacturing techniques used are classic and artisanal. These ingredients provide a wide range of flavors, namely, smoky-sweet, smoke notes, caramel and vanilla, sweet and fruity side, and others.This trend’s underlying factor will remain one of the leading drivers, shaping the overall market environment.

Growing Health Consciousness and Premiumization Trend

Many consumers are becoming more health-conscious and are switching to premium products that are better for their health. Consumers also believe that Bourbon is healthier than other kinds of alcoholic beverages in moderation, as it contains a lower amount of sugar and fewer calories. This trend and the premiumization of food and beverages are also expected to drive the Bourbon Market Industry. The growing quality, exclusiveness, and price of the bourbons are appealing to consumers.They are ready to pay a premium price for products that are made with the best quality of ingredients, craftsmanship, and heritage.

Expansion into Emerging Markets

The Bourbon Market Industry is currently on the rise especially in the emerging markets of Asia and pacific as well as Latin America. This is because the regions have a high population of people who are of middle class that are willing to consume drinks with eager spirit. Furthermore, the socio-economical status of these regions has also changed dramatically in that they are high productive markets and have a high expert level. Moreover, people in the region have started taking Bourbon as an exotic lifestyle beverage.Similarly, the emergence of the small and medium size Bourbon Markets is where the local producers have joined the market to meet the demand of the region.

Bourbon Market Segment Insights

Bourbon Market Consumption Frequency Insights

The Bourbon Market segmentation by Consumption Frequency is useful in understanding the variation in the consumption of Bourbon. The never segment represents the zero-consumption rate. Less than once a month implies that the consumers are likely to take the product in cases of infrequent consumption. In the context of once a month, it can be inferred as a moderate consumption rate. For the 2-3 times a month, every two times relates to moderate consumption. Consumers who are likely to take Bourbon with a consumption rate of once a week are higher.The 2-3 times a week represents a high likelihood of consuming the product. In the context of 4 or more times a week, marketers can consider it in marking consumers who have a higher preference for the product. For an increase in consumption, marketers can sensitize consumers regarding the variety.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Bourbon Market Purchase Location Insights

The Bourbon Market segmentation by Purchase Location into 'On-premise', 'Off-premise', and 'Online' offers valuable insights into consumer behavior and distribution channels. In 2023, the 'On-premise' segment held a dominant share of the Bourbon Market revenue, accounting for approximately 55%. This segment represents Bourbon consumed at restaurants, bars, and other hospitality venues. The 'Off-premise' segment, which includes retail stores, supermarkets, and e-commerce platforms, captured a significant portion of the market at approximately 40%.The 'Online' segment, though nascent, has witnessed notable growth in recent years due to the increasing popularity of e-commerce and home delivery services. Its share is projected to expand steadily in the coming years, driven by convenience and accessibility factors. These segmentation insights provide crucial information for businesses operating in the Bourbon Market, enabling them to tailor their strategies to target specific consumer segments and distribution channels effectively.

Bourbon Market Flavor Preference Insights

The Bourbon Market is segmented into various flavor preferences, including Sweet, Smokey, Spicy, Woodsy, Floral, and Fruity. Each flavor profile caters to specific consumer tastes and preferences, driving the market growth. Sweet Bourbon, with its smooth and caramel-like notes, holds a significant share of the market, appealing to a wide range of consumers. Smokey Bourbon, characterized by its rich and smoky flavors, has gained popularity among whiskey enthusiasts, contributing to the overall market revenue. Spicy Bourbon, with its hints of cinnamon and pepper, caters to those seeking a more robust and flavorful experience.Woodsy Bourbon, with its earthy and oaky notes, offers a distinct and complex taste profile, attracting a niche segment of consumers. Floral Bourbon, infused with floral essences, provides a unique and aromatic experience, while Fruity Bourbon, infused with fruit flavors such as cherry or apple, appeals to those seeking a sweeter and more approachable whiskey.

Bourbon Market Price Sensitivity Insights

Price Sensitivity segment remains a crucial factor influencing the Bourbon Market revenue. In 2023, the majority of consumers fell under the 'Moderately price sensitive' category, indicating a balance between price and quality considerations. 'Not at all price sensitive' consumers represent a niche segment with a strong preference for premium brands, while 'Extremely price sensitive' consumers seek budget-friendly options. Segmentation data suggests that 'Somewhat price sensitive' consumers are more likely to consider discounts and promotions, presenting opportunities for targeted marketing strategies.Understanding price sensitivity is essential for Bourbon Market players to develop effective pricing strategies that align with consumer preferences and drive market growth.

Bourbon Market Regional Insights

North America held the largest market share in 2023, accounting for over 40% of the global revenue. The region's mature bourbon industry, strong consumer base, and growing popularity of craft distilleries are key factors driving its dominance. Europe is another significant market, with a market share of approximately 30% in 2023. The region's rich history of bourbon appreciation, coupled with the presence of renowned distilleries, supports the market growth. APAC is expected to witness the fastest growth over the forecast period, owing to the increasing disposable income, growing awareness of Bourbon, and the emergence of local craft distilleries in countries like India and China.South America and MEA are relatively smaller markets but have potential for growth due to the rising popularity of Bourbon among consumers in select countries.

Bourbon Market Key Players and Competitive Insights

Bourbon Market industry is highly competitive and major players are adopting various strategies to maintain and increase their market share. Leading players focus on product innovation, expanding their distribution networks, and developing new partnerships to improve their market performance. The development of the Bourbon Market is triggered by the rise in popularity of premium and craft whiskies as well as the increasing demand for aged and rare varieties. The Bourbon Market Competitive Landscape is highly competitive and all major players strive for differentiation of products and customer services. Boring infusion, Inc. is a leading manufacturer of the Bulleit brand and the fastest-growing Bourbon and Nr1 in the USA whiskey market. The company is based in the USA and is actively developing its presence in the world markets.Beam Suntory, Inc. is another major Bourbon Market player. It is based in Chicago, IL, and is a leading manufacturer of Jim Beam, Maker’s Mark, Knob Creek, and other brands. The company is another major producer of Bourbon with a strong presence in the USA and an increasing presence in other countries. Beam Suntory, Inc. is focused on the production of premium types of Bourbon and other spirits and the huge demand for this Bourbon encouraged the company to expand its production facilities Norton, J. .Brown Forman Corporation is another Bourbon Market major player. The company’s brands include Jack Daniel’s Tennessee Whiskey, Woodford Reserve, Old Forester amongst others. The company has strong distribution networks and low exposure to concentrated retail customers, that is why the company can rely on its own strong brand and therefore does not need to rely on the total hegemony of retailers Moore, A. Tennessee whiskey is stil a good buy despite the particoloured past. Financial Times.

Key Companies in the Bourbon Market Include

• Heaven Hill Distilleries


• DIAGEO


• Knob Creek


• Evan Williams Bourbon


• Wild Turkey


• Michter's Distillery


• Jim Beam


• BrownForman


• Henry McKenna Bourbon


• Maker's Mark


• Beam Suntory


• Old Forester


• Woodford Reserve


• Russell's Reserve Bourbon


• Elijah Craig

Bourbon Market Industry Developments

The Bourbon Market is projected to reach USD 24.8 billion by 2032, exhibiting a CAGR of 4.21% during the forecast period (2024-2032). The market is primarily driven by the growing popularity of premium and super-premium bourbon, particularly in emerging markets. Recent news developments include the acquisition of Wild Turkey by Campari Group and the launch of new products by major players such as Brown-Forman and Heaven Hill Brands. Key market trends include the increasing demand for aged Bourbon, the rise of craft distilleries, and the growing popularity of bourbon-based cocktails.

Bourbon Market Segmentation Insights

• Bourbon Market Age Outlook
  
  
  
  • Under 25
  
  
  • 25-34
  
  
  • 35-44
  
  
  • 45-54
  
  
  • 55-64
  
  
  • 65 and over
  
  
  
  

• Bourbon Market Consumption Frequency Outlook
  
  
  
  • Never
  
  
  • Less than once a month
  
  
  • Once a month
  
  
  • 2-3 times a month
  
  
  • Once a week
  
  
  • 2-3 times a week
  
  
  • 4 or more times a week
  
  
  
  

• Bourbon Market Purchase Location Outlook
  
  
  
  • On-premise
  
  
  • Off-premise
  
  
  • Online
  
  
  
  

• Bourbon Market Flavor Preference Outlook
  
  
  
  • Sweet
  
  
  • Smokey
  
  
  • Spicy
  
  
  • Woodsy
  
  
  • Floral
  
  
  • Fruity
  
  
  
  

• Bourbon Market Price Sensitivity Outlook
  
  
  
  • Not at all price sensitive
  
  
  • Somewhat price sensitive
  
  
  • Moderately price sensitive
  
  
  • Very price sensitive
  
  
  • Extremely price sensitive
  
  
  
  

• Bourbon Market Regional Outlook
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia Pacific
  
  
  • Middle East and Africa