Japanese whisky is a particular kind of whisky that is produced and originated in Japan. Japanese whisky is either drunk as Japanese shochu or as whisky like Scotch. While fine whisky, like Scotch whisky, is mainly consumed neat or on the rocks, most Japanese blended whisky is used in cocktails, especially whisky highballs. Japanese whisky has become an international phenomenon due to its exceptional quality, passion, and expert workmanship during the manufacturing process.
According to SPER market research, ‘Japanese Whisky Market Size– By Application, By Distribution Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Japanese Whisky Market is estimated to reach USD 13.79 billion by 2033 with a CAGR of 8.54%.
Due in large part to widespread domestic marketing initiatives and rising knowledge of the excellent quality of Japanese whisky, Japan’s demand for whisky has been rising. It is anticipated that a number of factors, such as the natural surroundings of distilleries, ongoing attempts to improve product quality, and product adaption to suit Japanese palates, would contribute to the expansion of the Japanese whisky market. Furthermore, customers are encouraged to select a variety of alcoholic spirits by the growing interest in creative mixology and cocktail cultures. This circumstance is leading to an increase in the market share of Japanese whisky. The market is anticipated to see a rise in the significance of Japanese whisky across cultures due to growing knowledge of various cultural alcoholic beverages.
On the other hand, excessive alcohol consumption can result in addiction, dependency, and health problems. Governments are concerned about the rise in alcohol addiction among consumers. This is the reason why several countries have imposed strict laws and rules around the distribution and selling of these goods. In addition, the market cannot expand due to the high cost of Scotch whisky, which is a result of high production and storage expenses. Moreover, the detrimental impact of alcohol intake on one’s health has significantly impacted the commercial success of scotch whisky. Thus, it is anticipated that these limitations will impede the expansion of the Japanese whisky market.
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Impact of COVID-19 on Japanese Whisky Market
Furthermore, during the COVID-19 pandemic, lockdowns and economic difficulties severely hampered the Japanese whisky business, which resulted in a precipitous drop in sales. Sales of whisky decreased as a result of lodging, dining, and retail establishment closures around the world. The sector was negatively impacted by declining exports and a decline in worldwide tourism spending. Suppliers were further pushed by difficulties with material supply and transportation. Notwithstanding these difficulties, there are indications of a market rebound, with government support being essential. Estimates indicate that the market would strengthen throughout the projected time due to the quick recovery in some areas and higher sales of alcoholic beverages, which will raise demand for whisky.
Japanese Whisky Market Key Players:
Geographically, Asia Pacific dominated the Japanese whiskey market due to a major production facility and high product penetration, driven by population growth and rising incomes in countries like China and India. Manufacturers, such as Yoshino Spirits, are innovating with maturing techniques, as seen with Kamiki Sakura, finished in Japanese cedarwood and Sakura wood. North America and Europe are also expected to grow, fuelled by a shift from beer to spirits and Europe’s highest per capita alcohol consumption globally. Additionally, some of the market key players are Asahi Breweries Ltd., Chichibu Distillery, FLAVIAR, Hombo Shuzo Co Ltd., Nikka Whisky Distilling Co., Ltd., Suntory Holdings Ltd., Venture Whisky, Ltd., Yoshino Spirits, Others.
Japanese Whisky Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Application: Based on the Application, Japanese Whisky Market is segmented as; Commercial (Hotels, Restaurants/Bars/Pubs, Others), Residential.
By Distribution Channel: Based on the Distribution Channel, Japanese Whisky Market is segmented as; Off-Trade, On-Trade.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Japanese Whisky Market Future Outlook
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