Allied Market Research published a new report, titled, “North America Bourbon Spirit Market,” reporting that the North American Bourbon Market generated $2643.2 million in 2021 and is anticipated to generate $4026.3 million by 2031, witnessing a CAGR of 4.2% from 2022 to 2031. 

Here as some previews of the report:

Prime determinants of growth  

The market has developed at a fast pace in recent years, and more people now consider bourbon whisky as an affordable luxury, Allied reports. The increase in acceptance of bourbon whisky has led to growth in demand for different spirits such as premium and organic. The shift in consumer consciousness and demand for innovative products have led to an increase in desire for bourbon spirits distilled with organic malted barley and grains.

This consumer demand can be regarded as an opportunity for the manufacturers to broaden their market base. Bourbon spirit originated in the 17th century in North America and is now consumed in approximately 100 countries worldwide. Initially, it was a medicinal purpose liquor, however, it has become an internationally recognized alcoholic beverage now. It is frequently sipped with other beverages to enjoy in a trendy cocktail format or as a pre-dinner drink.   

The Wheated segment to maintain its leadership status throughout the forecast period 

Based on type, the wheated segment held the highest market share in 2021, accounting for nearly one-third of the North American Bourbon Market revenue and is estimated to maintain its leadership status throughout the forecast period, per Allied’s projections. Wheated bourbon is sweeter in nature that offers a softer drinking experience to the consumers. Wheat has a milder flavor appeal when compared with rye bourbon, which attracts a huge consumer base in the market.

However, the Barrel Finished segment is projected to manifest the highest CAGR of 5.5% from 2022 to 2031. Barrel finished bourbon spirit is regarded as one of the greatest styles of bourbon spirits in North America. It is commonly triple distilled from unmalted barley and is typically blended with grain. It is produced in the U.S., although consumed worldwide, owing to its exceptionally smooth and light texture.

The 46-55% segment to maintain its leadership status throughout the forecast period 

Based on alcohol-by-volume (ABV), the 46-55% segment held the highest market share in 2021, accounting for nearly one-third of the North American Bourbon Market revenue and is estimated to maintain its leadership status throughout the forecast period. According to the Yale Center for Customer Insights (YCCI) 2021, consumers often associate premium drinks with rituals in society, thus inclining toward premium products.

In addition, premium bourbon spirits with an ABV of 46-55% have elevated the drinking experience of consumers by adding specialty ingredients and blending the whiskey in a special manner during fermentation and aging.  However, the 40-45% segment is projected to manifest the highest CAGR of 4.9% from 2022 to 2031. Consumers in countries such as Canada and Mexico have opted for bourbons with 40-45% ABV as they are price conscious. Manufacturers are launching standard ABV bourbon whiskeys consistently in these big markets to attain market traction over the coming years.

The full Allied Market Research report can be purchased here. https://bit.ly/3FK6Ioh.