Global Bourbon Market Insights Forecasts to 2033

• The Global Bourbon Market Size Was Estimated at USD 17.82 Billion in 2023
• The Market Size is Expected to Grow at a CAGR of around 4.16% from 2023 to 2033
• The Worldwide Bourbon Market Size is Expected to Reach USD 26.79 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Bourbon Market Size was valued at around USD 17.82 Billion in 2023 and is slated to cross USD 26.79 Billion by 2033, growing at a CAGR of 4.16% from 2023 to 2033. Increased consumer interest in premium and craft spirits has been considered one of the key growth factors for the bourbon market. High-quality, aged whiskey has led to an expansion in demand. Further, growing interest in traditional and authentic alcoholic beverages is expected to drive the market forward.

Market Overview

The bourbon market is the industry surrounding the manufacturing, distribution, and consumption of bourbon whiskey. Bourbon is described as a whiskey that is mainly produced from corn and aged in new charred oak barrels. It has been regulated under strict guidelines, where at least 51% corn content and certain production processes have to be adhered to classify it as bourbon. Its applications have been found in the beverage industry, such as in cocktails, premium spirits, and culinary uses. Known for its unique flavor profile, bourbon has taken a big share in the global alcoholic beverage market. The rising demand in the bourbon market is a growing preference for premium and craft spirits. Consumers in North America and Europe have sought high-quality whiskey, offering more authentic and aged flavor profiles. This trend was supported by increased disposable income levels, allowing customers to spend more on premium alcoholic beverages. There is an increase in bourbon consumption due to the increased perception of this beverage as being sophisticated and refined. Craft distilleries have gained popularity and more bourbon-based cocktail recipes, which boost the market.  

Report Coverage

This research report categorizes the bourbon market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the bourbon market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the bourbon market.   

Driving Factors

Growing preference for premium and craft spirits is identified as a key driver in the growing demand in the bourbon market. Customers are willing to pay more for high-quality bourbons that have unique flavors, great craftsmanship, and luxury. The premium and super-premium bourbons are the most attractive due to their very good taste profiles, fully mastered aging techniques and small availability.

Restraining Factors

Uniqueness and inventiveness in taste profiles and advertising tactics must be maintained to differentiate themselves. Trade disputes and tariffs may lead to supply chain disruptions and higher production costs for bourbon producers. This may, in turn, affect consumer prices and limit access to international markets.

Market Segmentation

The bourbon market share is classified into type and distribution channel.

• The barrel select segment accounted for the highest share in 2023 and is projected to grow at a substantial CAGR during the forecast period.

Based on the type, the bourbon market is divided into barrel finished, barrel select, wheat, rye, and others. Among these, the barrel select segment accounted for the highest share in 2023 and is projected to grow at a substantial CAGR during the forecast period. The growth is attributed to barrel select bourbon, which is often produced in limited quantities, small batches, or as single-barrel selections that target consumers seeking high-quality, exclusive, and distinctive products. As such, the segment tends to attract connoisseurs and collectors, boosting demand and market share.

• The on-trade segment dominated the market in 2023 and is anticipated to grow at a significant CAGR during the forecast period.

Based on the distribution channel, the bourbon market is divided into on-trade and off-trade. Among these, the on-trade segment dominated the market in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The growth is driven by increasing consumer awareness and trying out the product with the appropriate bourbon selection, along with expertly made cocktails through the on-trade segment, which is also important. Premium experiences promoted through upscale taverns and restaurants have increased demand for the product. Sales of bottled bourbon outside of the trade increase due to the various varieties available and convenience.

Regional Segment Analysis of the Bourbon Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the bourbon market over the predicted timeframe.

North America is anticipated to hold the largest share of the bourbon market over the predicted timeframe.  The increased bourbon product demand in Kentucky, Pennsylvania, Louisiana, and other countries. For such high demand, the majority of this product's production occurs in Kentucky, making it affordable and readily available. In North America alone, kentucky boasts 100 bourbon distilleries. The product can also be seen in numerous confections and heritage American recipes, hence the increased demand in the area.

Asia Pacific is expected to grow at a rapid CAGR in the bourbon market during the forecast period. The growing demand for the western lifestyle and party culture mainly drives the product demand in the region. Additionally, the growing purchasing power, urbanization, increase in employment opportunities, and rising youth population are further boosting the market growth in the region.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the bourbon market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Barton Brands
• Beam Suntory
• Brown-Forman
• Eagle Rare Distillery
• Four Roses Distillery
• Heaven Hill Distillery
• Jim Beam Distillery
• Knob Creek Distillery
• Luxco
• Michter’s Distillery
• Old Forester Distillery
• Parker’s Distillery
• Sazerac Company
• Wild Turkey Distillery
• Wildcat Distillery
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In April 2024, Heaven Hill Distillery announced that they are putting Heaven Hill Heritage Collection 18-Year-Old Kentucky Straight Bourbon Whiskey on the market. This collection contains some of Heaven Hill's oldest inventory and reflects the company's commitment to quality and its craftsmanship.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the bourbon market based on the below-mentioned segments: 

Global Bourbon Market, By Type

• Barrel Finished
• Barrel Select
• Wheat
• Rye
• Others

Global Bourbon Market, By Distribution Channel

• On-trade
• Off-trade

Global Bourbon Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa