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IRISH WHISKEY MARKET ANALYSIS

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IRISH WHISKEY MARKET ANALYSIS

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  1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ COVID-19 Impact Tracker   Irish whiskey Market – Insights  Irish whiskey is one of the oldest and most popular distilled spirit among               consumers across the globe. It possesses a unique smooth flavor and appears           as pale gold color compared to smoky and earthy flavor of scotch whiskey. The               global Irish whiskey market witnessed a decline in 20​th century, owing to         introduction of blended whiskey around the world. Furthermore, additional         factors such as independence war of Ireland in 1920s and trade war with Britain             coupled with the alcohol prohibition in the U.S. during 1930s, together           hampered the production and exports of various distilleries in Ireland. In the           later years of 20​th century, global Irish whiskey market witnessed a resurgence,               owing to rising number of operating distilleries and new entrants in the alcohol             beverage industry.                                                                                                                                      The global Irish whiskey market ​was pegged at 95 million liters in 2018, and is             expected to exhibit a CAGR of 8.9% over the forecast period (2019-2027), to               reach 200 million liters by 2027.                               

  2. In November 2019, European Union (EU) and China signed a bilateral agreement           for protection of European Geographical Indications (GI) in China, along with         Chinese Geographical Indications in the EU. Geographical Indication (GI) tag is a           sign used for products, which possesses a reputation or qualities due to its           specific geographical origin. The deal will allow Irish whiskey manufacturers to           take legal actions against liquor producers, who trades fake products in China.           This action is expected to encourage Irish whiskey producers to launch new             products in the China, which in turn is expected to drive growth of the global                 Irish whiskey market during the forecast period.                                                                                                                Figure 1. Global Irish Whiskey Market, Volume Share (%) Analysis, By Region,  2018    Source: Coherent Market Insights, 2018-19  Furthermore, increasing number of collaborations among leading companies         with an aim for increasing their market presence across the globe, is expected               to fuel growth of the global Irish whiskey market over the forecast period. For               instance, in August 2019, Pernod Ricard, a France-based company and one of           the global leaders in alcoholic beverage industry, acquired Castle brands, a           U.S.-based liquor manufacturer, which markets premium alcohol beverage       brands internationally. As a result of this acquisition, Pernod Ricard took control             of the Knappogue Castle Irish Whiskey and Clontarf Irish Whiskey.                                                                                   

  3. In addition, the surge in number of different distribution channels such as               outlets in airports and online retailing, in recent times, are expected to fuel           demand for alcoholic beverages.         developments by companies for production of distilled spirits, owing to the         changes in consumer’s preferences for taste and variants, is expected to boost           the global Irish whiskey market growth during the forecast period.                      Moreover,               increasing     research     and                     One of the key challenges of the global Irish whiskey market include strict               government rules and regulations across the globe. For instance, alcohol         consumption is prohibited in many countries, especially the ones with Muslim           population as majority such as Saudi Arabia, Libya, Iran, Yemen, Pakistan, and             others, which in turn, is expected to be a major restraint to overall growth for               global Irish whiskey market. In addition to this, stringent government           regulations about the legal age of drinking is expected to hamper the market             growth of Irish whiskey. For instance, the permissible legal age of drinking             alcohol in Kazakhstan, Mongolia, and some parts of India such as Punjab,           Haryana and Delhi is 25.                                                                                                                    Figure 2. Global Irish whiskey Market – Opportunity Analysis    Source: Coherent Market Insights, 2018-19  Major companies operating in the global Irish whiskey market include Beam           Suntory, Brown-Forman, Diageo, Pernod Ricard, William Grant & Sons, and       Castle Brands.                           

  4.   The companies operating in the global Irish whiskey market are focused on           launching new blends of Irish whiskey. For instance, on 8​th February 2020,           Kilbeggan Distilling Company, a subsidiary of Beam Suntory, which is one of the         world’s leading producers of distilled beverages, launched the limited-edition of           Kilbeggan Single Pot Still. This new product is a combination of malted barley             and oats, a recipe inspired by traditional Irish whiskeys. This scenario is             expected to drive the market growth during the forecast period.                                                                                    1. Request Sample Report 2. Download PDF Brochure 3. Request Customization 4. Talk to Analyst Reference https://www.coherentmarketinsights.com/market-insight/irish-whiskey-market-3474 About Us: Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients to achieve transformational growth by helping them make critical business decisions. What we provide: •​Customized Market Research Services

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