The market is expected to increase by nearly 122m nine-litre cases between 2014 and 2020 as whisk(e)y will overtake vodka to become the second-largest spirits category behind national spirits by 2020. Total annual consumption of whisk(e)y will rise to 467.4m cases, the IWSR said.
Whisky and tequila will be the fastest growing spirits categories, IWSR said. They will show annual growth rates of 3.8% and 2.9% respectively through 2014 to 2020. Consumption of imported spirits is forecast to add 37.5m cases, with gin and tequila the fastest growing.
According to The IWSR Forecast 2015-2020 Global Review compound annual growth rate (CAGR) between 2014 and 2020 of +0.6% will be “noticeably slower” than the previous five-year CAGR of +3.6%.
IWSR’s Global Trends and Innovation Consultant Sophia Holliday said: “Growth is expected to be more conservative than previously, as many markets experienced strong recovery of volumes in the aftermath of the global recession.
“The lion’s share of the growth will stem from Asia, with China and India outperforming all other markets. However, growth in North America, Africa & Middle East and the duty free markets will all contribute to the category’s overall expansion.”