The Bourbon and Tennessee Whiskey market in the US showed significant growth from 2013 to 2023, with volume reaching 26.37 Million Units in 2023. The initial period from 2013 to 2017 experienced robust average annual growth rates, with a notable slowing between 2018 to 2019. A drastic decline occurred in 2020 with a YoY of -14.92%, likely due to the pandemic, but the market bounced back in 2021 with a 17.2% increase. Recent years have seen steadier, though lower, growth rates, with a 2.2% increase in 2023.
Looking forward, the growth rate is expected to continue its moderating trend, with the projected CAGR over the next 5 years estimated at 1.69%, culminating in an 8.75% total growth by 2028.
Future trends to watch for include:
- The impact of increasing consumer interest in premium and craft whiskey brands.
- Potential economic volatility affecting discretionary spending.
- The influence of younger demographics on market preferences and consumption patterns.
- Continued effects of regulatory changes and trade policies on production and sales.
