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Flavored whiskey is an enhanced liquor for more youthful and female buyer base who has an inclination for smoother and unique complement in their beverage. With other soul offering, for example, beer, vodka, and rum, whiskey makers have likewise entered into flavored whiskey market by extending their product portfolio with flavored contributions. It is generally accepted because of its capacity to eliminate "off tastes" from the final product.
COVID-19 Scenario Analysis:
Every business is affected due to COVID-19. The biggest sign of this impact is seen while changing consumer sentiment and buying behavior. Due to this, there might be short to medium impact on small businesses globally. Interest for Irish Whiskey has been seen globally and this will not decline anytime soon but how people engage with the latest brands needs to be evolved. Businesses of this market segment have to engage with their target audiences virtually through digital platforms. However, this cannot beat the level of engagement, which is received from direct engagement at whisky bars globally.
The worldwide flavored whiskey market is driven by youth centric trend. The expansion of youth population make interest for flavored whiskey market during the forecasted period. Likewise, a spike in female drinking populace is anticipated which requires an alternate taste profile to target which is the reason flavored spirits are relied upon to observe high development in the developing areas across the globe. Competitive market of mature spirit is expected to increase the demand for the flavored whiskey leading to the launch of more attractive drinks in the market globally during the forecast period. The competition witnessed in this market segment and lower price point of beers over flavored whiskey are expected to restrict the growth of flavored whisky market globally during the forecasted period.
Businesses are entering into flavored whiskey market because of the rise in the innovative and growing culture of cocktails across the globe. Companies are coming up with several flavored whiskey by experimenting with the ageing process. Some of the experiments included flavored whiskey available in vanilla and salted caramel which became very popular in north America. Marina Kitchen and Restaurant & Bar collaborated with Malahat Spirits to come up with new flavor for its customer base. The flavor was of honey infused whiskey. The source of this honey was their own rooftop beehives. Maple is another famous whiskey flavor globally and various other companies are making Maple based flavored whiskey. Red Stag by Jim Beam are doing the series of flavored whiskies, which includes black cherry and honey tea.
Flavored whiskey is one of the key segments of the liquor market. Whiskey are now expanding their presence from drinks cabinet to the kitchen. Chefs are incorporating whiskey in their cooking to enhance the flavors of the food. The alcoholic spirit is similar to the enhanced taste of salt in the seafood, smokiness of the smoked food and the sweetness of the desserts. There are diverse flavors available in market in whisky market segment when compared to Wine. Various restaurants have whiskey in their menus but it is interesting to see how they are adding drink to variety of foods, making new trend in the market.
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Questions Answered in the Flavored Whiskey Market Research Report:
Key Market Segments
Key Market Players