According to a new report published by Allied Market Research titled “Bourbon Spirits Market,” as announced in April, the bourbon spirits market was valued at $7.8 billion in 2021 and is estimated to reach $12.8 billion by 2031, growing at a CAGR of 5% from 2022-2031. The global bourbon spirits market revenue is expected to surge by about 5% year-on-year growth globally. The bourbon spirits industry growth is propelled by the rise in demand for premium and luxury whiskeys “owing to premiumization and socialization.” The increase in demand for high-premium whiskeys due to changes in consumer tastes, rise in standard of living globally and inclination toward innovative products is expected to drive the growth of the market. By region, North America garnered the highest share in the Bourbon market in 2021, holding more than one-third of the global revenue in 2021, and is projected to keep hold of its dominance by 2031.