Bold Glance: Why is the American Whiskey Market Booming?

The whiskey renaissance is underway thanks to a growing appreciation for bolder flavors, marketing innovations, and a whiff of nostalgia. Millennials spurred the American whiskey movement as they have developed a more discerning palate for alcohol. And unlike other trendy spirits, it appears that this movement isn’t going away any time soon.
WATCH – Why is the American Whiskey Market Booming:
Scottish and Irish immigrants brought whiskey to America in 1710. Fermented grains such as barley, corn, rye, or wheat comprise its ingredients. Whiskey undergo aging in wooden barrels for at least two years. Location also determines the name of whiskey and the law that specifies the manner of preparation.
Whiskey is a broad category, and the differentiation is in the ingredient composition. A whiskey is a bourbon only if its mash contains at least 51% corn. The rest of the mash usually contains malted barley, and either wheat or rye. Only the US can make bourbon. Rye, another type of whiskey, contains 51% rye.
Here the processes diverge. For beer, the fermented wort goes through conditioning (a.k.a. cold-storage aging). For whiskey, the wash is destined for distillation. Some whiskeys are distilled with the grains still in the wash, while some are run off the grains before distillation.
Scotch is made with malted barley and aged in oak barrels for at least three years. Scotland is the only place where you can make scotch. There are also two kinds of scotch: malt and grain. Single malt is made entirely from malted grain. However, single grains do not need to be made from barley, nor does the grain need to be malted. The term single means that the scotch is from a single distillery.
Apart from these categories, there are two more classifications of whiskey: straight or blended. A fresh mash of grains aged in charred, new oak barrels plus water makes straight whiskey. Blended whiskey is a mixture of at least 20% whiskey and other spirits, flavorings, and colorings. Blended whiskey is generally a cheaper variety, but there are a number of premium brands in the market as well.
The US consumed an average of 3.7 billion bottles of whiskey between 2010 and 2015. Consumers also bought 672 million bottles of straight whiskey from 2013 and 2015, and 180 million bottles of blended whiskey.
Although there are iterations in terms of base grain, grain percentage, barrel finishes, and distillation processes, whiskey has a distinct flavor that bears no mistaking.
For a while in the 1960s, whiskey’s image was that it was as a “grandfather’s drink.” James Bond inspired young consumers, who then preferred to drink vodka, martinis, highballs, and Bloody Mary’s. Today, millennials drive the sales of American whiskey as they enjoy authentic, nostalgic craft products. In 2016, American whiskey sales rose 7.7%, totaling to $3.1 billion in revenue. There are now more American whiskey craft cocktail bars and local whiskey distilleries. Younger people, especially women, genuinely enjoy whiskey, given its new approachable price point. There is high demand for American whiskey and whiskey knowledge among the younger generation.
There has been a shift from household name distilleries such as Jim Beam and Jack Daniel’s to smaller, artisanal-type companies.
In many cases, the same mass-producing distillery giants own these smaller companies. Kentucky and Tennessee are the whiskey capitals of America, and more small-scale distilleries are emerging in Ohio, New York, and Colorado.
In 2009, spirits owned 32.9% of the market share and has since surged to 35.9% in 2016. Interestingly, American whiskey’s female consumer base is growing fast. Beyond American shores, Spain, the United Kingdom, Japan, and Australia enjoy whiskey the most—the top importers of American whiskey. The UK alone imported 126.5 million US dollars’ worth in 2017.
There are thousands of craft American whiskey brands, apart from Jack Daniel’s, Jim Beam, and Buffalo Trace. More and more distilleries and breweries are opening each year. Different brands are now innovating to produce rare and high-quality whiskey. This is further elevating its status as one of the top drinks of choice in the world. Producers are working at 100% capacity to keep up with the demand, exercising patience in storing their stock for years and decades.
The following is a list of some of the most popular American whiskey brands and distilleries:
American Whiskey now has a growing fan base, with more millennials and women drinkers with sophisticated palates joining the fold. And with demand at an all-time high, experts say the whiskey boom will endure as producers continue to make honest and bold whiskey that consumers genuinely enjoy. It is making a bold impact on society.
Thirty-two female CEOs made it to the list of 2017 Fortune 500, making this an all-time high. Women as business leaders are undeniably making progress in taking C-suite roles. Facebook COO Sheryl Sandberg agrees, “In the future, there will be no female leaders. There will be just leaders.” The number paints a promising outlook.
However, this number dropped to 24 in June 2018. This was due to a number of resignations by prominent female CEOs last year. This includes Campbell Soup Co.’s Denise Morrison, Hewlett Packard’s Meg Whitman, Mondelez’s Irene Rosenfeld, and Avon’s Sheri McCoy.
With these fluctuations, the share of female CEOs in the Fortune 500 has been reduced to 25%. Denise Morrison’s stay lasted seven years; Meg Whitman and Irene Rosenfeld were CEOs for six years; and Avon’s Sheri McCoy leadership only lasted five years. According to the study from Pavle Sabic, director of market development at S&P Capital IQ, tenure for female CEO runs for four years compared with male CEO’s tenure of six years.
While the difference of two years in tenure may not be that much, this data underscores a growing trend for women leaders in the workforce—the “glass cliff.” The term was coined in 2004 by British professors Michelle K. Ryan and Alexander Haslam of the University of Exeter. The phenomenon describes the tendency of organizations to appoint a female CEO during times of crisis in contrast with appointing male leaders in times of success. Academics are attempting to understand this newly evolved beast hoping to shed light on the reasons why female leaders end up standing at the edge of the cliff.
Despite these realities, seeing female CEOs take the rein should be celebrated. Here are the 2018 Fortune 500’s female CEOs.