Jeremy Kasler

Bourbon projected to thrive in 2024

Bourbon projected to thrive in 2024

More than 2.1 million people travelled to Kentucky last year, and while some attended the Kentucky Derby or explored the scenic countryside, most of them were there to experience one thing: bourbon.

Travel + Leisure just named Louisville, Kentucky, one of “The 50 Best Places to Travel in 2024,” and Louisville also landed on The New York Time’s “52 Places to Go in 2023” list. According to the Kentucky Distillers’ Association, there are now more than 12.6 million barrels aging in Kentucky, which works out to be about two per resident.

I’m bringing this up not as travel advice but because it’s viable proof that bourbon is continuing its rise in the market both nationally and internationally. Not only do consumers want to purchase the latest release, but they’re after a truly unique relationship with the product. I’m proud that CaskX is one great option for those aficionados looking to get more hands-on in their whiskey journey.

Whiskey investment is getting some attention lately, and CaskX has been on the frontlines of the alternative investment movement since the very beginning. According to an article in World Finance, investing in barrels is a win-win for both the distillery and the investor:

“For distilleries, it’s an instant cash injection, enabling them to boost production and meet the global thirst for their bourbon. For the investors, it’s the opportunity to profit as the whiskey they own matures and appreciates in value. Beyond the potential to generate strong returns, bourbon cask investing offers a number of additional benefits to investors.”

International Market

The international market continues to expand its whiskey palate as the fervor grows. And new distilleries are coming on board all over the world, including mainstays like Scotland and Ireland as well as non-traditional places like Italy, Wales and even China.

American whiskey producers got an early Christmas gift in December when the European Union tariffs on their whiskey were delayed through 2025. According to a piece in the Robb Report, “Who knows what the political landscape will look like a year and a half from now, but in the short term this means that U.S. spirits exports will continue to make their way into the European market with less of a financial toll on the producers who distill and age them.”

According to a recent report by Bonafide Research, the global whisky category is forecasted to increase in value by $88.85 billion by 2028, which is a growth rate of about 6.34% per annum. One region projected to grow the most with its whiskey consumption is the Asia-Pacific region, with India gaining most of the momentum.

U.S. Whiskey Trends

With more than 2,700 distilleries in the Unites States and more being announced all the time, it’s sometimes hard to keep up with all the products. If you’ve been to the whiskey aisle lately at any big-box liquor store, you might find yourself overwhelmed by the sheer number of brands out there.

It’s definitely hard to keep up, even for a connoisseur like me, but my rule of thumb is to stick with what I know, and every now and then venture out and try something new. Or I’ll wait until I get to a tasting room or well-stocked bar to try new products to see if they’re worthy of a full bottle purchase.

There are some emerging trends we’re seeing lately, and it’s good to keep an eye out for some of these.

First up is the American single malt whiskey, which is the fastest-growing whiskey category in the U.S. So many distilleries have dipped their toes into the category that the American Single Malt Coalition was formed in 2016 to help define the perimeters.

Rye whiskey also is on the rise as more and more consumers opt for the spice in their whiskey profile. Sagamore Spirit, which happens to be one of CaskX’s partner distilleries, is helping lead that charge of making great rye whiskey and winning awards at the same time.

Finished bourbons and whiskey continue to dominate the “new release” section, and the innovation in this category has been fun to taste. Whether it’s a wine finish, double barrel or even honey or maple finish, it interesting to experience all the flavors a finishing barrel can add.

Whiskey Investment

Since CaskX has been in business, our own growth is on point with the whiskey industry. We’re working with more and more reputable distilleries than ever, and our clients are reaping the benefits of whiskey investment one barrel at a time. If you’re interested in hearing more about barrel investment, you can reach out here and one of the whiskey experts will be in touch.