A bottle of bourbon worth more $2.5 million might not seem like a lot of money at first glance, but bourbon is one of the world’s most expensive spirits.
In recent years, there’s been a surge in demand for the stuff, fueled by the popularity of bourbon cocktails.
As consumers seek out more expensive whiskeys and whiskey cocktails, bourbon has taken a big hit, according to the International Bottled Whisky Association.
This year, whiskey prices in the U.S. hit an all-time high, according the trade group, but demand for bourbon is on the rise again.
“The demand for premium whiskeys has been tremendous in recent years,” said John McVay, executive vice president of industry and government relations at the IBA.
“We are seeing more demand for bourbons, but there is still a lot more supply to go around.”
The IBA’s latest numbers from last year show that whiskey prices have fallen by more than half in just two years, from $1,200 to $1.50 a bottle in 2014.
But the whiskey industry is also experiencing a resurgence.
Demand for bourgens is increasing every year, McVate said, and demand for new whiskeys is on a tear.
This past summer, the American Spirits Whisky Institute released a report showing that demand for brand new bourbons was at its highest level in four years.
“There is an explosion of demand,” McVey said.
“The demand is there, and we are seeing a lot.
It’s just that demand is coming from the American market.”
This year has been particularly good for the bourbon industry, Mcvay said.
The number of new whiskey distilleries opened in the past two years alone surpassed the number in 2014, according that report.
The American Spirits Institute estimates that more than 30 new whiskey distillerys are operating in the country, and many of them are making bourbons.
The bourbon industry has been booming in the last two years.
While the average price of a bottle went up more than 8% this year, it’s still less than the annual average increase for the entire U.K. market, according IBISWorld data.
While bourbon prices are up, there is plenty of room to grow.
The IWBA predicts that demand will keep growing, and prices will continue to rise, as more consumers seek more affordable bourbons to drink.
“If we can continue to see the bourbon market grow and stay strong, we will have a very strong position in the market,” Mcvaysaid.
The whiskey industry has seen growth in the number of distillery locations, which has driven the price of the bourbon down.
In fact, the IWAA says that the number for U.D. has increased by over 50% over the last five years.
The demand for affordable bourgys is strong, and McVaysays whiskey distilling business is a big part of that.
“Our customers are the ones who are looking for affordable, good quality whiskey,” Mcvasay said, adding that he sees that demand as a major factor in the bourbon business booming.
“A lot of our customers, when they look at a bottle, they look for a good whiskey.”