Bourbon continues to boom: Looking back on 2022 and looking forward to 2023

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As another year comes to a close, it’s important we take a look back at the American whiskey market for current and future investments. Was 2022 a profitable year for the bourbon and whiskey industry? Will numbers and interest continue to rise? Is there room for infrastructure expansion in, say, Kentucky and Tennessee?

In Kentucky alone, the state celebrated its best year for growth in the bourbon industry with more than $5.2 billion in new investments — from distillery expansions to brand new distilleries, according to a recent article by WKYT of Lexington, Ky. There are currently more than six new distilleries in the works.

Kentucky Gov. Andy Beshear spoke at a ceremony held by Sazerac celebrating the filling of the 8 millionth barrel of bourbon since Prohibition at the Buffalo Trace Distillery in Frankfort, Ky.Buffalo Trace Distillery recently filled its 8 millionth barrel since Prohibition. | Photo by Sara HavensHe talked about the burgeoning bourbon industry and how it’s fueling Kentucky’s economy and job market.“Kentucky’s bourbon and spirits industry continues to set itself apart as we conclude another tremendous year of growth statewide,” said Gov. Beshear, according to the article.

Here’s an excerpt from the piece:

Buffalo Trace Distillery recently filled its 8 millionth barrel since Prohibition. | Photo by Sara Havens

“Kentucky’s bourbon and spirits industry continues to set itself apart as we conclude another tremendous year of growth statewide”
CaskX, March 30, 2023

Tennessee Whiskey is another category of the all-encompassing American Whiskey classification that is experiencing tremendous growth.

Also making news in this category in 2022 was the fact that a Tennessee Whiskey was named “The Most Exciting Whiskey of the Year” by Whiskey Advocade. That’s right, Jack Daniel’s Bonded, a new product released in 2022, won the coveted spot on this list, beating out the likes of Dewar’s 12 Year Old, Bruichladdich 8 Year, and Miyagikyo Peated, to name a few.

Obviously the largest producer of the spirit, Jack Daniel’s, has grown astoundingly year after year, but there are also dozens of smaller distilleries scattered around the state that are fast making a name for themselves.Other popular Tennessee Whiskey distilleries include George Dickel, Nearest Green, Ole Smoky, Nelson’s Green Brier, Chattanooga, Old Dominick and the three CaskX partner distilleries of Corsair, Nashville Craft and Old Glory.

It is with great pleasure that we extend our warmest thanks to InsideHook and to Steven A. Schiff for the wonderful article they wrote about us, which not only showcased our expertise and dedication, but also allowed us to connect with new and exciting opportunities.

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