In this piece, we will take a look at the 21 best whiskeys under $50 in 2023. For more whiskies, head on over to 5 Best Whiskies Under $50 in 2023.
Whiskey is one of the most popular alcoholic drinks in America and one with a special place in the country's history. Whiskey was used as currency during the American revolution, in Western areas where currency was hard to come by, with people trading it for essential items and household goods. After the Revolution, the drink was also the first domestically produced product that was taxed in the U.S., since ample amounts of corn production provided farmers with an easily accessible raw material for a final product. This taxation was also the earliest source of conflict in the U.S., as the new government, desperate to gather funds, levied a whiskey tax. Soon after this, whiskey brewing grew in popularity, with several notable figures in U.S history, such as Abraham Lincoln, Thomas Jefferson, George Washington, and others, having a liquor license, with Washington's distillery in Mount Vernon producing a massive 11,000 gallons to make it one of the largest plants in the U.S. Bourbon was also recognized as a "distinct product of the USA" by the Congress in 1964 which also set down guidelines about its production and raw material composition.
Naturally, it's safe to say that copious amounts of whiskey are both produced and consumed in the U.S. Unsurprisingly, the top two most popular drinks in the U.S., according to Taste Atlas, are whiskies. At the very top is bourbon, followed by Old-Fashioned, a cocktail mix of either whiskey or bourbon, sugar, fruit, and club soda or water. Whiskey production has also come a long way since Washington's time, with IBIS World suggesting that there are 813 whiskey distillery businesses in the U.S. as of 2023 marking a 14% annual increase. This growth in distilleries is also matched by the rising popularity of whiskey over its age old rival beer in the market. According to a report from the Distilled Spirits Council of the United States, spirits gained market share in the U.S. for the 13th straight year in 2023, with total sales commanding 42.1% of the alcoholic beverage market.
This latest market share growth also marked the first time that spirit sales managed to overtake beer's market share, which stood at 41.9% in 2022. However, the CEO of the Beer Institute, Mr. Brian Crawford shrugged off the spirit victory and insinuated that the spirits industry is full of double standards, as it is "making money hand-over-fist while simultaneously going state-to-state hunting for more tax carveouts from state legislatures."
In terms of market value, Proficient Market Insights believes that the U.S, whiskey market was worth $10.7 billion in 2021 and that it will grow at a compounded annual growth rate (CAGR) of 9.85% between then and 2027 to sit at an estimated $18.8 billion by the end of 2027. Looking at this, the whiskey companies really do seem to be making money hand over fist as pointed out by Mr. Crawford. Another research report, this time from 360MarketUpdates, lays down a similar growth rate of 9.64% for the sector, as it outlines that the U.S. whiskey market was worth $11.8 billion in 2022 and will be worth a whopping $20.5 billion by 2028 end.
When analyzing market performance and revenue estimates, a key factor to consider is inflation. This is due to the fact that as prices rise, a firm's revenue also goes up and if this growth is analyzed in isolation, then it can paint a false picture of growth in market share. According to data from St. Louis Fed, the distilled whiskey producer price index was 112 in March 2021, and since then it has grown quite sharply, as it currently sits at 129.5, maintaining a level that it reached in June last year.
Finally, while the U.S. might have a vibrant whiskey industry, it is only one of the handful of countries that make the best whiskey in the world. Insider Monkey carried out detailed research in February 2023 to find out which countries make the best whiskey, and found out that America came in at fourth place - with the top spot going to Ireland. At the same time, we also took a look at which countries export the most whiskey in the world and found out that as of 2022, the U.K. was by far the world's largest whiskey exporter - helped significantly by the strength of Scotland's whiskey exports. Scotland is also thought to be the point of origination for whiskey, and our research revealed that while British whiskey exports stood at $6.3 billion, America came in second place by having sold $1.8 billion of products in the global market.
And, if you were wondering why spirits are taking away market share from beer in America, then Anheuser-Busch InBev SA/NV (NYSE:BUD)'s chief executive officer Mr. Michel Doukeris has got your back as he explained in a recent earnings call that:
I think that when you think about the main causes for spirits to be performing well in the U.S., has a lot to do with availability. So, several propositions in states, things that increase the availability and for some people questioning how big this can be and all the availability that was created, this it is the correct thing. And the second point, we see throughout the years, more on the affordable cheap side when you compare the spirits prices in the U.S. versus any other market globally, which is something that is interesting, not to say anything different. It’s quite affordable. But it’s good to see that in the last weeks and when you look one through three years compounded, beer is performing better than was performing before, year-to-date is gaining share of value and gaining share of throat.
Banker's Club - Blended Scotch Whisky is distilled by Laird's distillery in Scotland, which claims to be one of the oldest whiskey makers in the country.
20. Old Crow Bourbon
Insider Monkey's Score: 1
Old Crow Bourbon is an American whiskey brand that originates from Kentucky. It is distilled by Beam Suntory with a minimum age of 3 years.
19. Ancient Age 90
Insider Monkey's Score: 1
Ancient Age 90 is distilled from corn, rye, and barley malt. It also originates from Kentucky and has a spicy cinnamon touch with a hint of mint and dried grains.
18. Coopers’ Craft Bourbon
Insider Monkey's Score: 1
Coopers’ Craft Bourbon is a brand of whiskey distilled by Brown-Forman Corporation (NYSE:BF-B) - one of America's largest maker of alcoholic drinks.
17. W.L. Weller Antique
Insider Monkey's Score: 1
W.L. Weller Antique is distilled by the Buffalo Trace Distillery. It is bottled at 107 proof and has a full bodied floral and vanilla taste.
Fighting Cock Kentucky Straight Bourbon Whiskey is distilled by Heaven Hill Distilleries and is aged for at least three years and bottled at 101 proof - making it relatively lighter compared to some other spirits.
15. J.W. Dant Bottled-In-Bond Bourbon
Insider Monkey's Score: 2
J.W. Dant Bottled-In-Bond Bourbon is another straight Kentucky bourbon that is produced by Heaven Hill Distilleries. Its known for its sweetish taste with a touch of caramel.
14. Wild Turkey 81 Proof
Insider Monkey's Score: 2
Wild Turkey 81 Proof is aged for a minimum of five years and is one of the lightest bourbons out there since it is bottled at just one proof higher than the minimum requirement of 80 proof for bourbon.
13. Heaven Hill 6 Year Bottled in Bond
Insider Monkey's Score: 2
Heaven Hill 6 Year Bottled in Bond, as the name suggests, is aged for six years and made by Heaven Hill Distilleries. However, it's hard to come by since the bourbon has officially been discontinued.
12. Four Roses Yellow Label
Insider Monkey's Score: 3
Four Roses Yellow Label is Kentucky straight bourbon that is aged for a minimum of five years. It has a creamy flavor and fruity taste.
11. Old Forester 86-Proof
Insider Monkey's Score: 3
Old Forester 86-Proof is one of the rare whiskies that was distilled both before the Prohibition era and after it. It is also made by Brown-Forman Corporation (NYSE:BF-B).
10. Benchmark No. 8
Insider Monkey's Score: 3
Benchmark No. 8 is distilled by the Sazerac Company and is aged for a minimum of three years. At 80 proof, it is one of the lightest whiskies out there.
9. Rebel Kentucky Straight Bourbon
Insider Monkey's Score: 3
Rebel Kentucky Straight Bourbon is distilled by Heaven Hill Distillery and is known for its association with the singer Billy Idol.
8. Wild Turkey 101
Insider Monkey's Score: 3
Wild Turkey 101 is a straight Kentucky bourbon that is one of the stronger whiskies out there with a proof score of 101.
7. Jim Beam Black Extra-Aged
Insider Monkey's Score: 3
Jim Beam Black Extra-Aged is 86 proof and is aged for at least four years. It has vanilla, oak, caramel nougat, and dried apple palate.
6. Very Old Barton 100
Insider Monkey's Score: 3
Very Old Barton 100 is the strongest proof bourbon of the Very Old Barton lineup. It is distilled by the Sazerac Distillery.
