Market Overview:
Scottish whisky is a brown liquor distilled from malted barley and aged in wooden barrels. Single malt whisky segment is growing rapidly among consumers who prefer premium whiskies with unique flavors.
The Scottish whisky market is estimated to be valued at US$ 7.69 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The Scottish Whisky Market has been witnessing rising preference for single malt whiskies across regions. Single malt whiskies are produced using malted barley from a single distillery and exhibit distinct flavor profiles compared to blended whiskies. Consumers today are willing to pay premium prices for premium whiskies with differentiated taste characteristics. Furthermore, single malt whiskies serve as a status symbol and aspirational product in developing nations, thereby driving their market expansion at a global level.
Segment Analysis
The Scottish whisky market is segmented into single malt whisky, blended malt whisky, single grain whisky, and blended grain whisky. Among these, the single malt whisky segment dominated the market and accounted for over 50% share in 2023. Single malt whisky is dominating the market as it is produced from malted barley at a single distillery and has strong flavors that vary across distilleries. This variance and distinctive taste make single malt whisky popular among consumers.
Key Takeaways
The Global Scottish Whisky Market Size is expected to witness high growth, exhibiting a CAGR of 7.2% over the forecast period, due to increasing preference for premium and super premium whiskies and rising western influence across Asia Pacific and Eastern European countries.
Regional analysis: Regionally, North America dominated the Scottish whisky market in 2023 and accounted for over 35% share. However, the market in Asia Pacific region is expected to grow at the fastest pace over the forecast period supported by increasing disposable incomes and rapid urbanization in major countries like China, India, Japan, and South Korea.
Key players: Key players operating in the Scottish whisky market are William Grant & Sons, Pernod Ricard, Diageo Plc, Bacardi Limited, Suntory Holdings, Aceo Ltd., Ben Nevis Distillery, Edrington, Louis Vuitton Moët Hennessy and Gordon & MacPhail. These companies account for over 65% of the global market share and focus on expanding their regional presence and premiumization of portfolios.
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