Scotch Whisky Market
Scotch Whisky Market Forecasts to 2030 - Global Analysis By Type (Single Malt Scotch Whisky, Blended Scotch Whisky, Single Grain Scotch Whisky, Blended Grain Scotch Whisky and Other Types), Flavour, Region of Origin, Price Range, Packaging, Distribution Channel, End User and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $33.11 BN |
|
Projected Year Value (2030) |
US $57.87 BN |
|
CAGR (2023 - 2030) |
8.3% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
Europe |
According to Stratistics MRC, the Global Scotch Whisky Market is accounted for $33.11 billion in 2023 and is expected to reach $57.87 billion by 2030 growing at a CAGR of 8.3% during the forecast period. Scotch whisky, renowned globally for its rich heritage and complex flavours, is a beloved spirit originating from Scotland. Crafted from malted barley, water, and aged in oak barrels for a minimum of three years, it embodies centuries of tradition. The diverse geography, water sources, and peat levels contribute to the varied nuances found in different whiskies. With a meticulous production process and strict regulations, Scotch whisky represents a pinnacle of craftsmanship and cultural significance, enticing connoisseurs with its unparalleled depth and character.
According to the Scotch Whisky Association (SWA), global export sales of scotch whisky rose by more than 4%, reaching a total of USD 6.36 billion in 2019.
Market Dynamics:
Driver:
Growing global demand for premium spirits
As consumers increasingly seek high-quality and distinctive drinking experiences, they are turning to premium scotch whisky for its rich heritage, complex flavours, and craftsmanship. This trend is particularly evident in mature markets like North America and Europe, as well as in rapidly expanding markets across Asia Pacific and Latin America. With discerning consumers willing to invest in luxury beverages, distillers are focusing on premiumization strategies, introducing aged expressions, limited editions, and innovative blends to cater to this lucrative segment of the market.
Restraint:
High taxation
High taxation on scotch whisky primarily stems from government revenue objectives and regulatory measures. These taxes contribute significantly to government coffers due to the lucrative nature of the Scotch industry. However, excessive taxation can lead to inflated retail prices, making scotch whisky less affordable for consumers. Moreover, it can also incentivize illicit trade and smuggling, further impacting legitimate sales channels. This can hinder market growth by dampening demand, particularly among price-sensitive demographics.
Opportunity:
Rising tourism and distillery visits
Tourists increasingly seek immersive experiences, including distillery tours, tastings, and educational sessions, fostering a deeper appreciation for the craft and heritage of Scotch Whisky. These visits not only boost direct sales at distilleries but also create brand loyalty and advocacy among visitors who share their experiences with friends and family. Furthermore, they contribute to local economies by generating revenue from accommodation, dining, and other tourist activities. As a result, distillery tourism serves as a catalyst for market growth, fostering sustained interest and demand for scotch whisky worldwide.
Threat:
Intense competition from other spirits categories
Intense competition from other spirits categories, such as bourbon, vodka, and tequila, presents challenges for the scotch whisky. These rival spirits offer diverse flavor profiles, often at lower price points, appealing to a broader consumer base. Additionally, changing consumer preferences, particularly among younger demographics favour experimentation and variety, further intensifying competition. This dynamic landscape hampers the growth of the Scotch whisky market by diverting consumer spending away from traditional whisky offerings.
Covid-19 Impact
The covid-19 pandemic profoundly affected the scotch whisky market, leading to disruptions in production, distribution, and consumption globally. Lockdown measures, travel restrictions, and closures of bars and restaurants significantly decreased on-premise sales. However, off-premise consumption saw a surge as people turned to home drinking. Export markets, particularly in Asia and Europe, experienced fluctuations due to economic uncertainties and changes in consumer behaviour. Virtual tastings and online sales emerged as crucial strategies for engaging consumers amidst social distancing measures. Overall, while facing challenges, the scotch whisky market adapted and showed resilience during the pandemic.
The blended scotch whisky segment is expected to be the largest during the forecast period
The blended scotch whisky segment is estimated to have a lucrative growth. Blended scotch whisky is a harmonious marriage of malt and grain whiskies sourced from multiple distilleries. This style accounts for the majority of the production and is known for its smoothness, consistency, and versatility. Master blenders carefully select and combine whiskies of different ages and characteristics to achieve a balanced flavor profile that appeals to a wide range of consumers. It offers a diverse range of expressions, from entry-level offerings to premium blends, making it accessible to both novice drinkers and connoisseurs seeking quality and value in their whisky experience.
The premium segment is expected to have the highest CAGR during the forecast period
The premium segment is anticipated to witness the highest CAGR growth during the forecast period. Premium Scotch whisky represents the pinnacle of craftsmanship and quality in the Scotch whisky market. These whiskies are meticulously crafted using the finest ingredients and aged for extended periods to develop complex flavours and aromas. Often produced by renowned distilleries, premium Scotch whiskies command higher prices due to their exceptional quality, limited availability, and unique character. Premium Scotch whisky exemplifies tradition, heritage, and excellence, appealing to aficionados and collectors worldwide.
Region with largest share:
The Scotch Whisky market in the Asia Pacific region has experienced remarkable growth driven by rising affluence, evolving consumer tastes, and a burgeoning middle class. Countries like China, Japan, and India have emerged as significant markets, with a growing demand for premium and ultra-premium Scotch Whisky brands. Key trends include the popularity of whisky as a status symbol, increasing interest in whisky appreciation and education, and a surge in cocktail culture across urban centers. Additionally, collaborations between Scotch Whisky producers and local distributors are facilitating market penetration and brand awareness in the diverse and dynamic Asia Pacific region.
Region with highest CAGR:
The Scotch Whisky market in Europe remains robust, characterized by steady demand and diverse consumer preferences. Scotland continues to dominate production, with traditional distilleries maintaining their stronghold alongside a rising trend in craft and boutique distilleries. Key European markets such as the UK, Germany, and France exhibit stable consumption patterns, while emerging markets in Eastern Europe show promising growth potential. Scotch Whisky maintains its status as a quintessential spirit in Europe.
Key players in the market
Some of the key players profiled in the Scotch Whisky Market include Diageo PLC, Pernod Ricard SA, William Grant & Sons Limited, Bacardi Limited, Edrington Group, Beam Suntory Inc., John Dewar & Sons, Whyte & Mackay Limited, Glenmorangie Company, Chivas Brothers, BenRiach Distillery Company, Ian Macleod Distillers Limited, Longmorn Distillery, Johnnie Walker and Brown-Forman Corporation.
Key Developments:
In February 2024, Longmorn, a Scotland Speyside single malt Scotch, is proud to begin another chapter in its 130-year history of craftsmanship with the introduction of two new whiskies and the unveiling of a contemporary new appearance. Unmatched in its refined craft and flavor, Longmorn has made the commitment to release single malt whiskies matured for no less than 18 years, beginning with the newly released 18-Year-Old and 22-Year-Old expressions.
In October 2023, Dewar's® blended Scotch whisky has unveiled its highest age expression released to date – DEWAR'S Double Double 37 Year Old – a rare, limited edition. The first in the brand's Collector's Series, it is one of four blended malts in the set, with each expression finished in a unique and innovative way.
Types Covered:
• Single Malt Scotch Whisky
• Blended Scotch Whisky
• Single Grain Scotch Whisky
• Blended Grain Scotch Whisky
• Other Types
Flavours Covered:
• Peated
• Non-Peated
• Sherry Cask Finished
• Bourbon Cask Finished
• Wine Cask Finished
• Other Flavours
Region of Origins Covered:
• Highland
• Lowland
• Islay
• Speyside
• Campbeltown
• Islands
Price Ranges Covered:
• Premium
• Ultra-Premium
• Value
• Mid-Range
• Other Price Ranges
Packagings Covered:
• Casks
• Decanters
• Limited Edition Bottles
• Standard Bottles
• Other Packagings
Distribution Channels Covered:
• Retail Stores
• Online Platforms
• Duty-free Shops
• Other Distribution Channels
End Users Covered:
• Individual Consumers
• Bars, Pubs & Restaurants
• Whisky Clubs & Societies
• Hotels & Hospitality
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Scotch Whisky Market, By Type
5.1 Introduction
5.2 Single Malt Scotch Whisky
5.3 Blended Scotch Whisky
5.4 Single Grain Scotch Whisky
5.5 Blended Grain Scotch Whisky
5.6 Other Types
6 Global Scotch Whisky Market, By Flavour
6.1 Introduction
6.2 Peated
6.3 Non-Peated
6.4 Sherry Cask Finished
6.5 Bourbon Cask Finished
6.6 Wine Cask Finished
6.7 Other Flavours
7 Global Scotch Whisky Market, By Region of Origin
7.1 Introduction
7.2 Highland
7.3 Lowland
7.4 Islay
7.5 Speyside
7.6 Campbeltown
7.7 Islands
8 Global Scotch Whisky Market, By Price Range
8.1 Introduction
8.2 Premium
8.3 Ultra-Premium
8.4 Value
8.5 Mid-Range
8.6 Other Price Ranges
9 Global Scotch Whisky Market, By Packaging
9.1 Introduction
9.2 Casks
9.3 Decanters
9.4 Limited Edition Bottles
9.5 Standard Bottles
9.6 Other Packagings
10 Global Scotch Whisky Market, By Distribution Channel
10.1 Introduction
10.2 Retail Stores
10.3 Online Platforms
10.4 Duty-free Shops
10.5 Other Distribution Channels
11 Global Scotch Whisky Market, By End User
11.1 Introduction
11.2 Individual Consumers
11.3 Bars, Pubs & Restaurants
11.4 Whisky Clubs & Societies
11.5 Hotels & Hospitality
11.6 Other End Users
12 Global Scotch Whisky Market, By Geography
12.1 Introduction
12.2 North America
12.2.1 US
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 Italy
12.3.4 France
12.3.5 Spain
12.3.6 Rest of Europe
12.4 Asia Pacific
12.4.1 Japan
12.4.2 China
12.4.3 India
12.4.4 Australia
12.4.5 New Zealand
12.4.6 South Korea
12.4.7 Rest of Asia Pacific
12.5 South America
12.5.1 Argentina
12.5.2 Brazil
12.5.3 Chile
12.5.4 Rest of South America
12.6 Middle East & Africa
12.6.1 Saudi Arabia
12.6.2 UAE
12.6.3 Qatar
12.6.4 South Africa
12.6.5 Rest of Middle East & Africa
13 Key Developments
13.1 Agreements, Partnerships, Collaborations and Joint Ventures
13.2 Acquisitions & Mergers
13.3 New Product Launch
13.4 Expansions
13.5 Other Key Strategies
14 Company Profiling
14.1 Diageo PLC
14.2 Pernod Ricard SA
14.3 William Grant & Sons Limited
14.4 Bacardi Limited
14.5 Edrington Group
14.6 Beam Suntory Inc.
14.7 John Dewar & Sons
14.8 Whyte & Mackay Limited
14.9 Glenmorangie Company
14.10 Chivas Brothers
14.11 BenRiach Distillery Company
14.12 Ian Macleod Distillers Limited
14.13 Longmorn Distillery
14.14 Johnnie Walker
14.15 Brown-Forman Corporation
List of Tables
1 Global Scotch Whisky Market Outlook, By Region (2021-2030) ($MN)
2 Global Scotch Whisky Market Outlook, By Type (2021-2030) ($MN)
3 Global Scotch Whisky Market Outlook, By Single Malt Scotch Whisky (2021-2030) ($MN)
4 Global Scotch Whisky Market Outlook, By Blended Scotch Whisky (2021-2030) ($MN)
5 Global Scotch Whisky Market Outlook, By Single Grain Scotch Whisky (2021-2030) ($MN)
6 Global Scotch Whisky Market Outlook, By Blended Grain Scotch Whisky (2021-2030) ($MN)
7 Global Scotch Whisky Market Outlook, By Other Types (2021-2030) ($MN)
8 Global Scotch Whisky Market Outlook, By Flavour (2021-2030) ($MN)
9 Global Scotch Whisky Market Outlook, By Peated (2021-2030) ($MN)
10 Global Scotch Whisky Market Outlook, By Non-Peated (2021-2030) ($MN)
11 Global Scotch Whisky Market Outlook, By Sherry Cask Finished (2021-2030) ($MN)
12 Global Scotch Whisky Market Outlook, By Bourbon Cask Finished (2021-2030) ($MN)
13 Global Scotch Whisky Market Outlook, By Wine Cask Finished (2021-2030) ($MN)
14 Global Scotch Whisky Market Outlook, By Other Flavours (2021-2030) ($MN)
15 Global Scotch Whisky Market Outlook, By Region of Origin (2021-2030) ($MN)
16 Global Scotch Whisky Market Outlook, By Highland (2021-2030) ($MN)
17 Global Scotch Whisky Market Outlook, By Lowland (2021-2030) ($MN)
18 Global Scotch Whisky Market Outlook, By Islay (2021-2030) ($MN)
19 Global Scotch Whisky Market Outlook, By Speyside (2021-2030) ($MN)
20 Global Scotch Whisky Market Outlook, By Campbeltown (2021-2030) ($MN)
21 Global Scotch Whisky Market Outlook, By Islands (2021-2030) ($MN)
22 Global Scotch Whisky Market Outlook, By Price Range (2021-2030) ($MN)
23 Global Scotch Whisky Market Outlook, By Premium (2021-2030) ($MN)
24 Global Scotch Whisky Market Outlook, By Ultra-Premium (2021-2030) ($MN)
25 Global Scotch Whisky Market Outlook, By Value (2021-2030) ($MN)
26 Global Scotch Whisky Market Outlook, By Mid-Range (2021-2030) ($MN)
27 Global Scotch Whisky Market Outlook, By Other Price Ranges (2021-2030) ($MN)
28 Global Scotch Whisky Market Outlook, By Packaging (2021-2030) ($MN)
29 Global Scotch Whisky Market Outlook, By Casks (2021-2030) ($MN)
30 Global Scotch Whisky Market Outlook, By Decanters (2021-2030) ($MN)
31 Global Scotch Whisky Market Outlook, By Limited Edition Bottles (2021-2030) ($MN)
32 Global Scotch Whisky Market Outlook, By Standard Bottles (2021-2030) ($MN)
33 Global Scotch Whisky Market Outlook, By Other Packagings (2021-2030) ($MN)
34 Global Scotch Whisky Market Outlook, By Distribution Channel (2021-2030) ($MN)
35 Global Scotch Whisky Market Outlook, By Retail Stores (2021-2030) ($MN)
36 Global Scotch Whisky Market Outlook, By Online Platforms (2021-2030) ($MN)
37 Global Scotch Whisky Market Outlook, By Duty-free Shops (2021-2030) ($MN)
38 Global Scotch Whisky Market Outlook, By Other Distribution Channels (2021-2030) ($MN)
39 Global Scotch Whisky Market Outlook, By End User (2021-2030) ($MN)
40 Global Scotch Whisky Market Outlook, By Individual Consumers (2021-2030) ($MN)
41 Global Scotch Whisky Market Outlook, By Bars, Pubs & Restaurants (2021-2030) ($MN)
42 Global Scotch Whisky Market Outlook, By Whisky Clubs & Societies (2021-2030) ($MN)
43 Global Scotch Whisky Market Outlook, By Hotels & Hospitality (2021-2030) ($MN)
44 Global Scotch Whisky Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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