The rise of craft distilleries is anticipated to openup the new avanue for Scottish Whisky market11/9/2023 The Scottish Whisky Market is estimated to be valued at US$ 7.69 Bn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Scottish whisky refers to malt whisky or grain whisky which is predominantly produced in Scotland. The key types of Scottish whisky include single malt, blended malt, and blended whisky. Single malt is produced from malted barley at a single distillery using water from that distillery. Blended malt contains whisky from several single malt distilleries which are then blended together. Blended whisky contains a mixture of both malt and grain whisky from various distilleries which are then blended together. Scotland is considered as the home of whisky, with a history of whisky making dating back to the 15th century. Market Dynamics:- Growing popularity of micro-distilleries is expected to propel the growth of Scottish whisky market over the forecast period. The number of licensed distilleries in Scotland has grown in recent years, rising from around 60 in the 1990s to over 130 currently. This growth has been led by the rise of craft or 'micro-distilleries' producing smaller batch whiskies. These smaller distilleries offer experimentation and differentiation within the market. Increasing consumption of Scotch whisky in emerging economies such as China and India is also anticipated to aid market growth. Changing consumer preferences towards premium and craft spirits combined with rising disposable income levels in developing Asian countries is expected to support consumption levels of Scotch whisky. Segment Analysis:- The Scottish whisky market is dominated by the blended whisky segment which holds around 60% of the total market share. Blended whisky is preferred by consumers as it offers smooth yet crisp taste at affordable price points compared to single malts. The single malt whisky segment is another major segment and holds around 35% share. It caters to premiumization trend and offers distinctive characteristics based on production region, however single malts come at a higher price compared to blended whiskies. PEST Analysis:-
The Global Scottish Whisky Market Size is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period, due to increasing premiumization trend globally. Regionally, Asia Pacific region is expected to witness fastest growth owing to rising affluent population, exposure to whisky culture and expanding distribution. The USA is currently the largest market for Scottish whisky. Key players operating in the Scottish whisky are William Grant & Sons, Pernod Ricard, Diageo Plc, Bacardi Limited, Suntory Holdings, Aceo Ltd. These companies account for over 70% of total Scottish whisky market. Key players focus on expanding premium offerings and strengthening distrbution channels in high growth markets like Asia. They also pursue strategic acquisitions to strengthen brand portfolio and production capacities. Scotland dominates the global whisky production and acts as a major hub for distilleries. The region produces over 1 billion bottles annually. Within Scotland, Speyside region has ideal climatic conditions and clean water sources making it an attractive hub accounting for over half of total Scottish whisky distilleries. Read More - https://www.newsstatix.com/scottish-whisky-market-demand-and-share-analysis/
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