The global 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 is produced in Scotland from malted barley. It is then aged and casked for maturation. Whisky offers advantages like relaxation, taste enhancement, and health benefits. There is growing demand for premium and luxury whiskies among high net worth individuals.
Market key trends:-
One of the major trends in the Scottish whisky market is growing popularity of blended whisky among the younger generation consumers. Scottish blended whisky offers consistent quality at affordable price and comes in various flavors. While single malts are appreciated by connoisseurs, blended whisky appeals to a wider demographic given its smooth taste and affordability. This has resulted in blended whisky emerging as the fastest growing segment in the Scottish whisky industry.
Segment Analysis:-
The Scottish whisky market is segmented by type into malt whiskey, grain whiskey, and blended whiskey. Within these, the blended whiskey segment dominated with over 62% share in 2022. This is because blended whiskeys combine both malt and grain whiskeys together to achieve a smoother taste preferred by many consumers. Going forward, the malt whiskey segment is expected to register the highest growth rate during the forecast period owing to the increasing demand for premium and craft whiskies with distinct flavor profiles.
Key Takeaways:-
The Global Scottish Whisky Market Demand is expected to witness high growth, exhibiting a CAGR of 5.3% over the forecast period, due to increasing consumption by millennials and the rising popularity of premium and craft whiskies.
Regional analysis – Regionally, Europe dominated with over 60% share of the total consumption in 2022. However, Asia Pacific is expected to grow at the fastest pace due to rising disposable incomes and increasing socializing habits in countries like China and India.
Market size – The global Scottish whisky market size was valued at US$ 7.69 Bn in 2023 and is anticipated to reach US$ 11.78 Bn by 2030.
Key players – Key players operating in the Scottish whisky market are William Grant & Sons, Pernod Ricard, Diageo Plc, Bacardi Limited, Suntory Holdings, Aceo Ltd. These players are focusing on expanding their distribution networks and launching new premium products to cater to the rising demand for craft spirits.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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