Single Malt Scotch Whisky is the largest segment driving the growth of Scottish Whisky Market
The global Scottish Whisky Market is estimated to be valued at US$ 7.69 Bn or Billion 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.
SWOT Analysis:-
· Strength: Scotland has a centuries-old Whisky making tradition and culture that has helped establish the category and build strong brand equity globally.
· Weakness: Scottish Whisky production is highly dependent on weather conditions and climate change can impact the quality and consistency of output.
· Opportunity: Growing popularity of Scotch whisky especially among young consumers in developing Asian markets like China and India present huge untapped opportunities.
· Threats: Economic slowdowns and global trade conflicts can negatively impact export demand and pricing of premium Scotch whisky varieties. Substitutes like Japanese and American whiskey also pose competitive threats.
Key Takeaways:-
The Global Scottish Whisky Market Growth is expected to witness high, exhibiting CAGR of 5.3% over the forecast period, due to increasing preference for premium and super premium whiskies among affluent consumers. The market size for 2023 is US$ 7.69 Bn.
Regional analysis:
Asia Pacific currently represents the fastest growing market for Scotch whisky led by countries like China, India and Japan. Changing preferences and increased socialization have boosted on-trade consumption. North America also remains one of the largest and most important regions owing to strong cultural affiliation.
Key players operating in the Scottish Whisky Market are William Grant & Sons, Pernod Ricard, Diageo Plc, Bacardi Limited, Suntory Holdings, and Aceo Ltd. William Grant & Sons, Diageo and Pernod Ricard collectively account for over 65% of total Scotch whisky volume globally.
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