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.

Market Overview:-

Scottish whisky refers to whisky that is produced in Scotland. The key types of Scottish whisky include single malt scotch, blended scotch, and blended malt scotch. Single malt scotch is produced at a single distillery using malted barley as the sole grain ingredient. It accounts for the largest share in the market.

Market key trends:-

One of the key trends driving the growth of the Scottish whisky market is increasing consumption of premium and super premium whisky varieties across the globe. Consumers, especially millennials, are willing to spend more on premium single malt whiskies to experience the distinctiveness each brand offers. The introduction of limited edition and aged whiskies by manufacturers is further fueling the demand. Greater focus on branding and marketing activities targeted towards younger demographics is also boosting the popularity of Scottish whisky.

Market key trends:-

The Scottish whisky market has been witnessing substantial growth in the high-end premium and super premium whisky segments. With rising disposable income and changing consumer preference towards premium drinks, many consumers are willing to pay high prices for aged, craft and specialty whiskies. Moreover, the growing culture of socializing over drinks have increased on-premise consumption of whisky especially in Asia Pacific and North America. The market players have been leveraging these trends by introducing limited edition collectible whiskies and expanding their portfolio of aged whisky varieties.

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.

Read More - https://www.insightprobing.com/scottish-whisky-market-share-and-trends-analysis/