The Scottish Whiskey Market is estimated to be valued at Us$ 5.31 Bn in 2022 and is expected to exhibit a CAGR Of 5.3% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Scottish whiskey is a type of whiskey that is produced in Scotland. The key varieties of Scottish whiskey include single malt whiskey, blended whiskey and grain whiskey. Single malt whiskey is produced from malted barley at a single distillery using just water, yeast and grains. Blended whiskey contains a combination of single malt and grain whiskey blended together for a smoother taste. Grain whiskey is made from wheat or corn instead of malted barley. Scottish whiskey is enjoyed globally for its smooth taste, aroma and versatility.

Market Dynamics:

The Scottish whiskey market is driven by increasing tourism in Scotland and growing online sales of whiskey. The number of tourists visiting Scotland has grown significantly in recent years to over 3 million annually. Tourism attractions related to whiskey distilleries have become very popular and helped promote whiskey sales. Furthermore, the online retail channel for whiskey has gained immense traction. E-commerce sites offer global delivery of a wide variety of Scottish whiskey at affordable prices driving market growth. Additionally, rising disposable income and growing preference for premium beverages among young consumers is also fueling market growth.

SWOT Analysis

Strength: Scottish whisky has a strong heritage and identity which attracts many consumers. It has over 100 distilleries producing unique single malts and blends. The skilled labor and expertise in production leads to consistent high quality.

Weakness: Scottish whisky market is dependent on a few big players. Small distilleries find it difficult to compete. Supply chain disruptions due to COVID-19 impacted the tourism and hospitality sectors which are major customers.

Opportunity: Growing health-conscious consumer base is increasing the demand for premium and artisanal spirits. Younger generations are more willing to pay higher prices for unique experiences. The rising Asian middle class represents a large untapped market.

Threats: Stricter regulations can hamper innovation. Trade wars and tariffs pose challenges. Climate change may impact barley crop yields and water availability needed in production. Competition is increasing from newer craft spirits

Key Takeaways

The global Scottish Whisky Market is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period, due to increasing preference for premium and craft spirits as status symbols. The market size for 2018 was US$ 4.97 Billion.

Regional analysis - Scotland dominates globally with over half the market share led by Speyside region which is best suited for barley farming. Japan, USA, France and Brazil are other major importers driving growth. Diageo has strategically expanded in India which has become an prominent growth market.

Key players - Key players operating in the Scottish whisky market are Diageo Plc., Pernod Ricard, William Grant and Sons Ltd., Bacardi Limited, Bowmore Distillery, Suntory Beverage & Food Limited, Brown-Forman Corporation, LVMH, Isle of Arran Distillery, La Martiniquaise, and The Edrington Group. They are investing in innovative tapping opportunities like exclusive luxury blends and experiential retailing.

Read More : https://thewion.com/asia-pacific-region-contributing-largest-share/