by Market Overview:
Scottish Whisky is made from fermented grains like barley, wheat or rye and matured in oak casks. It is known for its distinct flavor profile arising from natural aging in oak barrels. Scottish whisky is consumed as a premium spirit globally due to its rich taste and aroma.
The Scottish whisky market is estimated to be valued at US$ 7.69 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand for premium and luxury goods among millennials and high-net-worth individuals is one of the major trends witnessed in the Scottish whisky market. Customers are willing to pay substantially higher prices for high-end premium Scottish whisky variants considered luxury beverages. Since premium whiskies tend to be aged longer, producers are focusing on releasing extra-aged variants which are sold at high prices catering to the changing taste preferences of luxury consumers globally.
SWOT Analysis
Strength: Scottish Whisky has strong heritage and cultural value in both Scottish and international markets. The distinct style and flavor are also recognized worldwide which helps in brand positioning.
Weakness: Heavy reliance on global economic conditions and international tourism which can impact sales during economic downturns. Increased global competition from other spirit categories.
Opportunity: Growing popularity of premium and craft spirits provides opportunity to tap new consumers. Rising disposable incomes in emerging markets like Asia present new markets for premiumization.
Threats: Stringent regulations regarding advertising and promotion. Increase in taxation can dampen demand. Trade wars and geo-political tensions impact cross border trade.
Key Takeaways
The Global Scottish Whisky Market Size is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing preference for premium and craft spirits. The market size for 2023 is projected to reach US$ 7.69 Billion.
Regional analysis indicates that Asia Pacific will be the fastest growing market for Scottish Whisky led by countries like China, Japan and India. Growing middle class population and increasing socialization in pubs and bars are driving the consumption in the region. North America currently dominates the market owing to large consumer base and presence of key Scotch producers.
Key players operating in the Scottish Whisky market are William Grant & Sons, Pernod Ricard, Diageo Plc, Bacardi Limited, Suntory Holdings, Aceo Ltd., Ben Nevis Distillery, Edrington, Louis Vuitton Moët Hennessy and Gordon & MacPhail. Major players are focusing on expanding their offerings and entering emerging markets through strategic partnerships and mergers. Innovation in flavors and packaging targeted at millennial customers will be another area of focus.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
