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 distilled alcoholic beverage produced in Scotland from malted barley. It is known worldwide for its distinct flavor profile which is typically sweetish and creamy with subtle hints of smoke. Unlike other whisky styles, Scottish whisky is known for its balanced flavors imparted by strict regulations concerning maturation in oak casks. Scottish whisky is one of the most popular brown spirits consumed across the globe and make up for over 75% of global whisky market. It finds use in cocktails and as a neat spirit due to its smooth and aromatic characteristics.
Market key trends:-
The key trends influencing growth of Scottish whisky market include rising number of premiumization. With growing appreciation of craft distilling process and unique characteristics, consumers are willing to pay premium for high-end single malt varieties. There is also rising focus on environmentally sustainable practices by distillers which is positively impacting brand image. Innovation in terms of flavors such as peated, non-peated, cask finished varieties is driving attraction of new consumers. Moreover, growing emphasis on online retailing and cross-border e-commerce is facilitating easy accessibility to wide portfolio of Scottish whisky globally.
Porter’s Analysis:-
- Threat of new entrants: The threat of new entrants is moderate as the Scottish whisky market requires large capital investments and aging of whisky for 3 to 12 years before the product can be sold in the market.
- Bargaining power of buyers: The bargaining power of buyers is high due to the presence of several buyers in the international market. Buyers can negotiate on price and demand various discounts.
- Bargaining power of suppliers: The bargaining power of suppliers is low because there are many raw material suppliers for making whisky.
- Threat of new substitutes: The threat of new substitutes is low as whisky has established brand names and there are no close substitutes for the unique taste of Scottish whisky.
- Competitive rivalry: High due to the presence of many major players competing in terms of quality, pricing and innovation.
Key Takeaways:-
The Global Scottish Whisky Market Size is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period, due to increasing alcohol consumption and rising preference for premium drinks. The market size for 2023 is projected to reach US$ 7.69 Bn.
Regionally, the Scottish whisky market in North America accounted for the largest share in 2023 attributed to heavy consumption of whisky in the United States. Asia Pacific is anticipated to be the fastest growing market owing to increasing adoption of Western drinking culture and improving economic conditions.
Key players operating in the Scottish whisky market are William Grant & Sons, Pernod Ricard, Diageo Plc, Bacardi Limited, Suntory Holdings, Aceo Ltd. The major players are focusing on capacity expansion, product innovation and new product launches to strengthen their market presence. For instance, William Grant & Sons invested USD 50 million to expand production at its distillery in Scotland.
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