Scotch Whisky Market By Product Type (Single Malt, Blended Scotch, Single Grain), Price Range (Mid-Range, Premium, Super-Premium), Distribution Channels (Online Stores, Retail Stores, Specialty Stores), & Region for 2024-2031
Report ID: 20644|No. of Pages: 202
Scotch Whisky Market By Product Type (Single Malt, Blended Scotch, Single Grain), Price Range (Mid-Range, Premium, Super-Premium), Distribution Channels (Online Stores, Retail Stores, Specialty Stores), & Region for 2024-2031
Scotch Whisky Market Valuation – 2024-2031
The growing demand for sustainably produced and organic whiskies. While specific numbers for organic Scotch whisky are limited, this trend is influencing production methods and marketing strategies in the industry. Thus, sustainability and organic production surge the growth of market size surpassing USD 28.81 Billion in 2024 to reach the valuation of USD 48.53 Billion by 2031.
Whisky tourism is becoming a significant driver for the industry. As tourism rebounds, this trend is expected to continue, with many distilleries investing in visitor centers and experiences. Thus, the growth in whisky tourism enables the market to grow at a CAGR of 6.74% from 2024 to 2031.
Scotch Whisky Market: Definition/ Overview
Scotch whisky, often referred to simply as Scotch, is a renowned distilled spirit produced exclusively in Scotland using cereals, water, and yeast. Known for its distinct smoky flavor, which comes from drying malt over peat fires, Scotch whisky is celebrated for its rich, complex taste and heritage. By law, Scotch must be distilled and aged in oak barrels in Scotland for a minimum of three years, though it can be bottled elsewhere.
Scotch whisky is classified into five main categories: single grain, blended grain, blended malt, single malt, and blended Scotch. Single malt Scotch is made from 100% malted barley at a single distillery, while blended Scotch combines both single malt and grain whiskies from multiple distilleries. Each type offers unique flavors, making Scotch a versatile spirit with broad appeal.
The production process includes mashing, fermenting, distilling, maturing, and bottling. Strict regulations governed by the Scotch Whisky Association ensure the quality and authenticity of each bottle. With growing global demand for premium products, Scotch whisky is experiencing significant market growth. Its deep-rooted tradition, coupled with its robust and distinctive flavor profile, continues to make Scotch a favorite among whisky connoisseurs worldwide.
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How does the Growing Global Demand for Whisky and Premiumization Trend Surge the Growth of the Scotch Whisky Market?
The global appetite for scotch whisky continues to grow. According to the Scotch Whisky Association (SWA), the value of Scotch whisky exports in 2022 grew by 37% to £6.2 billion. The volume of exports also increased by 21% to 1.67 billion 70cl bottles, demonstrating strong global demand. Consumers are increasingly gravitating towards premium brands. The SWA reports that the average value per bottle of Scotch whisky exported in 2022 was £37.37, up 13% from the previous year. This indicates a shift towards higher-value, premium products.
Emerging markets are playing a crucial role in the Scotch whisky industry’s expansion. For instance, India, despite high tariffs, saw a 60% increase in the value of Scotch whisky imports in 2022, reaching £219 million. The SWA notes that if India’s 150% tariff on Scotch whisky was removed, exports could grow by £1 billion over five years. The industry is seeing increased consumer interest in innovative flavors and finishes. According to a report by IWSR Drinks Market Analysis, flavored whisky is expected to grow at a compound annual growth rate (CAGR) of 5.8% from 2021 to 2026, outpacing the growth of traditional whisky.
How the High Taxation and Trade Barriers Impede the Growth of Scotch Whisky Market?
The high taxation is a significant restraint for the scotch whisky market. According to the Scotch Whisky Association (SWA), in India, which is a key growth market, Scotch whisky faces a prohibitive 150% import tariff. This results in Scotch whisky accounting for just 2% of the Indian whisky market. The SWA estimates that reducing this tariff could increase Scotch whisky exports to India by £1 billion over five years. Similarly, in the UK, 70% of the price of an average bottle of Scotch whisky is tax (VAT and excise duty), which is one of the highest rates in Europe. Scotch whisky faces stiff competition from other spirits and alcoholic beverages, limiting its market share growth.
The long maturation process required for scotch whisky production acts as a restraint on the industry’s ability to respond quickly to market demands. By law, Scotch whisky must be matured for at least three years, with many premium varieties aged for much longer. This leads to significant inventory costs and limits producers’ ability to rapidly increase supply. According to the SWA, the total inventory of maturing whisky in Scotland was 10.7 billion liters of pure alcohol as of 2022. This represents a significant investment and ties up capital that could otherwise be used for expansion or other purposes.
Category-Wise Acumens
How does the Increasing Demand and Consumption of Blended Scotch Surge the Growth of the Blended Scotch Segment?
The blended scotch segment dominates the scotch whisky market, holding the largest market share due to its widespread consumption and popularity. Blended Scotch whisky is a harmonious blend of grain and single malt whisky, offering a delicate aroma and smooth taste that appeals to a broad range of consumers. Its approachable flavor profile, combined with its affordability, makes it the preferred choice for millions globally.
Blended Scotch is regarded as an accessible whisky variant that retains the core characteristics associated with Scotch, making it suitable for both casual drinkers and those developing their whisky preferences. Many of the top blended Scotch brands have been perfected over decades, crafting consistent products that highlight familiar flavors and evoke a sense of tradition and reliability.
The affordability of blended Scotch compared to single malts or grains expands its appeal to a wider customer base, reinforcing its position in the market. With a focus on tradition, accessibility, and quality, blended Scotch whisky remains a cornerstone in both the Scottish and global whisky markets, attracting long-time enthusiasts and new consumers alike.
How the Emphasizing Craftmanship and a Wider Range of Budgets Foster the Growth of the Premium Segment?
The premium segment dominates the scotch whisky market, appealing to consumers who seek high-quality whisky without the high price tag of ultra-premium offerings. This segment strikes a balance by delivering whiskies that emphasize craftsmanship and attention to detail while remaining accessible to a wider range of budgets. Premium Scotch whiskies are known for their refined production processes, resulting in a superior product that stands above basic options, yet they are still reasonably priced due to economies of scale.
This affordability combined with premium quality makes these whiskies a popular choice for both gift-giving and everyday enjoyment among whisky enthusiasts. Consumers view premium Scotch as a step up in quality from standard offerings, providing a richer experience without breaking the bank. This segment is particularly appealing to those developing more sophisticated tastes who aren’t ready to invest in ultra-premium bottles but still want to experience the craftsmanship of high-end Scotch.
The broad appeal of the premium segment, offering excellent value for money, has contributed significantly to its market dominance. Its ability to provide a balance between price and quality makes it a go-to option for a wide range of whisky drinkers, cementing its leadership in the scotch whisky market.
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Country/Region-wise Acumens
How the Strong Domestic Consumption and Cultural Significance Surge the Growth of Scotch Whisky Market in Europe?
Europe substantially dominates the scotch whisky market driven by the scotch whisky is deeply rooted in Scottish culture and traditions. This cultural significance extends to much of Europe, driving consumption. According to the Scotch Whisky Association (SWA), the UK domestic market for Scotch whisky in 2022 was 36 million bottles, with a value of £1.5 billion. France, the largest export market for Scotch whisky in Europe, consumed 176 million bottles in 2022, showing a strong appetite for Scotch across the continent. European consumers are increasingly opting for premium and super-premium Scotch whiskies. The IWSR Drinks Market Analysis reports that the premium-and-above segments are expected to grow at a CAGR of 11.4% in Western Europe from 2021 to 2026.
Whisky tourism is becoming a significant driver for the scotch whisky industry in Europe, particularly in Scotland. Before the pandemic, in 2019, Scotland’s whisky distilleries attracted a record 2.16 million visitors, according to VisitScotland. These visitors spent £84.5 million at distilleries alone. As tourism rebounds post-pandemic, this trend is expected to continue, with many distilleries investing in visitor experiences. The Scotch Whisky Association reports that distilleries have invested over £500 million in tourism-related infrastructure over the past five years, highlighting the industry’s commitment to this growing sector.
How the Rapid Economic Growth and Rising Disposable Incomes Accelerate the Growth of Scotch Whisky Market in Asia Pacific?
Asia Pacific is anticipated to witness the fastest growth in the scotch whisky market during the forecast period owing to the increasing urbanization and changing demographics that are significantly impacting Scotch whisky consumption in Asia Pacific. This is closely tied to economic growth and rising disposable incomes. According to the International Monetary Fund (IMF), the Asia-Pacific region is expected to grow by 4.6% in 2023, outpacing global growth. In China, the world’s second-largest economy, disposable income per capita increased by 5.1% in 2022, reaching 36,883 yuan ($5,310) according to the National Bureau of Statistics.
The expanding middle class in the Asia Pacific is driving the demand for premium and luxury goods, including Scotch whisky. According to a report by the World Economic Forum, Asia’s middle class is expected to grow to 3.5 billion people by 2030, accounting for 65% of the world’s middle-class population. In terms of Scotch whisky specifically, the Scotch Whisky Association reports that the value of Scotch whisky exports to Asia and Oceania grew by 29% to £1.8 billion in 2022, indicating a strong and growing appetite for the spirit in the region.
Competitive Landscape
The competitive landscape of the Scotch Whisky Market is characterized by a combination of established global players and emerging independent distilleries. The market is driven by brand building, product innovation, geographical expansion, and a focus on sustainability and ethical sourcing.
The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the scotch whisky market include:
- Isle of Arran Distillers
- Bacardi
- Beam Suntory
- Diageo
- Pernod Ricard
- William Grant & Sons
- Acebo
- Ben Nevis Distillery
Latest Developments:
- In April 2023, Royal Salute announced the launch of two luxury blended scotch whiskeys. The Royal Salute Platinum Jubilee Edition decanter and the Royal Salute House of Quinn decanter have been introduced. This release will be offered at the duty-free store at Mumbai’s Chhatrapati Shivaji Maharaj International Airport.
- In September 2022, Thirstie, an e-commerce provider of liquor brands, announced a collaboration with Benriach single malt scotch whisky to develop an online store that allows people in the United States to purchase whisky.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2021-2031 |
| Growth Rate | CAGR of ~6.74% from 2024 to 2031 |
| Base Year for Valuation | 2024 |
| Historical Period | 2021-2023 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value (USD Billion) |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Players | Isle of Arran Distillers, Bacardi, Beam Suntory, Diageo, Pernod Ricard, William Grant & Sons, Aceo, and Ben Nevis Distillery, among others. |
| Customization | Report customization along with purchase available upon request |
Scotch Whisky Market, By Category
Product Type:
- Single Malt
- Blended Scotch
- Single Grain
- Blended Grain
- Bottle Blended
Price Range:
- Economy
- Mid-Range
- Premium
- Super-Premium
Distribution Channel:
- Online Stores
- Retail Stores
- Specialty Stores
Region:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
Research Methodology of Verified Market Research:
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
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Customization of the Report
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Frequently Asked Questions
1 INTRODUCTION OF GLOBAL SCOTCH WHISKY MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL SCOTCH WHISKY MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL SCOTCH WHISKY MARKET, BY PRODUCT TYPE
5.1 Overview
5.2 Single Malt
5.3 Single Grain
5.4 Blended Grain
5.5 Bottle Blended
6 GLOBAL SCOTCH WHISKY MARKET, BY PRICE RANGE
6.1 Overview
6.2 Economy
6.3 Mid-Range
6.4 Premium
6.5 Super-Premium
7 GLOBAL SCOTCH WHISKY MARKET, BY DISTRIBUTION CHANNELS
7.1 Online Stores
7.2 Retail Stores
7.3 Specialty Stores
8 GLOBAL SCOTCH WHISKY MARKET, BY GEOGRAPHY
8.1 Overview
8.2 North America
8.2.1 U.S.
8.2.3 Canada
8.2.4 Mexico
8.3 Europe
8.3.1Germany
8.3.2 U.K.
8.3.3France
8.3.4Rest of Europe
8.4 Asia Pacific
8.4.1China
8.4.2Japan
8.4.3India
8.4.4Rest of Asia Pacific
8.5 Rest of the World
8.5.1 Latin America
8.5.2 Middle East and Africa
11 GLOBAL SCOTCH WHISKY MARKET COMPETITIVE LANDSCAPE
11.1 Overview
11.2 Company Market Ranking
11.3 Key Development Strategies
11 COMPANY PROFILES
11.1 Isle of Arran Distillers
11.1.1 Overview
11.1.2 Financial Performance
11.1.3 Product Outlook
11.1.4 Key Developments
11.2 Bacardi
11.2.1 Overview
11.2.2 Financial Performance
11.2.3 Product Outlook
11.2.4 Key Developments
11.3 Beam Suntory
11.3.1 Overview
11.3.2 Financial Performance
11.3.3 Product Outlook
11.3.4 Key Developments
11.4 Diageo
11.4.1 Overview
11.4.2 Financial Performance
11.4.3 Product Outlook
11.4.4 Key Developments
11.5 Pernod Ricard
11.5.1 Overview
11.5.2 Financial Performance
11.5.3 Product Outlook
11.5.4 Key Developments
11.6 William Grant & Sons
11.6.1 Overview
11.6.2 Financial Performance
11.6.3 Product Outlook
11.6.4 Key Developments
11.7 Aceo
11.7.1 Overview
11.7.2 Financial Performance
11.7.3 Product Outlook
11.7.4 Key Developments
11.8 Ben Nevis Distillery
11.8.1 Overview
11.8.2 Financial Performance
11.8.3 Product Outlook
11.8.4 Key Developments
11 KEY DEVELOPMENTS
11.1 Product Launches/Developments
11.2 Mergers and Acquisitions
11.3 Business Expansions
11.4 Partnerships and Collaborations
12 Appendix
12.1 Related Research
Report Research Methodology
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Exploratory data mining
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Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
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Econometrics and data visualization model
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Industry Analysis Matrix
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