by The Global Scottish Whisky Market is estimated to be valued at US$ 4.97 Bn in 2018 and is expected to exhibit a CAGR of 5.3% over the forecast period 2019 to 2027, as highlighted in a new report published by Coherent Market Insights.
- A) Market Overview:
Scottish Whisky, also known as Scotch Whisky, is a type of distilled alcoholic beverage made from malted barley or grain. It undergoes a unique process of distillation and aging in oak casks for at least three years, giving it a distinct flavor and aroma. Scottish Whisky is highly regarded for its quality and heritage, making it a sought-after spirit worldwide.
- B) Market Key Trends:
One key trend driving the growth of the global Scottish Whisky market is the increasing demand for premium quality spirits. Consumers are becoming more discerning and looking for high-quality products, which has led to a rise in the popularity of premium spirits like Scotch Whisky. The craftsmanship, tradition, and rich history associated with Scottish Whisky make it a preferred choice among connoisseurs.
For example, Diageo Plc., one of the key players in the market, has witnessed a growing demand for their premium Scotch Whiskies, such as Johnnie Walker Blue Label and Talisker 18 Year Old. The company has invested in expanding its production capacity to meet the increasing demand for these luxury spirits.
- C) PEST Analysis:
Political: The political stability in Scotland and favorable government policies supporting the whisky industry have contributed to the growth of the Scottish Whisky Market.
Economic: The economic growth in emerging markets like Asia-Pacific has created new opportunities for the Scottish Whisky market. Rising disposable incomes and changing consumer preferences in these regions have fueled the demand for premium spirits.
Social: The social trend of experiential drinking and the growing culture of whisky appreciation has boosted the sales of Scottish Whisky. Whisky tasting events, bars specializing in whisky, and online whisky communities have become popular, driving the demand for different variants of Scottish Whisky.
Technological: Technological advancements in the production process, such as the use of automated systems for distillation and aging, have improved the efficiency and consistency of Scottish Whisky production. These advancements have also helped in meeting the increasing demand for Scottish Whisky on a global scale.
- D) Key Takeaways:
- The global Scottish Whisky market is expected to witness high growth, exhibiting a CAGR of 5.3% over the forecast period, due to increasing demand for premium quality spirits.
- In terms of regional analysis, Asia-Pacific is the fastest growing and dominating region in the global Scottish Whisky market. The rising middle-class population, urbanization, and growing Western influence in countries like China and India have created a lucrative market for Scottish Whisky in the region.
- Key players operating in the global 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. These players are focusing on product innovation, expanding their product portfolios, and strategic collaborations to gain a competitive edge in the market.
