Scotch Whiskeyknown as single malt whiskey, is made solely from distilled water and malted barley in Scotland, whileregular whiskey is made from fermented grains of wheat, corn, and barley. Scotch whiskey is stored in old barrels for at least three years and up to 50 years. TheGlobal Scotch Whiskey market will grow at a compound annual growthrate of5%. The market growth iscontributing to the increase in disposable income of the middle class population and the agingprocess of Scotchwhiskey,which has becomemore popular due to its unique taste.In addition, it isanexcellentantioxidant,if the intake is limited,itcan prevent heart disease, blood clots and strokes.
Scotch whisky is categorized into single malt and single grain. Between these two, single malt is made from a single breweryand becauseof theaddition of whole grains, single grains are found less frequently on the shelves of liquor stores. The most blended Scotch whisky is made with single grain Scotch whisky.
COVID-19 Impact analysis
- During the COVID19 pandemic, due to government regulations aroundthe world such as lockdowns and social distancing have affected all the markets. As a result, Scotch whisky Market was also widely disrupted because of disturbed supply chain and closure of restaurants. Dueto a labour shortage, it was difficult for manufacturers to complete the production on time. In addition,many manufacturers have difficulty sourcinglow-cost raw materials due to supply chain instability and the closure of manufacturing units due to contract consequences.
- Additionally, the pandemic has also affected the global transportation and logistics, which faced economic stress due to cash flows, labour shortages, fewer contracts and other problems,which has resulted to the reduction of employees and decline in the worldtrade volume.
- But due to the taste and flavours of the Scotch, it was widely consumed by the people even in the lockdown. Hence, its consumption is widely increased and will further help to grow in the upcoming years.
Top Impacting Factors
- Youth prefer healthy drinks that support lifestyle on the go with less time in the workday for exercise. Their generations are growing interest in preventive measures shows a change in consciousness and behavior. But now youths are more interested in other drinks such as Scotch, Whiskey, etc. So, it is seen that this market is rapidly growing and it is expected to grow more in the near future.
- Now taste and royal status attracts more both, youth as well as middle age people. Another factor that isexpected to drive the growth of the Scotch whisky Marketisthe growth ofe-commerce and organized retail stores. There are high demand of food products and ingredients in online market. As now the deliveries are prompt and variety of products are available, it is best to buy online.
- The negative effects of chemical foods, consumer preferences have shifted towards organicand natural ingredients.Therefore, manufacturers are also focusing on the development of all these factors before production. Hence due to all these concerns, this market is estimated to grow during the forecast period.
Increasing Demand of Malt whiskey
The Scotch whiskey market is divided into bottled, bulk, single malt and mixed. Among them, single malt is expected to grow rapidlyduring the forecast period. This whiskey is the most respectedliquor in the world of Scotch whiskey. In 2019, the United States was the largestimporter of single malt whiskey.
Retailstores are expected to grow due to scotch whiskey at an impressive compoundannual growth rate during the forecast period. The market is dividedinto online stores, retail stores, and specialty stores. Over the years, specialty stores have dominated the market because of their output and demand. However, people's awareness of the organic nature of Scotch whisky has a place in most retail stores. The retail storedominates the distribution segment and is expected to grow steadilyduring the forecast period.
Markets are mainly dominated by North America
North America is expected to dominate the Scotch whisky market in terms of revenue. The market is divided into North America, Europe, Asia Pacific, Latin America, the Middle East and Africa. Among them, North America generated the highest revenue in 2019 and is expected to dominate the market during the forecast period. As the enter of the Scotch whisky industry, the European market is expected to grow at an impressive compound annual growthrate.In addition, due to the increasein the country'sdisposable income, India is expected to dominate the market in terms of sales. In 2018, the Asia-Pacific region accounted for 31% of the Scotch whisky market,which is expected to grow steadilydue to the booming hotel industry. In addition, it is expected that the promotional activitiesof major players willdrive market demand.
The manufacturers have a great opportunity to grab an outsized consumer base in these regions. Companies are creating awareness among the consumers through knowledge based advertisements in order to incline an outsized number of people towards these market.
Key Benefits of the Report
- This study presents the analytical depiction of the SCOTCH WHISKY industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the SCOTCH WHISKY Marketshare.
- The current market is quantitatively analyzed to highlight the SCOTCH WHISKY Marketgrowth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed SCOTCH WHISKY Marketanalysis based on competitive intensity and how the competition will take shape in coming years
Questions Answered in the Scotch Whiskey Report
- Which are the leading players active in the SCOTCH WHISKY market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What future projections would help in taking further strategic steps?
- What is "SCOTCH WHISKY" Market prediction in the future?
- Which will be the niches at which players profiling with recent advancements should set a presence?
- What are the driving factors and opportunities in the market?
- What are the current trends and predicted trends?
- What are the challenges faced in the "SCOTCH WHISKY MARKET" Market?
Scotch Whiskey Market Report Highlights
By Product Type
By Target Consumer
Key Market Players
Edrington, Bacardi, Ardmore Distillery, Beam Suntory, Diageo, J&B Rare Whisky, Glenfiddich, Chivas Regal, Pernod Ricard, William Grant & Sons