Dublin, June 04, 2024 (GLOBE NEWSWIRE) -- The "Global Single Malt Whiskey Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The global single malt whiskey market is anticipated to grow at a compound annual growth rate (CAGR) of 6.89% over the forecast period to reach US$5.043 billion by 2029, increasing from US$3.164 billion in 2022.
As economies burgeon, especially in emerging regions like APAC, consumers find themselves with greater disposable income to allocate towards discretionary products. This shift results in heightened curiosity and demand for premium beverages like single malt whiskey, seen as symbols of sophistication and luxury.
Notably, In August 2023, the Ministry of Health and Family Welfare/Food Safety and Standards Authority of India (FSSAI) introduced the Food Safety and Standards (Alcoholic Beverages) regulations . Consumer palates are evolving towards more refined tastes, with a growing preference for single malt whiskies, driven by their unique flavor profiles and rich historical legacy.
The diverse array of characteristics influenced by regional distinctions, grain compositions, and aging techniques provides a rich tapestry for exploration. In 2023, U.S. Wine, Beer, and Spirits Exports totaled a significant value of $3.84 billion, with substantial exports to the European Union amounting to $1.05 billion and to the United Kingdom reaching $275.73 million.
The accessibility offered by online retailers facilitates consumer exploration of a vast selection of single malt whiskies, including limited editions or products not readily available locally. This enhanced accessibility contributes significantly to the market expansion, catering to the evolving preferences and increasing curiosity of whiskey enthusiasts globally.
Increase in the exports of scotch whiskey
The remarkable export of scotch whiskey plays a pivotal role in propelling market growth enhancing the demand for high-premium whiskies, driven by changing consumer preferences and a global rise in living standards, contributing significantly to industry's expansion. Additionally, consumers' appetite for innovative whiskey products further fuels market growth, making it a dynamic and promising sector in the beverage industry.
According to the in 2022, global Scotch Whiskey exports reached a record £6.2 billion, marking substantial growth of £1.68 billion compared to 2021. Bottled Blended Scotch Whiskey led the exports, accounting for 59% of the value, followed by Single Malt at £1,986 million contributing 32%. While Bulk Blend, Bottled Blended Malt, and Bulk Blended Malt made up smaller portions of the exports, they still added to the industry's overall success combined total 7% of total global export with the value of £190 million, £140 million, and £130 million respectively. Overall, The Scotch Whiskey industry had a strong year in 2022, with substantial exports. The dominance of Bottled Blended Scotch Whiskey and the substantial contribution of Single Malt reflect the enduring appeal of Scotch Whiskey worldwide.
The conflict in Ukraine, a key barley producer only to Russia in Europe, has disrupted supply chains, particularly through blockaded ports, impacting distilleries' access to this essential ingredient. Given the lengthy maturation process of whisky, any scarcity of barley could potentially result in future production delays.
This scarcity might also drive up the production costs of single malt whisky, eventually affecting consumer prices. Additionally, Russia, a significant importer of single malt Scotch whisky, has seen its purchasing power limited by sanctions and economic challenges, potentially reducing demand for luxury goods from whisky producers.
Amidst this uncertainty, some investors are turning to whisky casks as a safe investment, driving up demand and potentially affecting prices for collectors in the long term. Investors are also looking for safe markets of Asia-Pacific. In summary, the conflict has presented challenges for the single malt whisky market, including possible production slowdowns and price hikes, while also triggering intriguing shifts in market dynamics.
The market is projected to grow in the North American region.
The increasing consumption of whiskey in social gatherings, coupled with the easy availability of single malt whiskey on e-commerce websites in the States is anticipated to be one of the key factors driving the growth in the projected period. For instance, in September 2021, DoorDash, a food delivery platform launched delivery of beers, wines, and other spirits like whiskey, and others in the United States, Canada, and Australia. In the United States, the company initially had to deliver facilities in 20 states. Hence the ease of other alcohol like food can be one of the growth attributing factors in the U.S. single malt whiskey market.
Additionally, the increasing consumption of alcohol in the country is a major market-driving factor. For instance, the National Survey on Drug Use and Health (NSDUH), conducted a survey in 2021, that stated that in 2021, 84% of the people above age 18 years older have drank alcohol at some point in their life. The survey included 213.2 million adults above the age of 18. 106.5 million out of the total were males who consumed alcohol, and 106.7 million women were the ones consuming alcohol in the United States. Therefore, the increasing consumption of alcohol in the States is fueling the market for single malt whiskey in the country.
Increased product launches in the market are aiding market growth. For instance, in March 2023, Jack Daniel's a Tennessee, United States brand announced the launch of 12-year-old Tennessee Whiskey to their Annual Aged Series. In the projected period various products are anticipated to be launched in the country, as companies are concentrating on regions with high consumption.
Brown-Forman is one of the biggest wines and spirits and one of the largest producers of whiskey with almost 150 years of production experience in the United States. The increasing revenue indicates the growth of the whiskey market in the country. The revenue in 2021 was US$4,526 million and the sales increased by 20% in 2022 and reached US$5,081 million.
Key Players:
- Bacardi Limited, a global spirits company, has established a significant presence in the single malt whiskey market. With brands like Aberfeldy and Craigellachie under its umbrella, Bacardi offers a diverse range of single malts catering to different consumer preferences. Leveraging its extensive distribution network and marketing prowess, Bacardi has successfully expanded its market share in the global single malt whiskey segment.
- Beam Suntory, renowned for its premium spirits portfolio, boasts iconic single malt whiskey brands such as Laphroaig and Bowmore. The company's commitment to craftsmanship and innovation has positioned it as a key player in the global single-malt whiskey market. Beam Suntory's strategic partnerships and investments in distillery expansion have further strengthened its foothold, ensuring sustained growth and consumer appeal.
- Brown-Forman Corporation,recognized for its quality spirits, including Jack Daniel's, also commands a notable presence in the single malt whiskey market. Brands like GlenDronach and BenRiach contribute to Brown-Forman's diverse offerings, appealing to discerning whiskey enthusiasts worldwide. Through effective brand management and a focus on product excellence, Brown-Forman continues to thrive in the competitive global single malt whiskey market landscape, reinforcing its reputation for premium quality and craftsmanship.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 145 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value (USD) in 2022 | $3.16 Billion |
| Forecasted Market Value (USD) by 2029 | $5.04 Billion |
| Compound Annual Growth Rate | 6.8% |
| Regions Covered | Global |
Companies Featured
- Bacardi
- Beam Suntory (Suntory Holdings Limited)
- Brown- Forman
- Diageo
- Pernod Ricard
- Asahi Breweries (Asahi Group Holdings)
- Distell (Heineken International B.V.)
- Gruppo Campari
- John Distilleries
- Radico Khaitan
Segmentation:
By Product
- Scotch Whiskey
- American Whiskey
- Irish Whiskey
- Others
By Distribution Channel:
- Supermarkets and Hypermarkets
- On-Trade
- Specialist Retailers
- Online
- Convenience Stores
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Europe
- UK
- Germany
- France
- Italy
- Middle East and Africa
- Saudi Arabia
- UAE
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Taiwan
- Thailand
- Indonesia
- Others
For more information about this report visit https://www.researchandmarkets.com/r/tftcg5
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