Pune, India, April 11, 2022 (GLOBE NEWSWIRE) – The global scotch whiskey market size is expected to showcase substantial growth in the coming years. This information is published by Fortune Business Insights in its report, titled “Scotch Whiskey Market, 2022-2029“. This type of whiskey is primarily made in Scotland in a process that induces a smoky flavor in the finished product. The rising consumption of premium products among consumers is expected to showcase growth in the foreseeable future. For instance, in 2020, the New Zealand government released statistics that the consumption of alcoholic beverages was 495million liters in the country.
High Demand for Breweries to Augment Growth
The spread of coronavirus heavily impacted the liquor industry. The production facilities shut down across the globe and created a supply gap. The reopening of breweries and taprooms around the globe is expected to stabilize demand. Due to the unavailability of spirits during the lockdown, there has been increasing demand faced by the market after its reopening. Taprooms and breweries are producing spirits at full capacities throughout the globe.
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List of Key Players Profiled in the Market:
- William Grant & Sons
- Pernod Ricard
- Diageo Plc
- Bacardi Limited
- Suntory Holdings
- Aceo Ltd.
- Ben Nevis Distillery
- Louis Vuitton Moet Hennessy
- Gordon & MacPhail
On the basis of type, the market for scotch whiskey is segmented into bottle blended scotch whiskey, single / blended grain scotch whiskey, single malt scotch whiskey, and bulk blended scotch whiskey. On the basis of distribution channels, the market is segmented into on trade and off trade. Based on geography, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
What Does the Report Contain?
The report offers an insight into the profitability, entire structure, and scale. It also studies drivers and restraints and considers all potential threats to the market. The critical analysis of marketplace sections, prediction analysis, and expert insights are strategically included in the report. A wide spectrum of data, including regional analysis, market segmentation, industry developments, and key players, are included in the research conducted by market experts.
Rising Popularity of Premium Spirits to Augment Growth
The soaring popularity of premium spirits in the market is augmenting its high demand. This has resulted in the rising export of the spirit to Asia Pacific and Africa. For instance, in 2018, as per Her Majesty’s Revenue and Custom reports published by the Scotch Whiskey Association, the export volume increased by 558 million bottles. This has resulted in taprooms and breweries expanding their production facilities to accommodate such high demands and enabled scotch whiskey market growth. The preference for selective flavors among consumers is attracting a wide consumer base. For instance, Vinexpo said that the recent trend of drinking less but better should increase the consumption of the product. The distinct flavor ensures its popularity among the spirit consumers and, recently, the millennials.
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Increasing Number of Distilleries in North America to Spur Demand
North America is anticipated to hold a significant scotch whiskey market share in the foreseeable future. This is owing to the rising popularity of the spirit among the millennials. Moreover, this region is the major importer of single malt type in 2019 and the increasing number of distilleries.
Asia Pacific is anticipated to be the fastest-growing market in the coming years. This is due to the rapid urbanization and changing lifestyle of the region. The growing disposable income of consumers is resulting in the rise of product consumption.
Market Segments Includes:
By Type Market Segments
- Bottle Blended Scotch Whiskey
- Single / Blended Grain Scotch Whiskey
- Single Malt Scotch Whiskey
- Bulk Blended Scotch Whiskey
By Distribution Channel Market Segments
By Geography Market Segments
Product Innovations by Key Companies to Amplify Their Business Prospects
The market is highly competitive with the presence of several prominent players. The market leaders are focused on product innovation to attract a larger consumer base. Moreover, certain companies are trying to modify their product to introduce exotic flavors in their product. Strategies such as efficient marketing and lucrative offers by the market leaders are intensifying the competition.
Key Industry Development:
- May 2021: Artisanal Spirits Co plc announced its plans to float on London’s junior AIM market by June. This is expected to boost the company’s revenue of these companies and promote mutual growth.
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