Scotch Whiskey Market is Expected to Surpass Nearly US$ 108 Bn in Revenues by 2031 End

The global market for whiskey saw soaring growth in 2021 with worldwide revenues up to US$ 60 Bn. A new forecast by Fact.MR estimates that whiskey revenues will nearly double between 2021 and 2031, reaching nearly US$ 108 Bn in 2031 with a compounded annual growth rate (CAGR) of 6%.

According to Fact.MR, market research and competitive intelligence provider, from 2016 to 2020, the global market for whiskey expanded at a CAGR surpassing 4%. Increasing demand for premium alcoholic beverages in the wake of rising purchasing power amongst millennials has sustained demand in the past few years.

Sales of premium whiskey have garnered considerable momentum, with consumers experimenting with multiple brands across prominent regions. During the COVID-19 pandemic, sales further heightened, especially across the Americas, with the Distilled Spirits Council (DISCUS) projecting a 7.7% incline to US$ 31.2 billion in 2020. Restrictions on outdoor activities such as concerts or sporting events prompted increased spending on premium liquor.

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The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Whiskey market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Whiskey

This newly published and insightful report sheds light on Market Insights of Whiskey, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Whiskey Market.

Market Snapshot
The global market for whiskey saw soaring growth in 2021 with worldwide revenues up to US$ 60 Bn. A new forecast by Fact.MR estimates that whiskey revenues will nearly double between 2021 and 2031, reaching nearly US$ 108 Bn in 2031 with a compounded annual growth rate (CAGR) of 6%.

Key Segments Covered
Grain Type
• Malt Whiskey
• Wheat Whiskey
• Rye Whiskey
• Corn Whiskey
• Blended Whiskey
• Other Grain Type Whiskey

Quality
• Premium Whiskey
• High-End Premium Whiskey
• Super Premium Whiskey

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Competitive Landscape
Increasing production and satisfying consumer demand through strategic collaboration will lead to increased revenues and market share for manufacturers. New technologies and products will provide end-users with malt-based products in the future.
• On August 10th, 2021, Glenfiddich converted its delivery fleet to green biogas made from whisky residue. Glenfiddich, a single malt Scotch whisky owned by William Grant & Sons, has launched a sustainability initiative by utilizing biogas produced from its distillation residues to power its fleet of delivery vehicles.
• Likewise, on August 10th, 2021, Beam Suntory officially introduced its first Indian whisky outside the country. By launching five premium spirits in North India, the company signaled that it was committed to expanding its business there, as part of its goal to reach US$ 1 billion by 2030.

Key Takeaways from Global Whiskey Market Study
• Whiskey manufactured from blended grain continues to lead market demand and offers promising growth opportunities. Blended whiskey products will grow 1.4X during the forecast period. This can be attributed to the high availability and consumer consistency in choice of alcoholic beverage.
• Premium whiskey brands will garner increased traction amidst growing consumer preference for this type on a regular basis. The price/quality ratio of premium whiskey is a driving force behind the mass-adoption of premium whiskeys globally. High-end premium category offers lucrative growth opportunities with a CAGR of more than 7.5%.
• South Asia & Oceania are pegged as largest demand generators through the forecast period. Demand will grow 1.8X in this region throughout the forecast period. There is immense potential for market players to exploit rising urban culture in countries such as India.
• The market is set of rapid expansion in developing regions of the world where a large consumer segment is purchasing premium, high-end, and super premium whiskeys.

“Finished whiskey in used casks of sherry, run, cognac, wine, and other whiskeys is creating an emerging market for diverse flavors. The challenge for manufacturers is creating a stable blend which can be produced at scale while at the same time garners consumer traction. The global whiskey market is shifting focus towards developing countries to leverage the growth and development of infrastructure and multiplying number of new consumers.” -Fact MR Analyst

Expanding Consumer Base with Novel Blends
Manufacturers are experimenting with innovative product launch techniques and new whiskey blends to attract and engage millennial consumers. Investments in partnerships with stakeholders (local distributors, importers, exporters) in the value chain is expected as manufacturers focus on increasing their global footprint. Growth of global whiskey market is driven by rapid adoption of urban lifestyle by new millennial consumers. Market players are investing in research and development of new flavors, blends, and quality types to match dynamic purchase patterns. Developing consumer communities using digital media channels will catalyze demand and boost revenues.

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Why have Whiskey Sales in the U.S Grown so Rapidly?
Fact.MR expects the U.S market for whiskey to capture over 30% of the global revenue until 2031. The Distilled Spirits Council (DISCUS) had announced that steady growth in sales for U.S spirits was driven by the sustained demand for super-premium American whiskey, experiencing a volume growth worth 5.3% in 2020.

American consumers were particularly interested in super-premium whiskey categories including Bourbon, Scotch, Canadian, and Irish whiskeys that all had double-digit growth. In addition, Irish whiskey and Single Malt Scotch revenues grew with 19% and 13.5% increases to US$ 664 million and US$ 732 million respectively.

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