Press release
Scottish Whisky Industry to Record an Exponential CAGR by 2024 - 2031 | Angus Dundee Distillers Plc, Douglas Laing
Scottish Whisky Industry
The Scottish whisky market is estimated to be valued at USD 35.04 Bn in 2024 and is expected to reach USD 56.64 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.1% from 2024 to 2031.
Market Dynamics:
The Scottish whisky market is expected to witness significant growth over the forecast period owing to rising bar and pubs businesses and increasing consumption of premium and luxury alcoholic beverages. The number of bar and pub establishments have increased remarkably in recent years, especially in developed economies such as the UK and US. This has propelled the demand for premium spirits like scotch whisky. Moreover, changing consumer preferences towards premium liquors have also fueled the sales of scotch whisky globally. Rising disposable incomes and growing culture of socializing at bars and pubs have further contributed to the growth of the market.
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Taxation poses a key restraint on the Scottish whisky market
One of the biggest restraints facing the Scottish whisky market is taxation. Alcohol is subject to various taxes across its production and sales lifecycle. This includes excise duty charged to producers and import duty applied to overseas buyers. While taxes are an important source of government revenue, high rates can make whisky less affordable and put upward pressure on prices. If the overall tax burden becomes too great, it risks discouraging consumption - both at home and abroad. There are also various EU and international trade deals that can affect duty rates on whisky exports. Any changes to tax policies that increase whisky's overall cost could significantly dampen future growth prospects for the Scottish industry by making its products less competitive globally. Close monitoring of fiscal policy is needed to avoid taxation becoming an excessive restraint.
Digital innovation presents an opportunity for the Scottish whisky market
Advances in digital technology are opening up new opportunities for the Scottish whisky industry to market and sell its products. Innovations such as virtual distillery tours, live tasting experiences online, and interactive education apps allow the sector to reach a much wider potential customer base globally. E-commerce also enables niche distillers to directly sell unique bottlings to appreciative whisky lovers anywhere in the world. By embracing digital platforms, companies can better showcase Scottish whisky's luxury artisanal image and provenance. There is scope to utilize technologies like augmented and virtual reality to further immerse people in interactive multimedia content exploring whisky making traditions too. With creativity, digital channels could become an important new sales avenue helping drive future export growth. Those producers willing to innovate will be best placed to tap into growing online whisky communities.
The rising trend towards rare and collectible whisky presents both a challenge and opportunity for the Scottish whisky market
An emerging trend is the growing interest in rare, aged whiskies that can be collected and invested in like fine wine or art. Demand continues to intensify at auction for exceptional single cask releases many decades old. While this 'whisky investment' phenomenon boosts whisky's luxury perception, it risks pricing everyday drinkers out of the market and reduces availability of age-old expressions. However, it also provides an opportunity. Some innovative distilleries are now maturing small 'experimental' casks using different conditions like toasted barrel-ends. They aim to craft unique profiles for connoisseurs willing to pay high prices for ultra-rare bottlings with potential to appreciate further as collectibles. If carefully managed, this rare whisky trend could drive
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Top Companies Featured in This Report:
★ Angus Dundee Distillers Plc
★ Douglas Laing
★ Craft56
★ Diageo
★ DEWAR'S
★ Aberfeldy
★ Royal Brackla
★ Balblair Distillery Co Ltd.
★ The English Distillery
★ Bruichladdich Distillery
★ Islay
★ Copper Rivet Distillery
★ Tomatin Distillery Co Ltd
★ The Glenturret Distillery
★ Kilchoman Distillery
★ The Borders Distillery
★ Loch Lomond Whiskies
★ William Grant and Sons Ltd.
★ Bowmore Distillery
★ Edrington
★ LVMH
Market Segmentation:
By Product Type:
★ By Product Type: Single Malt Scotch Whisky, Blended Scotch Whisky, Single Grain Scotch Whisky, Blended Malt Scotch Whisky, and Blended Grain Scotch Whisky
★ By Price Range: Premium, High End Premium, and Super Premium
★ By Distribution Channel: On Trade (Restaurants & Bars, Liquor Stores, Others), Off Trade (Supermarket & Hypermarket, Discount Stores, and Others (Online Stores, etc.)
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Insights from the Global Scottish Whisky Market Analysis:
Market Size Evaluation: Assessing the value and sales volume of the Scottish Whisky market spanning from 2024 to 2031.
Market Trends and Dynamics: Analyzing the drivers, opportunities, challenges, and risks influencing the Scottish Whisky market.
Macro-economic and Regional Impacts: Exploring how global inflation and geopolitical events affect the Scottish Whisky market.
Segment Analysis: Examining the market value and sales volume of Scottish Whisky by type and application from 2024 to 2031.
Regional Market Overview: Assessing the current situations and future prospects of the Scottish Whisky market in different regions.
Country-level Studies: Providing insights into revenue and sales volume for major countries within each region.
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Scottish Whisky sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: https://www.linkedin.com/in/alice-mutum-3b247b137 )
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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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