Home / Press Release / Malt Whiskey Market to Grow at an Estimated CAGR of 4.8% During the Forecast Period 2022-2030

Malt Whiskey Market to Grow at an Estimated CAGR of 4.8% During the Forecast Period 2022-2030

The market for malt whiskey is anticipated to expand at a CAGR of 4.8% during the forecast period of 2022 to 2030. A prominent element contributing to the global growth of the Single Malt Whiskey Market is the increasing demand for premium spirits resulting from a shift in customer preferences. According to Vinexpo, a global brand that generates and develops vital characteristics for the wine and spirits industries, the recent trend of "drinking less but better" will lead to an increase in the use of pure alcohol. This forecast was provided by Vinexpo. Customers will move their consumption away from wine and beer and towards whisky as a result. In addition, the unique flavour of single malt whisky is a major factor in its popularity among millennial consumers, which supports the growth of the sector. Consumers who are driving the expansion of the market are millennials. The rise of the industry is being propelled by the introduction of new goods and a rising demand for high-end single malt whiskey. The most major rivals in this market are Bacardi, Beam Suntory, Brown-Forman, Diageo, Pernod Ricard, Asahi Breweries, Distell, Gruppo Campari, John Distilleries, RadicoKhaitan, and United Spirits.

Since 2021, a global pandemic has wrecked devastation on the corporate sector on a global scale that has never been seen before. The industry that deals with alcoholic beverages has been severely disrupted as a result of lockdowns and market closures that have been imposed. Consumer expenditures on all forms of alcoholic beverages, including vodka, whiskey, and gin, have decreased even further. Several businesses were obliged to confront the full impact of the pandemic, which included rising health concerns, limits on travel and going out, and the closure of on-trade venues for the consumption of alcoholic beverages.

Scotch Whiskey, American Whiskey, Irish Whiskey, and Other Types of Whiskey comprise, respectively, the Scotch Whiskey, American Whiskey, and Irish Whiskey market segments. Scotch whiskey is by far the most popular type of whisky due to its superior quality, authenticity, and delicious profile; as a result, the category dominated in terms of market value in 2021. Single Malt Whiskey is blended with wheat to form blended single malt. Due to its delicate and rich flavour nuances, blended single malt is a consumer favourite. As a result, it is projected that the Single Malt Whiskey market will experience significant growth due to an increase in exports.

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By distribution channel, the market is split into off trade and on trade. In 2021, the largest global market for single malt whisky will be the off-trade sector. The off-trade sales channel includes supermarkets and hypermarkets, wine and spirits shops, and convenience stores. Customers favour off-trade establishments, such as supermarkets and specialised stores, to on-trade establishments, such as pubs, bars, and restaurants, because purchasing alcoholic beverages from these establishments is often less expensive. Additionally, the on-trade channel is gaining momentum as customers in industrialised nations seek enticing ambiance and entertaining settings when drinking alcoholic beverages. Consequently, the popularity of on-trade shops has increased. As a direct result, the development of the sales channel is pushed forward.

Based on the findings of a regional analysis, the Global Single Malt Whiskey Market may be classified into the following segments: Europe, Asia-Pacific, North America, and the Rest of the World. It is projected that the market for single malt whiskey would experience tremendous expansion in North America due to the increasing popularity and demand for scotch whisky and the fact that the region is the largest importer of this product worldwide. The United States imported the most single malt whisky in 2021, and the great majority of distilleries that create single malt whisky have contributed to the market's growth. As a result of evolving consumer habits and accelerating urbanisation, the Asia-Pacific region is the fastest-growing market. There has been a movement towards the use of premium spirits due to the fact that customers now have more disposable spending and western culture is becoming more widespread. The Single Malt Whiskey Market in the region has expanded significantly as a direct result of the aforementioned factors.

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