Malt Whisky Market to Reach $6.7 Bn, Globally, by 2031 at 4.7% CAGR: Allied Market Research

Adoption of western culture in developing countries such as India and increase in servings of cocktails have boosted the growth of the global malt whisky market.

PORTLAND, Ore., July 19, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Malt Whiskey Market By Type (Scotch Whiskey, American Whiskey, Irish Whiskey, Others), By Distribution Channel (On Trade, Off Trade): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global malt whisky market was pegged at $4.3 billion in 2021, and is expected to reach $6.7 billion by 2031, growing at a CAGR of 4.7% from 2022 to 2031.

Drivers, restraints, and opportunities

Adoption of western culture in developing countries such as India and increase in servings of cocktails have boosted the growth of the global malt whisky market. However, health concerns regarding alcoholic beverages hinder the market growth. On the contrary, trend of mixed drinks and crafted alcohol would open lucrative opportunities in the future.

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Covid-19 scenario:

• The pandemic negatively affected the alcoholic beverage industry due to prolong lockdown and market closure.
• Moreover, consumer spending on alcoholic beverages decreased significantly across the globe. The disrupted supply chain and ban on travel hampered the market.

The scotch whiskey segment dominated the market

Based on type, the scotch whiskey segment held the lion's share in 2021, accounting for around two-fifths of the global malt whisky market , owing to increase in consumer preferences for Scotch whiskey in Asia-Pacific and Africa. In addition, the segment is projected to manifest the highest CAGR of 4.9% from 2022 to 2031.

The trade segment to showcase the highest CAGR through 2031

On the basis of distribution channel, the on trade segment is expected to register the highest CAGR of 5.3% during the forecast period, due to consumer preference to enjoy and experience luxury of premium whiskeys through this channel. However, the off trade segment dominated the market in 2021, contributing to more than three-fourths of the global malt whisky market .

Europe held the lion's share

The global malt whisky market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe held the largest share in 2021, accounting for nearly one-third of the market, due to considerable rise in disposable income and increase in export of whiskey across the globe from the region. However, the market across Asia-Pacific is anticipated to portray the highest CAGR of 5.9% during the forecast period, due to growth in urban population and improved living standard.

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Key market players

• Bacardi Limited Alliance Global Group, Inc.
• Asahi Group Holdings, Ltd.
• Diageo plc
• Pernod Ricard
• RÃmy Cointreau
• Suntory Holdings Limited
• The Brown-Forman Corporation
• The Edrington Group
• William Grant & Sons.

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