Global Single Malt Whiskey Market Forecasts from 2023 to 2028

The global single malt whiskey market is expected to grow at a 7.94% CAGR in the forecasted period to reach a market size worth US$4.761 billion by 2028, from US$2.789 billion in 2021.

Single Malt Whiskey is a type of whisky produced in Scotland, made from malted barley and sometimes un-malted grains like cornmeal or wheat. When it comes from a specific distillery, it is called Single Malt Whiskey. Typically, single-malt whiskies are linked with individual distilleries. The market can be categorized into Scotch Whiskey, American Whiskey, Irish Whiskey, and Others. Scotch whiskey leads the market due to its complexity and unique flavour, which has piqued the interest of younger consumers.

Increasing consumption by younger audience

The industry is adapting its marketing strategies to appeal to a younger audience, such as Bainbridge Organic Distillers producing artisan-distilled spirits from organic ingredients. Quality, authenticity, and provenance remain highly valued, with consumers willing to pay extra for these attributes. Additionally, the popularity of the "cocktail culture" among younger drinkers has led to increased use of whiskey as an ingredient, further expanding the global single malt whiskey market. In a similar context, in 2023, The Distilled Spirits Council of the United States (DISCUS’s) Maine House of Representatives gave final approval to LD 201, legislation that permanently permits cocktails to-go from restaurants and bars,

Increased export value of scotch whiskey

The remarkable export of Scotch Whisky plays a pivotal role in propelling global single malt whiskey market growth enhancing the demand for high-premium whiskies, driven by changing consumer preferences and a global rise in living standards, contributes significantly to the industry's expansion. According to the Scotch Whiskey Association in 2022, global Scotch Whisky exports reached a record £6.2 billion, marking substantial growth of £1.68 billion compared to 2021. Bottled Blended Scotch Whisky led the exports, accounting for 59% of the value, followed by Single Malt at £1, 986 million contributed 32%. While Bulk Blend, Bottled Blended Malt, and Bulk Blended Malt made up smaller portions of the exports, they still added to the industry's overall success combined total of 7% of total global exports with a value of £190 million, £140 million, and £130 million respectively. Overall, The Scotch Whisky industry had a strong year in 2022, with substantial exports. The dominance of Bottled Blended Scotch Whisky and the substantial contribution of Single Malt reflect the enduring appeal of Scotch Whisky worldwide.

The United States is anticipated to be the fastest-growing country in the North American region

The increasing consumption of whiskey in social gatherings, coupled with the easy availability of single malt whiskey on e-commerce websites in the States is anticipated to be one of the global single malt whiskey market driving factors in the projected period. Additionally, the increasing consumption of alcohol in the country is a major market-driving factor. For instance, the National Survey on Drug Use and Health (NSDUH), conducted a survey in 2021, that stated that in 2021, 84% of the people above age 18 years older have drank alcohol at some point in their life. The survey included 213.2 billion adults above the age of 18. 106.5 billion out of the total were males who consumed alcohol, and 106.7 billion women were the ones consuming alcohol in the United States. Therefore, the increasing consumption of alcohol in the States is fueling the market for single malt whiskey in the country.

Market player strategies

Major companies like Bacardi, Brown-Forman, Pernod Ricard, and others play a significant role in the global single malt whiskey market. The global single malt whiskey market is experiencing growth driven by several factors, including a demand for diverse options from emerging markets and a preference for lower-alcohol variations, premiumization, and natural ingredients among health-conscious consumers. Consumers are increasingly embracing premium and higher-quality expressions of Irish whiskey. For instance, in 2022, American consumers bought over 6.1 million 9-liter cases of Irish whiskey, resulting in $1.4 billion in revenue for distillers. This substantial contribution played a key role in the record-breaking expansion of the U.S. spirits industry.

Market Key Developments

• In March 2023, Jack Daniel’s a Tennessee, United States brand announced the launch of 12-year-old Tennessee Whiskey to their Annual Aged Series. In the projected period various products are anticipated to be launched in the country, as companies are concentrating on regions with high consumption.

Segmentation:

By Product

• Scotch Whiskey
• American Whiskey
• Irish Whiskey
• Others

By Distribution Channel

• Supermarkets and Hypermarkets
• On-Trade
• Specialist Retailers
• Online
• Convenience Store

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Others