Whiskey Market Analysis

Whiskey Market Analysis

The scotch whiskey market revenue is predicted to reach USD 46.3 billion by 2032, accredited to the growing consumer inclination toward premium products. Moreover, the appealing sensory characteristics and high alcohol percentage are driving the community of scotch lovers, thus compelling distillers to amplify the production rate. The developing economies in particular are experiencing a notable rise in consumer spending on high-end spirits. For instance, as per the Scotch Whisky Association (SWA), India emerged as the largest importer of scotch whiskey produced in the U.K. with a 60% surge in imports between 2021 and 2022.

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The whiskey market size from the on-trade distribution channel segment is projected to witness 6.5% CAGR through 2032. On-trade distribution channels remain a prominent distributor due to the increasing consumption of alcoholic beverages across bars, pubs, and hotels. After experiencing significant disruptions caused by the COVID-19 pandemic, the restaurant and hotel sectors are anticipating a promising business trajectory in the looming years.  Despite the virtualization of food businesses and the rapid penetration of food delivery services, consumers across the globe are heavily inclined towards on-premise experiences to enable socialization. For instance, the 2023 forecast by the National Restaurant Association showcases high consumer preference for culinary exploration with 70% of respondents inclined towards in-restaurant experiences.

Asia Pacific whiskey market will exceed USD 54.9 billion by 2032, driven by the rising purchasing power across developing nations such as India and China. The growing consumer inclination toward premium and luxury products and the changing lifestyles have encouraged robust trade of alcoholic beverages across APAC countries. For instance, as per data published by the U.S. Department of Agriculture (USDA), and the Global Agriculture Information Network (GAIN), Taiwan’s whiskey imports reached USD 553 million in 2021, increasing by 19% from 2020.