Global malt whisky market to hit $6.7bn by 2031
The global malt whisky market is expected to grow at a compound annual growth rate (CAGR) of 4.7% from 2022 to 2031, reaching a value of US$6.7 billion.
Allied Market Research’s report, Malt Whiskey Market By Type (Scotch Whisky, American Whiskey, Irish Whiskey, Others), By Distribution Channel (On Trade, Off Trade): Global Opportunity Analysis and Industry Forecast, 2021-2031, assessed the growth of the worldwide malt whisky market.
In 2021, the malt whisky market was valued at US$4.3bn.
The report cites the ‘adoption of western culture in developing countries such as India’, and the increase in cocktail serves – with whisky seen as an ingredient – as key reasons for growth.
However, health consciousness is said to be hindering market growth, according to Allied Market Research, which has led to governments imposing ‘stringent rules and regulations’ about sales, distribution, advertisements and promotions of alcoholic products.
In its review of whisky styles, the report found Scotch whisky ‘held the lion’s share’ of the market in 2021, accounting for two-fifths of the global malt whisky market.
Europe held the largest share of the market, accounting for nearly a third.
Yet, between 2022-2031, the Scotch malt whisky category is projected to increase by a 4.9% CAGR, with Asia Pacific expected to claim the highest CAGR of 5.9% due to ‘growth in urban population and improved living standards’.
This is due to an expected increase in consumer preference for Scotch whisky in Asia Pacific and Africa.
Meanwhile, the on-trade is projected to register a CAGR of 5.3% during the forecast period. This has been accredited to consumers’ preference of premium whiskies through this channel.
However, in 2021, the off-trade segment dominated the market, contributing to more than three quarters of the global malt whisky market.