In this report, Technavio covers the present scenario and growth prospects of the global Scotch whisky market for 2015-2019. To calculate the market size, our researchers have taken into account the retail volume of Scotch whisky consumed in millions of liters through on-trade as well as off-trade modes.
“The global Scotch whisky market is driven by an increase in product marketing activities and innovative promotional techniques. With increased market competition, many companies are expected to launch new varieties of whiskey to gain a competitive edge in the market. These promotional activities are likely to be based on product variety, flavor, calorie content, and packaging,” said Arushi Thakur, one of Technavio’s industry analysts for alcoholic beverages market research.
“Even distilling techniques are now considered as a way of product marketing. For instance, triple distilled Auchentoshan and grain Scotch whisky from Compass Box’s Hedonism speaks of its distinct flavor. Another Scotch whisky, a hybrid of Benromach’s Optic barley and Edradour’s ancient bere barley is an example of the product differentiation strategy used for pin-pointing a distinct raw material that is used in the manufacturing process,” added Arushi.
Geographical segmentation of global Scotch whisky market by revenue 2014 (% shares)
Source: Technavio research
Europe: largest region for the global scotch whiskey market
Although Europe is a mature market for Scotch whisky, it is expected to lose some of its market share during the forecast period. France, Spain, and Germany emerged as some of the major contributors for the Scotch whisky market in Europe. During the same period, France emerged as the largest importer of Scotch whisky in terms of volume.
Turkey is another emerging market, which is expected to propel the demand for Scotch whisky in Europe during the forecast period. In 2014, Turkey increased its imports of Scotch whisky by 4%, reaching close to USD 80.34 million in 2014.
Americas: second largest region for the global Scotch whiskey market
North America was the second largest market in terms of value and the third largest market in terms of volume in the global Scotch whisky market in 2014. The US and Canada, in particular, emerged as its major contributors during this period.
However, rising demand for Bourbon and Tennessee whiskey hinders the growth of the Scotch whisky market in the US. In 2014, the sales of Bourbon and Tennessee whiskies rose by more than 9%, reaching a market size of around USD 2.70 billion, while Scotch whisky generated total sales worth USD 2.01 billion in revenue.
Latin America is also a key potential region for the Scotch whisky market, especially blended Scotch. In Colombia, Diageo's Buchanan's and Old Parr Tribute reported strong growth in 2014, while in Mexico, the vast distribution coupled with the media campaign “Keep Walking Mexico” increased the sales of Johnnie Walker Red Label by almost 40%.
APAC: the fastest growing market for Scotch whisky
APAC is the fastest growing Scotch whisky market, and it is likely to grow at a CAGR of over 9% during the forecast period. The APAC market has huge potential for growth because of the increasing affluent middle-class population, westernization, and growing consumption for alcoholic beverages.
Countries like India, South Korea, Taiwan, Vietnam, Japan, and Thailand are some of the major contributors for this market. In 2015, India emerged as the third largest importer of Scotch after France and the US. These trends are predicted to continue, and it is expected to buoy the market for Scotch whiskey over the next four years in this region.
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