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.
— Knowledge Sourcing Intelligence
NOIDA, UTTAR PRADESH, INDIA, October 13, 2023 /EINPresswire.com/ — According to a new study published by Knowledge Sourcing Intelligence, the global single malt whiskey market is projected to grow at a CAGR of 7.94% between 2021 and 2028 to reach US$4.761 billion by 2028.
The rising popularity of premium spirits as a result of shifting consumer preferences is a significant factor fueling the rise of the global single malt whiskey market. Pure alcohol consumption will rise along with the growth thanks to the current tendency of “eating less but better.” Customers will switch from wine and beer to whiskey as a result of this. Additionally, Single Malt Whiskey’s distinct flavor makes a substantial contribution to its appeal to younger customers, which in turn fuels market expansion. The market is expanding as a result of the introduction of new products and rising consumer demand for premium single-malt whiskey.
Single Malt Whiskey is a malt or grain whisky made in Scotland using unmalted grains like cornmeal or wheat and malted barley. Similar to other whiskeys, single malt whiskey is made by fermenting grains with yeast to turn sugars into alcohol. The resulting liquid is then distilled to create a potent alcoholic drink, which is then aged in barrels, mixed, and bottled. Demand for diversity in Single Malt Whiskey from rapidly evolving emerging countries as well as demand for whiskey with lower alcohol content and natural ingredients among health-conscious consumers are driving the industry forward. In addition, individuals choose to drink premium brands due to the increasing emphasis on healthy living in the community. Malt wheat, oats, wheat, and rye are among the grains used to make organic whiskey. Both in developed and emerging nations, demand for luxury and ultra-premium whiskeys is quite high. Additionally, the rising trend of socializing and mid-week/weekend gatherings among many young professionals as well as changes in consumer lifestyles are having an impact on the market’s expansion.
The market is witnessing multiple collaborations and technological advancements, for instance, Jack Daniel’s, a Tennessee-based American company, announced the addition of 12-year-old Tennessee Whiskey to their Annual Aged Series in March 2023. As businesses focus on areas with strong demand, it is predicted that a variety of items will be introduced in the entire nation throughout the projected time.
Access sample report or view details: https://www.knowledge-sourcing.com/report/global-single-malt-whiskey-market
Based on product, the global single malt whiskey market is divided into scotch whiskey, American whiskey, Irish whiskey, and others. Due to its excellent quality, authenticity, and distinctive flavor, scotch whiskey is the most widely consumed type of whisky, making up a sizeable share of the market. With its subtle and refined taste nuances, blended single malt is a combination of wheat and single malt whiskey that is a favorite among customers. As a result, it is anticipated that the Single Malt Whiskey market will expand quickly due to an increase in exports.
By distribution channel, the single malt whiskey market is divided into supermarkets and hypermarkets, on-trade, specialist retailers, online, and convenience stores. The supermarkets and hypermarkets segment dominated the market. Around the world, the off-trade channel is where single malt whiskey is most often purchased. Since purchasing liquor from off-trade establishments like supermarkets and specialty shops is less expensive than doing so from on-trade establishments like bars, restaurants, and pubs, consumers choose to do so. Additionally, the on-trade channel is expanding since consumers in developed countries seek an inviting environment and interesting surroundings when drinking alcohol. As a consequence, the growth of the sales channel is encouraged.
Based on Geography, the North American region accounts for a substantial share of the global single malt whiskey market. North America is anticipated to see healthy growth due to the rising popularity and taste for scotch whisky as well as the fact that it is its largest global importer. The United States was the top Single Malt Whiskey importer, and the vast majority of Single Malt Whiskey producers had contributed to market expansion. One of the main growth drivers for the worldwide single malt whiskey market over the forecast period is expected to be the rise in whiskey use at social events, which will be aided by the ease with which single malt whiskey is available on American e-commerce websites.
As a part of the report, the major players operating in the global single malt whiskey market that have been covered include Bacardi, Beam Suntory, Brown-Forman, Diageo, Pernod Ricard, Asahi Breweries, Distell, Gruppo Campari, John Distilleries, and Radico Khaitan among other major market players.
The market analytics report segments the global single malt whiskey market on the following basis:
• BY PRODUCT
o Scotch Whiskey
o American Whiskey
o Irish Whiskey
• BY DISTRIBUTION CHANNEL
o Supermarkets and Hypermarkets
o Specialist Retailers
o Convenience Store
• BY GEOGRAPHY
o North America
• United States
o South America
• United Kingdom
o Middle East and Africa
• Saudi Arabia
o Asia Pacific
• South Korea
• Beam Suntory
• Brown- Forman
• Pernod Ricard
• Asahi Breweries
• Gruppo Campari
• John Distilleries
• Radico Khaitan
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