Global Single Malt Whiskey Market 2016-2020
About Single Malt Whiskey
Single malt whiskey by definition needs to be made at a single distillery. It is made from fermented mash made with malted grain. The single malt whiskey market is dominated by single malt Scotch whisky, and it accounted for 59.28% of the market share in terms of volume in 2015.
Technavio’s analysts forecast the global single malt whiskey market to grow at a CAGR of 6.72% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global single malt whiskey market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of single malt whiskey products to individual consumers.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Single Malt Whiskey Market 2016-2020
Technavio recognizes the following companies as the key players in the global single malt whiskey market: Bacardi, Beam Suntory, Brown-Forman, Diageo, and Pernod Ricard.
Other Prominent Vendors in the market are: Asahi Breweries, Distell, Gruppo Campari, John Distilleries, Radico Khaitan, and United Spirits.
Commenting on the report, an analyst from Technavio’s team said: “An interesting trend emerging in the global single malt whiskey market is the emergence of tourism based on whiskey distilleries. Visiting distilleries is one of the main tourist attractions in Scotland. It is estimated that nearly 1.5 million people visited Scotland's distilleries during 2015, and the number is expected to increase during the forecast period. It is estimated that the whiskey tourism in Scotland was worth about $77 million in 2015. Top 20 distilleries in Scotland account for about 83% of the total visits to the sector. The Amrut Distilleries, based in Bangalore, India, is also offering a tour of its distillery to the consumers to help them understand firsthand the distillation process of single malt whiskey.”
According to the report, increase in export and import will be a key driver for market growth. The increase in exports and imports globally across various whiskey-consuming countries is also helping the sales of single malt whiskeys. In 2015, the export of single malt Scotch whisky from the UK increased by about 5% to $621.1 million. The import of single malt Scotch whisky to Canada increased by about 20% in 2015 to about $55 million and the import to Mexico increased by about 12% to $66 million. In European countries also the import of single malt Scotch whisky is increasing due to the growing popularity of the premium product. In Poland, the import of single malt Scotch whisky increased by about 45% to about $31 million, and in Turkey, the import of single malt Scotch whisky increased by about 28% to $35 million in 2015. In March 2016, Amrut Distilleries exported its first batch 1,500 cases of its Indian single malt whiskey to the UK market.
Further, the report states that shortage in supply of single malt whiskey is one of the key challenges faced by the market. Compared to blended whiskies, single malt whiskey must come from one distillery. The sales of single malt whisky nearly tripled in the US between 2002 and 2015. Also, the global export of single malt whiskey increased by about 159% between 2004 and 2014. By law, single malt Scotch whisky must be aged for a minimum of three years before it can be sold. Today's supply of 15 years old single malt Scotch whisky depends on the prediction the distillers made in 2001. The stock of Scotch whiskies aged above 11 years in the Scottish warehouses decreased by about 7% in 2014 to about 230 million liters. The
Bacardi, Beam Suntory, Brown-Forman, Diageo, Pernod Ricard, Asahi Breweries, Distell, Gruppo Campari, John Distilleries, Radico Khaitan, and United Spirits.