The worldwide scottish whiskey market is expected to grow at a CAGR of 5% by 2026

During the forecast period of 2020-2026, the worldwide Scottish Whisky Market  is expected to grow at a CAGR of 5%. The market's expansion can be ascribed to rising middle-class disposable income and the growing popularity of scotch whiskey, which has a distinct flavour due to the ageing process.

Scotch, often known as malt whiskey, is created entirely of distilled water and malted barley in Scotland, whereas traditional whiskeys are made from fermented grain mashes of wheat, corn, and barley. The scotch whisky is kept in old barrels for at least three years, sometimes up to 50 years. It's also an excellent antioxidant that can help prevent heart attacks, blood clots, and strokes if consumed in a limited amount.

Every second, 42 bottles of Scotch whiskey are exported to 172 countries, according to the Scotch Whisky Association. Furthermore, the old historic whiskey contributes $6.81 billion to the UK economy's gross value added (GVA). The scotch whisky in the barrels gradually evaporates at a rate of about 2% per year, equating to about 29 million gallons of total liquid in the barrel. Single malt and single grain Scotch Whisky are two types of Scotch Whisky. Single malt is produced by a single distillery and contains only malted barley, whereas single grain is less usually found on liquor store shelves due to the addition of whole grains. Single grain scotch is used in the majority of blended scotch whiskeys.

Scottish Whiskey Market Drivers, Restrainers, Opportunities:

• Scotch Whiskey’s complexity and the explicit flavour have sprouted curiosity among the millennials which is anticipated to boost the growth of the market. Even though there are more distilleries in the United States than Scotland, the preference of the population to taste the original is expected to stimulate the demand for scotch whiskey in the forecast period.
• The aged whiskey is commonly referred to as "old man's whiskey," and scotch whiskey is predicted to have considerable demand in the near future due to the luxury of the elderly. Sufficient innovation and relevance to the next generation is one of the primary issues our business faces. Some distilleries, on the other hand, are experimenting with flavouring whiskeys and are anticipating the results.
• The cost of scotch whisky is a major limitation on the market, which can effect sales in developing nations around the world. Furthermore, the projected economic crisis as a result of the pandemic could have a significant impact on growth in the projection year.