The demand for specialty whiskeys such as single malt whiskey and blended whiskey is expected to rise due to an increase in the global younger generations, rise in disposable incomes, and changing consumer taste towards alcoholic beverages. Furthermore, rising consumer awareness of whiskey's health benefits, such as its ability to reduce the risk of heart disease, diabetes, and dementia up to some extent, to fight cancer, or act as a digestive aid, and promote weight loss, and reduce stress when taken in moderation is projected to boost the sales growth of the global malt whiskey market during the forecast period set between 2021 and 2031.
The malt whiskey market is categorized on the basis of type, distribution channel, application, and region. In terms of type, the market is grouped into Irish whiskey, American whiskey, Scotch whiskey, and others. Based on distribution channel, the market is bifurcated into off trade, and on trade. With respect to application, the market is grouped into convenience store, online, specialist retailers, on-trade, and supermarkets and hypermarkets.
The research report on the malt whiskey offers a notable overview of the market and factors boosting or challenging its growth. This includes drivers, restraints, challenges, and future growth opportunities. List of the players operating in this market and their efforts to obtain a significant position in the market competition in terms of innovations and new product launches is also discussed in details. It also focuses on the recent developments and innovations that helped the market grow in terms of revenue generation. The impact of the novel COVID19 pandemic is also discussed in the report. For more information on the report, refer to the company website.
The nature of competition for this market is fairly competitive on account of the presence of few players. Leading players of the malt whiskey market are indulging in joint ventures and merger strategies to gain an upper hand in the overall market competition. Others are investing in introduction of new products to gain more impetus for the market. The key objective is to ensure a significant position in the market competition and earn handsome revenues for the overall market.
Some of the key players of the global Malt Whiskey market include:
The rapidly increasing rate of urbanization, changing lifestyle, and rise in disposable incomes of people has propelled people to opt for ways and means to spend their incomes in a lavish lifestyle. Besides this, the rising inclination towards alcoholic beverages will also help create revenue generation opportunities for the malt whiskey market in the forecast period. On the contrary, stringent rules and regulations on use of alcohol and restrictions on advertising and marketing tactics may create major challenges in the growth of this market. Nevertheless, the growing rate of cocktail culture and the urge to experiment with alcohol is likely to help promote the growth of this market in the near future.
Geographically, this market is widespread into the regions of Latin America, Europe, North America, and the Middle East and Africa. These regions are further categorized as per the nations bringing business. North America emerged as the largest revenue generators for the Malt Whiskey market on account of the rapidly increasing consumer lifestyles and the rise in disposable incomes of people. Besides this, the growing popularity of westernized culture and the inclination towards premium spirits are likely to promote the growth of the global malt whiskey market in the near future.