The global malt whisky market will exceed $6.7 billion by 2031

Recently, Allied Market Research released a report predicting that from 2022 to 2031, the global malt whisky market will grow at a compound annual growth rate (CAGR) of 4.7%, with a total value of more than 6.7 billion US dollars. In 2021, the malt whisky market is valued at $4.3 billion.

"Increasing acceptance of Western culture in developing countries such as India" and increased demand for cocktails are key reasons, the report said.

According to Allied Market Research, in 2021, Scotch whisky will have the largest market share in terms of whisky types, accounting for two-fifths of the global malt whisky market; in terms of regions, Europe will occupy the largest market share in the world, nearly one-third.

The Scotch malt whisky category is forecast to grow at a compound annual growth rate (CAGR) of 4.9% from 2022 to 2031, and 5.9 due to "growing urban populations and rising living standards" in the Asia-Pacific region %.

Allied Market Research predicts that consumers in Asia Pacific and Africa will continue to enjoy Scotch whisky. However, as governments around the world have implemented strict regulations on the sales, distribution, advertising and promotion of alcohol products, the growing health awareness of the public will hinder the growth of some alcohol markets.