Market Forecast By Product Type (American Whisky, Irish Whisky, Scotch Whisky, Canadian Whisky, Others), By Distribution Channel (On-trade, Off-trade) And Competitive Landscape
|Product Code: ETC189393||Publication Date: Sep 2022||Updated Date: Aug 2023||Product Type: Market Research Report|
|Publisher: 6Wresearch||No. of Pages: 60||No. of Figures: 40||No. of Tables: 7|
China Whiskey Market registered a growth of 20.33% in value shipments in 2022 as compared to 2021 and an increase of 22.74% CAGR in 2022 over a period of 2017. In Whiskey Market China is becoming more competitive as the HHI index in 2022 was 7037 while in 2017 it was 7836. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market.
China has reportedly relied more on imports to meet its growing demand in Whiskey Market. India is shifting towards local production to meet its demand as we see the trend is shifting towards reducing imports. The import factor of Whiskey Market in 2022 was 13.94 while in 2017 it was 33.21. United Kingdom (UK), Japan, USA, Other Asia, nes and Ireland were among the top players of the market in 2022, where United Kingdom (UK) acquired the largest market share of 83.32% with a shipment value of 465.08 million USD in 2022 United Kingdom (UK) also offered the product below the average market price thus having a competitive advantage over others In 2017 United Kingdom (UK) had the largest market share of 88.23% with the shipment value of 119.73 million USD. The country was offering its product with an average price which is higher than the average market price offered in the country. Although United Kingdom (UK) offers its product above the market average price, it remained at the leadership position indicating the brand value it holds in the China Whiskey Market in 2017.
The China whiskey market has been growing rapidly in recent years. The growth is driven by rapid economy growth, and increasing disposable income. Further, the Chinese government has been cracked down on corruption, and giving gifts of alcohol is now seen as less acceptable and whiskey is seen as a more sophisticated option. Moreover, the market has witnessed rising instances of people drinking whiskey in China. This is partly due to the influence of Western culture, but also because Chinese people are becoming more knowledgeable about different types of alcohol. They are no longer just drinking baijiu, but are exploring other options. The China whiskey market is still relatively small compared to the overall alcohol market in China. However, it is growing rapidly and is anticipated to retain the same growth trajectory in future. Additionally, players are adopting innovative growth strategy in the market and are focusing on the evolving market dynamics to enhance their share in the China whiskey industry.
According to 6Wresearch, the China Whiskey Market size is likely to witness growth during 2022-2028. The growth is spurred by the growing middle-class population and their rising disposable incomes are the major drivers of the market. The growing popularity of whiskey among young people is also driving the market. Moreover, the favorable government policies regarding the import of foreign alcohol products are also supporting the growth of the market.
In terms of whiskey type, the market is categorized into single malt, blended, grain, and others. The single malt segment is expected to register the maximum share of the market due to its premium quality and taste. Preference for premium whiskey brands is a key trend observed in the China whiskey market in recent years.
In terms of distribution channel, the market is classified into online channel and offline channel. The offline mode is again categorized into supermarkets/hypermarkets, liquor stores, and others. The online channel is projected to register the highest market share over the coming years as a result of rising number of online alcohol retailers in China.
The China whiskey market is subject to a number of regulations. These regulations safeguard the consumers and ensure that only high-quality products are sold. First, all whiskey products must be approved by the China National Food and Drug Administration (CFDA) before they can be sold. This approval process ensures that only products that meet safety and quality standards are sold in China. Second, all whiskey products must be labeled in Mandarin. This requirement ensures that consumers can understand the product they are buying. Third, all whiskey products must be sold in sealed containers. This requirement helps to prevent tampering and helps in quality control. Fourth, all whiskey products must be stored in a cool, dry place. This helps in retaining the quality of the whiskey.
The outbreak of Coronavirus pandemic has resulted in a slowdown in the growth of the market. Lockdown were imposed throughout the country which resulted in halt in the production process. The entire supply chain was disrupted. However, the market growth has gained momentum in recent years and this development is likely to continue in upcoming years.
Major key players operating in the China Whiskey Market are:
The report provides a comprehensive study of the subsequent market segments:
|1 Executive Summary|
|2.1 Key Highlights of the Report|
|2.2 Report Description|
|2.3 Market Scope & Segmentation|
|2.4 Research Methodology|
|3 China Whiskey Market Overview|
|3.1 China Country Macro Economic Indicators|
|3.2 China Whiskey Market Revenues & Volume, 2021 & 2028F|
|3.3 China Whiskey Market - Industry Life Cycle|
|3.4 China Whiskey Market - Porter's Five Forces|
|3.5 China Whiskey Market Revenues & Volume Share, By By Product Type, 2021 & 2028F|
|3.6 China Whiskey Market Revenues & Volume Share, By By Distribution Channel, 2021 & 2028F|
|4 China Whiskey Market Dynamics|
|4.1 Impact Analysis|
|4.2 Market Drivers|
|4.3 Market Restraints|
|5 China Whiskey Market Trends|
|6 China Whiskey Market, By Types|
|6.1 China Whiskey Market, By By Product Type|
|6.1.1 Overview and Analysis|
|6.1.2 China Whiskey Market Revenues & Volume, By By Product Type, 2018 - 2028F|
|6.1.3 China Whiskey Market Revenues & Volume, By American Whisky, 2018 - 2028F|
|6.1.4 China Whiskey Market Revenues & Volume, By Irish Whisky, 2018 - 2028F|
|6.1.5 China Whiskey Market Revenues & Volume, By Scotch Whisky, 2018 - 2028F|
|6.1.6 China Whiskey Market Revenues & Volume, By Canadian Whisky, 2018 - 2028F|
|6.1.7 China Whiskey Market Revenues & Volume, By Others, 2018 - 2028F|
|6.2 China Whiskey Market, By By Distribution Channel|
|6.2.1 Overview and Analysis|
|6.2.2 China Whiskey Market Revenues & Volume, By On-trade, 2018 - 2028F|
|6.2.3 China Whiskey Market Revenues & Volume, By Off-trade, 2018 - 2028F|
|7 China Whiskey Market Import-Export Trade Statistics|
|7.1 China Whiskey Market Export to Major Countries|
|7.2 China Whiskey Market Imports from Major Countries|
|8 China Whiskey Market Key Performance Indicators|
|9 China Whiskey Market - Opportunity Assessment|
|9.1 China Whiskey Market Opportunity Assessment, By By Product Type, 2021 & 2028F|
|9.2 China Whiskey Market Opportunity Assessment, By By Distribution Channel, 2021 & 2028F|
|10 China Whiskey Market - Competitive Landscape|
|10.1 China Whiskey Market Revenue Share, By Companies, 2021|
|10.2 China Whiskey Market Competitive Benchmarking, By Operating and Technical Parameters|
|11 Company Profiles|