Impact Databank: Single Malt Scotch Aims For Rebound In 2023

Along with much of the U.S. spirits market overall in 2022, the single malt Scotch whisky category ran up against some tough comps versus the prior year, as well as an uncertain economy struggling from high inflation. Last year, total single malt Scotch depletions fell 2.5% in the United States, according to Impact Databank, but a rebound is expected in 2023 as key players continue to invest aggressively, betting that the category’s long-term upswing will resume.

Single malts have been the primary growth driver for the overall Scotch whisky category in the U.S. for decades. Even after last year’s decline, single malt continues to account for more than a quarter of total Scotch whisky volume in the U.S. and well over half of value, according to Impact Databank. The U.S. is the world’s largest market for single malt Scotch, ahead of the domestic U.K. market, and in spite of last year’s hiccup, remains above 2019 levels—having recovered from the pandemic and the 25% tariff imposed on single malt Scotch, which was later rescinded.

The Glenlivet remains the largest-selling single malt in the U.S., with volume more than double that of its closest competitor, The Macallan. Only three blended Scotch whiskies sell more cases than The Glenlivet in the U.S.—Johnnie Walker, Dewar’s, and Buchanan’s—according to Impact Databank. Late last year, Pernod Ricard rolled out revamped 21- and 25-year-old Scotch whiskies from The Glenlivet, both bottled at 43% abv and showing off new cask finishes for the ultra-aged expressions from the Speyside brand.

Macallan owner Edrington recently struck a deal with Sherry maker Grupo Estevez, giving Edrington an exclusive pipeline for the Sherry-seasoned casks which play a key role in creating The Macallan brand. William Grant & Sons, meanwhile, has continued to roll out new offerings under its Glenfiddich and Balvenie labels, including a Sherry cask-aged Glenfiddich 12-year-old retailing at $55 and a Time Re-Imagined Collection that contains 30-, 40-, and 50-year-old expressions of Glenfiddich.

Beyond the top brands, solid gains were registered in 2022 by smaller single malt labels, such as Brown-Forman’s Benriach (+15%), Shaw-Ross’ Glengoyne (+10%), and Remy Cointreau’s Bruichladdich (+7%), according to Impact Databank. Also, an impressive 38% surge was registered last year by Bacardi’s line of single malt Scotch whiskies, led by Aberfeldy.—Juan Banaag

Tagged : Balvenie, Edrington, Glenfiddich, Glenlivet, Glenmorangie, Macallan, Moet Hennessy, pernod, William Grant & Sons

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