ASEAN: Whisky Market 2024

Whisky Market Size in ASEAN

In 2022, the ASEAN whisky market increased by 5% to $X, rising for the second consecutive year after two years of decline. The total consumption indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +27.2% against 2020 indices. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Whisky Production in ASEAN

In value terms, whisky production contracted to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a strong increase. The pace of growth appeared the most rapid in 2018 when the production volume increased by 49% against the previous year. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Whisky Exports

Exports in ASEAN

In 2022, shipments abroad of whisky decreased by -13.5% to X litres, falling for the third consecutive year after five years of growth. Over the period under review, exports recorded a abrupt slump. The pace of growth appeared the most rapid in 2019 when exports increased by 6% against the previous year. Over the period under review, the exports hit record highs at X litres in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, whisky exports skyrocketed to $X in 2022. The total export value increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Singapore represented the key exporting country with an export of around X litres, which reached 78% of total exports. It was distantly followed by Thailand (X litres), constituting an 18% share of total exports. Myanmar (X litres) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to whisky exports from Singapore stood at -4.9%. At the same time, Myanmar (+116.2%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +116.2% from 2012-2022. Thailand experienced a relatively flat trend pattern. Thailand (+7.2 p.p.), Singapore (+4.3 p.p.) and Myanmar (+1.8 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) remains the largest whisky supplier in ASEAN, comprising 90% of total exports. The second position in the ranking was held by Thailand ($X), with an 8.9% share of total exports.

In Singapore, whisky exports increased at an average annual rate of +3.3% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (+5.4% per year) and Myanmar (+90.3% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per litre, picking up by 64% against the previous year. Export price indicated a strong increase from 2012 to 2022: its price increased at an average annual rate of +8.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, whisky export price increased by +77.9% against 2020 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per litre), while Myanmar ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+8.6%), while the other leaders experienced mixed trends in the export price figures.

Whisky Imports

Imports in ASEAN

In 2022, overseas purchases of whisky were finally on the rise to reach X litres after three years of decline. Over the period under review, imports, however, recorded a abrupt downturn. Over the period under review, imports hit record highs at X litres in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, whisky imports soared to $X in 2022. The total import value increased at an average annual rate of +1.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Singapore represented the major importer of whisky in ASEAN, with the volume of imports finishing at X litres, which was approx. 48% of total imports in 2022. Thailand (X litres) held a 17% share (based on physical terms) of total imports, which put it in second place, followed by the Philippines (15%) and Malaysia (15%). Lao People's Democratic Republic (X litres) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to whisky imports into Singapore stood at -5.0%. At the same time, the Philippines (+12.6%) and Lao People's Democratic Republic (+4.1%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +12.6% from 2012-2022. By contrast, Malaysia (-6.3%) and Thailand (-14.0%) illustrated a downward trend over the same period. The Philippines (+12 p.p.) and Singapore (+6.5 p.p.) significantly strengthened its position in terms of the total imports, while Thailand saw its share reduced by -22.7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) constitutes the largest market for imported whisky in ASEAN, comprising 74% of total imports. The second position in the ranking was held by Malaysia ($X), with an 11% share of total imports. It was followed by Thailand, with a 10% share.

From 2012 to 2022, the average annual growth rate of value in Singapore stood at +3.1%. In the other countries, the average annual rates were as follows: Malaysia (-2.5% per year) and Thailand (-3.4% per year).

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per litre, increasing by 24% against the previous year. Import price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +8.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, whisky import price increased by +70.6% against 2017 indices. The pace of growth was the most pronounced in 2013 when the import price increased by 31%. The level of import peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per litre), while the Philippines ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+12.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform