Eastern Asia: Whisky Market 2024

Whisky Market Size in Eastern Asia

The East Asian whisky market rose significantly to $X in 2022, with an increase of 5.5% against the previous year. The total consumption indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +5.6% 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 +20.0% against 2018 indices. The level of consumption peaked in 2022 and is expected to retain growth in years to come.

Whisky Production in Eastern Asia

In value terms, whisky production stood at $X in 2022 estimated in export price. The total production indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.3% against 2020 indices. The pace of growth was the most pronounced in 2015 with an increase of 41% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Whisky Exports

Exports in Eastern Asia

Whisky exports soared to X litres in 2022, growing by 17% against the previous year. Overall, exports posted a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of 64% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, whisky exports rose slightly to $X in 2022. Over the period under review, exports posted a remarkable increase. The pace of growth appeared the most rapid in 2021 with an increase of 82% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in the near future.

Exports by Country

In 2022, Japan (X litres) represented the main exporter of whisky, making up 64% of total exports. China (X litres) took a 17% share (based on physical terms) of total exports, which put it in second place, followed by Hong Kong SAR (12%). The following exporters - Taiwan (Chinese) (X litres) and South Korea (X litres) - together made up 6.5% of total exports.

Exports from Japan increased at an average annual rate of +23.2% from 2012 to 2022. At the same time, China (+46.1%) and Taiwan (Chinese) (+24.4%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +46.1% from 2012-2022. Hong Kong SAR experienced a relatively flat trend pattern. By contrast, South Korea (-6.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Japan, China and Taiwan (Chinese) increased by +35, +16 and +2.3 percentage points, respectively.

In value terms, Japan ($X) remains the largest whisky supplier in Eastern Asia, comprising 73% of total exports. The second position in the ranking was held by Hong Kong SAR ($X), with a 16% share of total exports. It was followed by China, with a 6.8% share.

From 2012 to 2022, the average annual growth rate of value in Japan stood at +30.0%. In the other countries, the average annual rates were as follows: Hong Kong SAR (+4.0% per year) and China (+49.9% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per litre in 2022, shrinking by -12.8% against the previous year. Export price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 when the export price increased by 23% against the previous year. Over the period under review, the export prices attained the peak figure at $X per litre in 2021, and then dropped in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per litre), while South Korea ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+5.5%), while the other leaders experienced more modest paces of growth.

Whisky Imports

Imports in Eastern Asia

Whisky imports rose significantly to X litres in 2022, growing by 13% compared with the previous year's figure. Total imports indicated a measured increase from 2012 to 2022: its volume increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +27.3% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 13% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in the near future.

In value terms, whisky imports expanded rapidly to $X in 2022. Total imports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +43.6% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 34% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Japan (X litres) was the key importer of whisky, making up 48% of total imports. China (X litres) ranks second in terms of the total imports with a 22% share, followed by Taiwan (Chinese) (15%) and South Korea (11%). Hong Kong SAR (X litres) followed a long way behind the leaders.

Japan was also the fastest-growing in terms of the whisky imports, with a CAGR of +9.8% from 2012 to 2022. At the same time, China (+5.9%) and Taiwan (Chinese) (+1.5%) displayed positive paces of growth. By contrast, Hong Kong SAR (-1.8%) and South Korea (-2.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Japan and China increased by +17 and +2 percentage points, respectively.

In value terms, the largest whisky importing markets in Eastern Asia were China ($X), Taiwan (Chinese) ($X) and Japan ($X), together accounting for 79% of total imports.

In terms of the main importing countries, China, with a CAGR of +15.3%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per litre, declining by -5.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The most prominent rate of growth was recorded in 2014 an increase of 25%. Over the period under review, import prices hit record highs at $X per litre in 2021, and then reduced in the following year.

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 Hong Kong SAR ($X per litre), while Japan ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+8.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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