South-Eastern Asia: Whisky Market 2024

Whisky Market Size in South-Eastern Asia

In 2022, the Southeast Asian whisky market increased by 5% to $X, rising for the second year in a row after two years of decline. The total consumption indicated a temperate expansion 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 remained at a lower figure.

Whisky Production in South-Eastern Asia

In value terms, whisky production reduced to $X in 2022 estimated in export price. Over the period under review, production, however, recorded resilient growth. The most prominent rate of growth was recorded in 2018 with an increase of 49% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Whisky Exports

Exports in South-Eastern Asia

In 2022, overseas shipments of whisky decreased by -13.5% to X litres, falling for the third year in a row after five years of growth. Over the period under review, exports showed a abrupt shrinkage. The pace of growth appeared the most rapid in 2019 with an increase of 6%. The volume of export peaked at X litres in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

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

Exports by Country

Singapore was the largest exporter of whisky in South-Eastern Asia, with the volume of exports reaching X litres, which was near 78% of total exports in 2022. It was distantly followed by Thailand (X litres), creating an 18% share of total exports. Myanmar (X litres) followed a long way behind the leaders.

Exports from Singapore decreased at an average annual rate of -4.9% from 2012 to 2022. At the same time, Myanmar (+116.2%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +116.2% from 2012-2022. Thailand experienced a relatively flat trend pattern. From 2012 to 2022, the share of Thailand, Singapore and Myanmar increased by +7.2, +4.3 and +1.8 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2022, the average annual rate of growth in terms of value in Singapore stood at +3.3%. 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 South-Eastern Asia amounted to $X per litre, increasing by 64% against the previous year. Export price indicated a resilient expansion 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 South-Eastern Asia

In 2022, overseas purchases of whisky increased by 15% to X litres for the first time since 2018, thus ending a three-year declining trend. Over the period under review, imports, however, showed a abrupt downturn. The volume of import peaked at X litres in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, whisky imports surged 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 was the major importing country with an import of about X litres, which amounted to 47% of total imports. It was distantly followed by Thailand (X litres), the Philippines (X litres) and Malaysia (X litres), together mixing up a 46% share of total imports. Lao People's Democratic Republic (X litres) followed a long way behind the leaders.

Imports into Singapore decreased at an average annual rate of -5.0% from 2012 to 2022. 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 South-Eastern Asia, 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 (+6.4 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 ($X) constitutes the largest market for imported whisky in South-Eastern Asia, comprising 74% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 10% share of total imports. It was followed by Thailand, with a 10% share.

In Singapore, whisky imports expanded at an average annual rate of +3.1% over the period from 2012-2022. 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

The import price in South-Eastern Asia stood at $X per litre in 2022, growing by 24% against the previous year. Import price indicated prominent growth 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 most prominent rate of growth was recorded in 2013 when the import price increased by 31% against the previous year. Over the period under review, import prices reached the peak figure in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: 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

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