威士忌专题（一）：从美日两国看威士忌文化的多元性

Industry Investment Rating - The report maintains a "Stronger than the Market" rating for the food and beverage industry [2] Core Viewpoints - Whiskey culture is diverse, and the "imported" label does not hinder the development of local brands. The Chinese whiskey market is expected to grow significantly, with domestic brands like Laizhou Distillery leading the way [4][5] - The whiskey industry is less restrictive compared to other spirits like brandy, allowing emerging regions to develop their own unique products. For example, India and Singapore have significant market shares in the global whiskey market [4][15] - The development of whiskey in the US and Japan demonstrates that whiskey can be localized and become a global success. Japan, for instance, has developed its own unique whiskey culture and products, with Japanese whiskey dominating 75% of the domestic market in 2023 [5][49] US Whiskey Industry - US whiskey has developed its own unique style, using corn as the primary ingredient and American oak barrels, which differ from the traditional Scottish whiskey production methods. This has led to the creation of iconic products like Bourbon whiskey [5][18] - The US whiskey industry has benefited from innovations in raw materials and production techniques, such as the use of American oak barrels, which are cheaper and more readily available than European oak barrels [25][26] - The US whiskey market has a dual-core production structure, with Kentucky and Tennessee being the main production centers. This structure was influenced by historical events like the Whiskey Rebellion and the subsequent migration of distillers to these regions [33][34] Japanese Whiskey Industry - Japanese whiskey has successfully localized the Scottish whiskey production framework, creating unique products that have won numerous international awards. For example, Japanese whiskey has won "Best" awards at the World Whiskies Awards (WWA) every year since 2007 [5][50] - The use of Mizunara oak barrels, which impart unique flavors like sandalwood and agarwood, has given Japanese whiskey a distinct identity. This innovation was partly driven by the inability to import European oak barrels during World War II [56][59] - Marketing innovations, such as the "Highball Revival Plan," have significantly boosted domestic whiskey consumption in Japan. The plan introduced a low-alcohol, easy-to-drink whiskey cocktail, which became widely popular and increased sales of brands like Kakubin [63][68] Chinese Whiskey Industry - The Chinese whiskey market is growing, with increasing consumer awareness and demand. The market is currently dominated by imported brands, but domestic production is expected to rise as local distilleries increase their capacity [78][79] - Chinese whiskey producers are learning from international success stories and developing their own unique products using local ingredients like Chinese oak barrels and rice wine barrels. This approach has already led to some international recognition [82] - Several regions in China, such as Zhejiang, Sichuan, and Yunnan, are emerging as potential whiskey production hubs, with government support and investment in infrastructure. For example, the Laizhou Distillery in Sichuan has a planned capacity of 30,200 tons [83]