Scotch whisky market correction

The Scotch Whisky Association has just released figures for Scotch whisky exports in 2023. They show an overall decrease in both the value and volume of sales of our favorite liquor compared to the previous year. However, as experts assure, there is no cause for alarm.

Scotch whisky was exported to 168 countries around the world last year, and the total value of invoices issued by Scottish whisky exporters was £5.6 billion. This represents a 9.5% decrease from 2022. The largest sales category by value is bottled blended whisky, which accounts for more than half of the total value (54.8%) of Scotch whisky exports. Single malt whisky accounts for just over a third of the sales value (36.14%), and the remaining sales are other whiskies, including whisky sold wholesale, for bottling outside the UK (9.06%).

With the amount mentioned above, we bought - after all, we also paid for these invoices - 1.35 billion bottles of Scotch whisky. This is again a decrease from the previous year, and by as much as 19%. We bought a total of 777 million bottles of blended whisky, 417 million bottles of single malt whisky, and 156 million bottles of other categories of whisky, including those bottled outside the UK.

For the first time in the history of the Scottish distilling industry, the value of exported single malt whisky has reached £2 billion.

Traditionally, the largest importers of whisky are Asia-Pacific countries, which receive 32% of the value of whisky exported from Scotland. In second place is the European Union, which accounts for sales of 28% of the value of the. Not much less, at 21% of the value of Scotch whisky exports goes to North America.

In 2023, 43 bottles of Scotch whisky were sold on world markets every second. This is as many as 10 fewer bottles than in 2022. However, if you consider that the drop in sales value is only 9.5%, it is clear from these numbers that we bought less, but better whiskey last year.

In the ranking of top markets in terms of sales value, the first place is indivisibly held by the United States, which, however, recorded a slight decrease (7%) from the previous year. In second place is France, whose value declined by only 3%, and in third place is Singapore, with a 19% increase in value. In the ranking of the top ten foreign markets in terms of sales value, as many as 3 more Asian countries posted increases, largely contradicting claims that Asia's potential has bottomed out. Just behind Singapore were Taiwan (up 8%) and China (up 1%).

Among the world's 10 most valuable markets there is no Poland, but we are - not for the first time, by the way - among the world's 10 largest markets as far as sales volume is concerned, we ranked 7th. place, despite a 6 percent drop. France is the largest market in this category, followed by India in second and the United States in third.

The only market with significant growth last year - 24% in value, 31% in volume - is Turkey. As it seems, this fact can be attributed to the country's return to full tourism potential after the pandemic. Turkey's imported whisky was largely drunk by guests from other countries in all kinds of hotels, restaurants and bars. It is also impossible to rule out the existence of a functioning re-export of Scotch whisky to sanctioned Russia, but we must leave this only in the realm of conjecture.

Why the claim, made in the first paragraph, that despite declines in both the value and volume of Scotch whisky exports, there is no cause for alarm? As industry experts point out, the decline from the previous year's volume is not a sign of weakness. It was 2022 that was special, being the first year after the pandemic and the removal of the covidium restrictions. It was a year in which the industry experienced remarkable growth that was largely the result of a kind of catching up with the previous two years, when both the freedom of movement of goods and the freedom of movement of citizens were significantly restricted. If, on the other hand, the results of 2023 are compared with the last year before the pandemic, 2019, we find that 2023 brought a return to normal consumer behavior, while increasing Scotch whisky exports in conditions similar to those before the pandemic. So everything is on the right track, despite widespread price increases.

So much Scotch Whisky Association and statistics. It remains for us to keep a close eye on trends in the Polish market, but above all - to enjoy the highest quality products of the Scottish distilling industry. Whether solo or in cocktails, everyone will find something among them that suits their taste. Slàinte mhath!


[16.02.2024 / graphic: Scotch Whisky Association]