Whisky market
performance
In 2024, spirits accounted for 22% of all UK food and drink exports, valued at £5.4 billion. This reflects a market defined by consistent international appetite and proven resilience.
A market built on scarcity
The spirits market has demonstrated consistent growth over decades, driven by sustained international appetite for premium spirits and a fundamental structural reality: maturation cannot be accelerated. While Scotch whisky remains the market leader, the investment landscape includes a range of production regions and spirit types, from new make through to aged casks, creating opportunities across different price points and investment horizons.
The market's resilience stems from the time required for premium spirits to mature. This extended maturation period creates a natural constraint on supply, meaning aged stock cannot be rapidly manufactured to meet consumption needs. As global wealth expands and new markets develop, appetite for exceptional spirits continues to rise, but supply cannot keep pace. This structural imbalance underpins long-term value appreciation.
Why time creates value
The fundamental dynamic is straightforward: whilst distilleries can increase production of new spirit, maturation cannot be accelerated.
The extended timeframe required for a spirit to reach its full potential means the supply of premium, aged spirits is inherently limited and cannot quickly respond to market shifts.
This dynamic is evident in the Scotch whisky market. Although distilling capacity has expanded, aged stock remains constrained. In 2024, Scotch whisky exports were valued at £5.4 billion, underscoring its significance within the broader spirits market and the premium commanded by aged expressions.
limited supply
The spirits market has genuine global reach. Scotch whisky is exported to over 168 markets worldwide, with 44 bottles shipped every second in 2024. Whilst established markets such as the United States continue to represent significant value, emerging economies are driving substantial growth.
India exemplifies this opportunity. As the largest market for Scotch whisky by volume, India's potential has been significantly enhanced by the UK-India Free Trade Agreement concluded in 2025, which halved tariffs from 150% to 75% with further reductions to 40% phased in over time. This reform is expected to unlock over £1 billion in additional export growth.
Beyond India, the global spirits market is entering an exciting phase. Established markets like the United States continue to provide stable value, whilst emerging regions are opening new opportunities. Latin America is showing robust growth, with Brazil's 22.8% volume uplift in 2024 reflecting rising consumer appetite. For investors, these expanding markets mean increasing demand for the finite supply of aged spirits, underpinning long-term value growth.
The spirits market has genuine global reach. Scotch whisky is exported to over 168 markets worldwide, with 44 bottles shipped every second in 2024. Whilst established markets such as the United States continue to represent significant value, emerging economies are driving substantial growth.
India exemplifies this opportunity. As the largest market for Scotch whisky by volume, India's potential has been significantly enhanced by the UK-India Free Trade Agreement concluded in 2025, which halved tariffs from 150% to 75% with further reductions to 40% phased in over time. This reform is expected to unlock over £1 billion in additional export growth.
Beyond India, the global spirits market is entering an exciting phase. Established markets like the United States continue to provide stable value, whilst emerging regions are opening new opportunities. Latin America is showing robust growth, with Brazil's 22.8% volume uplift in 2024 reflecting rising consumer appetite. For investors, these expanding markets mean increasing demand for the finite supply of aged spirits, underpinning long-term value growth.
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