The Impact of Global Events on the Whisky Industry: A 2024 Overview
In the ever-changing world of investments, it's crucial to understand how global events can affect specific markets. As we begin 2024, whisky cask investments sit at the crossroads of craftsmanship and financial adeptness. This article explores how world events might influence the whisky industry market this coming year, providing insights for investors looking to navigate this unique asset class.
Current State of the Scotch Whisky Industry
The Scotch Whisky industry, a big player in the global spirits market, had an impressive run in 2022. According to the Scotch Whisky Association, Scotland shipped over 1.6 billion bottles of Scotch Whisky (70cl @40% ABV) to around 180 markets, bringing in £6.2 billion. Early 2023 figures from the Scotch Whisky Association show a positive trend. Exports have been on the rise since 2019, and there's hope that 2023 exports could surpass £6 billion, a milestone achieved in 2022. Euromonitor International adds optimism, predicting more sales both in quantity and value, indicating a strong market.
Opportunities & Challenges for the Scotch Whisky Industry
Looking ahead, the ongoing talks between the UK and India could be a game-changer for the Scotch Whisky industry. Possible tariff reductions of 150% could create new opportunities, especially since India was the largest market for Scotch Whisky exports in 2022. While the UK freezing alcohol duty for spirits is a relief, it also highlights the need for fair taxation and policy reviews from governing bodies.
Innovations and Technological Advances
The whisky industry is seeing major technological breakthroughs, like Diageo creating the world's first 100% plastic-free paper bottle for Johnnie Walker whisky. This wasn't a solo effort; it was a collaboration with the University of Strathclyde, Siemens, and Kigtek. This achievement not only shows a commitment to sustainability but also a constant push for efficiency in the industry. Looking ahead, there's more to come in whisky production, promising more innovations and technological improvements.
in 2024,
We're eager to see how global events, industry changes, and economic factors will shape the whisky industry in 2024. The appeal of Scotch Whisky investments is strong and growing because it's rooted in tradition yet adapts to the changing world. It's important to note that detailed whisky industry data for 2023 is expected in February 2024, providing a comprehensive look at the latest trends and figures in the industry.
