Agriculture & Food

The Spanish website reported on August 14 that Scotch whisky does not appear to be affected by the new crown virus pandemic, nor has it been affected by Brexit and the supply chain crisis. Not only has it successfully weathered all the challenges, it has also attracted a lot of investment in recent times. The UK’s top five producers have the highest number of distilleries since World War II. After dipping to a 10-year low in 2020, 2021 turned out to be an encouraging year, thanks to strong growth in Latin America and Asia Pacific.

Today, Scotch whisky is a global product with more than 180 export markets. According to industry body the Scotch Whisky Association (SWA), the product will account for 75% of Scottish food and drink exports in 2021 and 22% of total UK food and drink exports. The Scotch whisky industry contributes around $6.6 billion in gross value added to the UK economy.

The report noted that data from the Scotch Whisky Association shows that exports of Scotch whisky are expected to recover to the level of $6 billion in 2019, having reached $2.6 billion at the end of May.

According to the report, the data in the future is more encouraging. The Scotch Whisky market is estimated to be worth $33 billion by 2027, growing at a compound annual growth rate of 6.7% during this period, according to a report by US-based consultancy Global Market Insights.

The report pointed out that the growing demand in emerging markets such as Asia Pacific, the United States, Latin America and India is the main reason for this trend.