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Biggest Scotch whisky markets by value: 2023
Last month the Scotch Whisky Association called on the new UK government to take action to “back Scotch producers to the hilt”, and not break assurances of support for the Scotch industry made in the run up to the General Election.
This includes reducing the tax burden on Scotch whisky at the Budget on 30 October following the damaging domestic impact of the 10.1% duty increase in August last year, which it says has already lost HM Treasury almost £300 million in tax revenue.
It comes off the back of new figures released last month showing that the value exports of Scotch whisky had, in the first half of 2024, fallen by 18%. Export value in H1 2024 was £2.1bn, down 18% on 2023. In the same period, the volume of exports fell by 10.2%, to the equivalent of 566m 70cl bottles – or 36 bottles of Scotch Whisky exported each second, compared to 40 bottles per second in the first half of 2023.
“These figures are a reminder that the success of Scotch Whisky cannot be taken for granted and requires government support to ease the industry through short term volatility,” said SWA Chief Executive Mark Kent. “We are a resilient industry, exporting to over 180 markets, and are experienced in navigating such periods of turbulence, and we are confident of the long-term growth opportunities for Scotch Whisky. But it is clear that the first half of 2024 has been challenging, as for other premium global exports.”
India is one of the few markets to have continued posting positive growth, with value up 11.9% so far, when all other top 10 markets (bar the UAE with 0.1% growth) have declined, many by double digits. This is despite a 150% tariff on imports of Scotch into India remaining in place. India is also the biggest market by volume, with growth of 17.3% in the first half of 2024, again, when many other markets are showing declines.
2024 is still in play and the October 30 Budget will be a defining milestone. But 2023 was not without its challenges either. Volume and value exports decreased compared to 2022, which had been a “bumper” year for exports as global markets reopened and restocked following the pandemic and travel retail reopened.
Overall Scotch exports were valued at £5.6bn in 2023, down by 9.5% on 2022, but up 14% on pre-pandemic levels (2019). By volume, exports were down 19% on 2022, but up 3% on 2019. More positively, exports of Single Malt Scotch topped £2bn for the first time.
However the SWA that despite declines in volume and value, 2023 represented a more “normalised depiction” of Scotch whisky exports, highlighting “robust growth” on pre-pandemic numbers.
Here are the biggest Scotch whisky markets by value in 2023, according to data from the Scotch Whisky Association.
10. Turkey
Exports of Scotch to Turkey rose by 24% last year to reach £131 million. It also broke the £100m mark for the first time, with the previous year’s shipments valued just shy at £99m. Compared with 2019, this represented a staggering 178% increase, the biggest pre-pandemic bounce back seen in any top 10 market, when exports were worth just £47m.
9. Japan
The value of Scotch shipments to Japan decreased in 2023 (-3%) to £170m, down from £175m in 2022, however this still represented a 16% uplift compared to its pre-pandemic value of £147m.
8. Spain
Exports of Scotch whisky were valued at £184m in 2023, up from £173m in 2022 (+7%). This represented a 2% uplift compared with 2019, when exports to Spain were valued at £180m.
7. Germany
Currently the seventh biggest market for Scotch whisky, shipments to Germany were valued at £197m in 2023, a 2% decrease on 2022 when they reached £202m. Compared to pre-pandemic levels this represented a 7% uplift, from £185m.
6. India
India is a priority growth market for Scotch but saw exports fall in both volume and value in 2023. The value of shipments dropped by 22.5% (the biggest decrease among the top 10 markets) to £218m against a backdrop of ongoing UK-India FTA talks. Nevertheless, this still represented a 31% increase on 2019’s value of £166m. The SWA has called for a trade agreement that would lower the 150% tariff on Scotch imports into India, and that a phased reduction of the tariff would benefit industries in both the UK and India. It thinks these changes could see the value of Scotch to India exports grow by £1bn over five years.
5. China
Asia Pacific was the most valuable export region with overall exports worth £1.8bn, down by 1.4% on 2022, but up 45% on 2019. This was supported by record value exports to China. The value of exports in 2023 remained stable in 2023, rising 1% to £235m. Compared to 2019 this represented an increase of 165%, when exports were valued at just £89m – highlighting China’s stunning ascent. Premiumisation remains a key driver with single malt continuing to rise in popularity.
4. Taiwan
Scotch whisky’s 4th biggest market recorded imports of Scotch worth £341m in 2023, up 8.5% on with 2022 when shipments were worth £315m. This represented a 65% increase compared with pre-pandemic levels in 2019 of £205m.
3. Singapore
Singapore was the best-performing market for Scotch among the Asia-Pacific market, which was also the most valuable export region overall. Overall exports to Asia-Pacific markets totalled £1.8bn, down by 1.4% on 2022, but up 45% on 2019. Singapore recorded a 19% increase in value, up from £316m to £378m, which was 26% higher up on 2019’s value of £300m.
2. France
France remained relatively stable in 2023 as Scotch whisky’s second biggest market, recording a 3% dip in the value of shipments from £488m in 2022 to £474m in 2023. This represented a 10% increase compared with 2019.
1. United States
The US saw the value of Scotch fall by 7% in 2023, to £978m, down from £1.05bn in 2022. It’s also the only top 10 market yet to have returned to pre-pandemic level, recording a 9% drop compared to 2019, when exports reached a record £1.07bn. It also means that it is yet to regain its status as a £1bn market. These numbers are reflective of “global economic conditions and rising living costs for consumers in the US” the SWA said, which expects the short-term export dip to realign over the course of 2024. 2024 will also mark a halfway point in the five year suspension of its 25% tariff on the import of single malt Scotch whisky into the US, which came into effect in June 2021.
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