Whisky Leads UK Drinks Exports Impressive Growth
UK drinks exports have grown by 13% this year to an impressive £9.4 billion impulsed by strong whisky sales. With Scotch whisky forming the bulk of Britain’s heritage drinks products, major European countries have maintained traditional purchases despite the sluggish economy.
However, sales of other alcoholic beverages including gin and beer, have reduced drastically due to bureaucratic impediments imposed by Brexit. Although the exact reduction quantity is not clearly outlined, a recent article in the Food Manufacture carried facets of a report from Hazlewoods accountintg firm.
Heritage Whisky Markets and India
The US continues to posture as one of the largest importers of Scotch whisky and an extensive and sustainable market. Whisky exports for 2022 surpassed £1 billion to the US with major producers projecting an increase in 2023. A report that is not yet available.
Combining these two markets, the EU and the US, has led the UK export tab based on traditional imports of popular spirits. Consumers are still valuing palate over environment as aged whisky tops the export itineraries. Most are heritage-driven.
Notably, there is one market that is more desirable than these (US & EU) that has the potential to outperform both combined. Two decades ago British entrepreneurs turned their eyes to India. However, efforts and advancements have been trammeled by the Britexit and COVID-19.
Then came Modi and talks of a free trade agreement rekindled the hopes of the second largest market in the world. Sales here could reach up to 3.2 billion within a decade. Nonetheless, this is foreshadowed by huge import tariffs of 150% on UK drinks and alcoholic beverages.
This would render Scotch whisky the most expensive spirit in the Indian market. A free trade agreement would address this issue and open the doors to paring.
Nonetheless, this is still in the hands of whisky-enthused politicians, and the bottle may open at any time. Meanwhile, it is still worth celebrating the 13% growth.
