When Indian liquor houses revealed plans to increase the production of world-class single malts in early 2022, a surge of enthusiasm raced through the global whisky sector. It was a welcome step for global spirits wholesalers, who had seen consumer purchases among millennials drop in previous years. Fortunately, things are beginning to improve. The country's burgeoning wine and whisky landscape has drawn a slew of new competitors—including private labels and small-scale distilleries—looking to profit from rising domestic and worldwide demand.
The signs are more than encouraging. The latest figures show that India has taken over from France as the world's biggest buyer of Scotch whisky by volume. Whisky makers exported 219 million bottles to India, up 60 per cent in 2021, the Scotch Whisky Association (SWA) said. While the United States is still the largest buyer by value—it imported Scotch whisky worth $1.27 billion in 2022, India was fifth on the list. It's safe to say that Scotch has long been a status symbol in India, but still has only a two per cent share in the world's largest whisky market.
Blended whisky, often considered a cheaper alternative, has long been the preferred choice for Indian consumers. But the demand for more expensive single malts has been growing too, driven by cultural shifts and a rise in Indians' spending power.