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April 13, 2024
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India overtakes France to become largest market for Scotch whiskey: Report

NEW DELHI: According to the latest figures, India has become the biggest buyer of Scotch whiskey by leaving France.

According to the report by the Scotch Whisky Association the Indian Scotch market has grown more than 200 percent in the past decade. The report cited that India imported 219 million 70cl bottles of Scotch compared to France’s 205 million last year .

India receives 150 percent tax on every bottle of whiskey imported. Because of this, foreign whiskey is sold expensive in the Indian market.

Whiskey makers in India exported 21.90 crore whiskey bottles in the year 2022, which is 60 percent more than in 2021, as per Scotch Whiskey Association.

Although America is still the biggest buyer in terms of value. America imported whiskey worth $1.27 billion in the year 2022. India stood at number five in this list.

Scotch has long been associated with status in India, but Scotch still accounts for only 2 percent of the world’s largest whiskey market.

Blended whiskey has been the first choice for Indian consumers. At the same time, the demand for more expensive single malt liquor is also increasing in India. One of the reasons behind this is cultural change and increasing purchasing power of Indian customers.

It is believed that the wine makers at the local level get the benefit because they pay less tax and their wine is available in the market at a lower price.

The Scotch Whiskey Association believes that if there is a trade agreement between India and Britain and taxes are reduced, then exports to India can increase further.

“By reducing tariffs through the UK-India free trade agreement, continuing the duty freeze in the March budget, and ensuring the industry’s continued ability to advertise our world-class product in our home market, the Scottish and UK governments can count on the Scotch Whisky industry to reinvest its success across the UK,” he said.

Overall, the year 2022 saw solid growth in Scotch exports around the world, with the US holding on to its topmost position as the largest market by value at GBP 1,053 million.

The total export value of Scotch whisky – one of the UK’s biggest exporters – was up 37 percent by value to GBP 6.2 billion.

UK Trade Minister Nigel Huddleston said: “Scotch whisky is one of the UK’s great exporting success stories, contributing billions of pounds to the economy and supporting thousands of jobs, so I’m pleased to see these export figures showing a growing global demand.”

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