For many people who either own a whisky cask or have considered ownership, the value of Scotch has never been in doubt, nor has it been to the millions of people who enjoy drinking a dram or collecting a rare bottle.

However, a report by IWSR, a company that specialises in analytics for the alcohol industry, suggests that Scotch is not only an exceptionally powerful and growing force in the spirits world but might be the most valuable spirit in the world at large in 2024.

It is important to know what the finding means, how the IWSR came to this conclusion and the implications up and down the whisky ladder from supermarket blends to million-pound bottles.

Rise From Fall

The findings come from the IWSR’s Status Spirits Report, a catch-all term for any spirit brand in the higher end of the market. This is typically defined as any spirit sold for over $100 (£77) and encompasses a necessarily broad part of the spirits world as a result.

Ever since the revival of the single malt in the early 2000s as the final lingering effects of the 1980s whisky loch came to an end, Scotch has been one of the fastest-growing status spirits on the planet and a driving force in the rise of the concept in general.

This is something that is impressive given challenges in the global economy more broadly, particularly in the last five years. Inflation, interest rates, taxes and a cost of living crisis have knock-on effects across all economic bands and can affect the sales of prestige and collector whisky bottles.

However, this broader issue ended up working in the favour of whisky specifically, as for the first time since the IWSR’s records began, whisky became the world leader in status spirits above cognac. 

There are a few reasons for this, although one of the findings of the report was that malt, grain and blended Scotch all contributed to this growth, meaning that it was not one single category of whisky pulling the others across the finish line.

One of the biggest is availability and innovation; by some significant margin, Scotch whisky launched more status products in 2023 than any other type of spirit combined, with single malts being particularly prevalent.

Part of the reason why so many silent distilleries are being reopened and older casks are finally being decanted is due to this unprecedented demand, and the IWSR’s findings suggest that this growth is set to continue, albeit to what extent will depend on factors far outside of its scope.

Another part of this is the rise of emerging markets. Not only has the United States embraced Scotch alongside its longstanding tradition of bourbon whiskies, but other countries such as Vietnam and Nigeria have joined markets such as India in embracing Scotch around the world.

One key counterpoint that was noticed was that the secondary market has started to slow down after a period of unprecedented growth in 2020.

This means that people who collect and own whisky are there for the long haul rather than trying to simply speculate and “flip” limited editions.