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The growing market for Scotch whisky
PREMIUM
CONTENT

*made using the Liv-ex Charting Tool.

  • More Scotch whisky has traded in 2021 than in the previous five years combined. 
  • Speyside’s Glenfarclas leads secondary market trade this year. 
  • Two Scotch whiskies qualified for the Power 100 for the first time. 

To mark St Andrew’s Day, today’s Market Update looks at the market for Scotch whisky. Trade on the exchange remains small but it is growing fast. The first Scotch whiskies (Macallan and Royal Salute) were traded in 2016 and since then the value of trade has grown 26 times (2,569.3%). 
The total sum of Scotch whisky traded in 2021 is already greater than the previous five years combined (in both value and volume). 
And while this growth has come from a small base, Scotch’s whisky’s share of the market this year is 0.3%, which is greater than Chile or Portugal. 

Breakdown of Scotch whisky trade 


Speyside whiskies dominate Scotch trades, representing 92.2% of the total traded value. The next biggest region of origin is Islay (4.4%), followed by the Highlands (1.8%) and then the Lowlands (0.6%). 
The table above shows the leading distilleries traded by value this year. Since 2016, Glenfarclas and fellow Speyside distillery The Macallan lead Scotch trade by value, with Highland distillery Brora third. 

Scotch in the broadening market 

Both Glenfarclas and Macallan were part of the 421 producers that qualified for this year’s Power 100. Although their final rankings left them well short of the top 100, their inclusion on the list is indicative of how their trade is developing. 
 Last year, just nine Scotch whiskies (as measured by LWIN7s) were traded on the secondary market. This has risen to 23 this year. 
There are currently 52 LIVE Scotch whisky offers on your exchange, including single malts from Ardbeg, Glenfarclas, Glenmorangie, Bruichladdich and Lagavulin. 

Liv-ex analysis is drawn from the world’s most comprehensive database of fine wine prices. The data reflects the real time activity of Liv-ex’s 530+ merchant members from across the globe. Together they represent the largest pool of liquidity in the world – currently £80m of bids and offers across 16,000 wines. Independent data, direct from the market.