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For the first time in 15 years, Bulleit is adding a new whiskey to its permanent lineup, and the release combines the two styles that have helped define the brand. Bulleit ’87 is a 90-proof blend of bourbon and rye whiskey, making it the first time the Diageo-owned brand has combined the two into a single core expression. The whiskey debuted this week at the Tales of the cocktail conference in New Orleans and joins Bulleit Bourbon and Bulleit 95 Rye as the third bottle in Bulleit’s permanent lineup and will begin arriving at select retailers nationwide in September for $29.99. The “87” isn't an age statement. Instead, it refers to 1987, the year Bulleit was founded. It’s also a nod to the brand’s history with rye, both as a component of its signature high-rye bourbon and as the centerpiece of Bulleit 95 Rye. Bulleit ’87 is also notable for how the two whiskeys are made before they come together. The bourbon is distilled, barreled and aged at Bulleit’s distillery in Shelbyville, Kentucky, while the rye is distilled and aged in Indiana before being transported to Kentucky. Both components spend at least four years aging separately. They are then finished, still separately, in their original barrels with toasted American oak and French oak staves for four to six weeks. Only after that additional maturation are the two whiskeys blended and bottled at 45% ABV. “If I were to visualize it, it's like a cake,” Phil Gelineau, whiskey R&D manager at Bulleit, said in a statement. “The bourbon is your delicious sponge, the rye is like chocolate shavings on top, and the staves are the buttercream that brings it all together.” The use of finishing staves is new territory for Bulleit. Rather than transferring the whiskeys into entirely different finishing barrels, toasted pieces of American and French oak are placed into their existing barrels, allowing the whiskey to extract additional flavors from the wood. According to Bulleit, ’87 opens with aromas of caramel and brown sugar followed by baking spices and oak, finishing with a combination of sweetness and rye spice. The brand is positioning the whiskey primarily as a sipper, recommending it neat or over ice. “87 brings together everything that makes Bulleit great,” Jenika Newsum, senior brand manager at Bulleit Frontier Whiskey at Diageo, said in a statement. “Bourbon and rye whiskey are at the heart of our brand since its founding and guide our philosophy to do things differently. Now, ’87 unites them in one special bottle, balancing our signature bourbon sweetness with our rye spice in a bottle.” Bulleit’s Rye-Heavy History While Bulleit ’87 is new, rye has been central to the brand almost from the beginning. Tom Bulleit founded Bulleit Distilling Co. in 1987, drawing inspiration from a high-rye whiskey recipe associated with his great-great-grandfather Augustus Bulleit, a Louisville tavern keeper who made whiskey in the 1800s. The modern Bulleit Bourbon subsequently became known for its unusually high proportion of rye, giving the whiskey a spicier profile than more corn-forward bourbons. That rye connection became considerably more explicit in 2011 with the introduction of Bulleit Rye. Made with a mash bill of 95% rye and 5% malted barley, the whiskey became the brand's second major core expression. Bulleit says the rye was developed in response to requests from bartenders, a group the brand credits with playing an important role in its growth. The arrival of Bulleit Rye was also the last time the brand added an entirely new whiskey to its permanent core portfolio. That makes ’87 a relatively significant expansion for a brand that has spent the intervening years largely exploring variations on its existing bourbon and rye. Bulleit Has Been Experimenting Beyond Its Core Lineup While ’87 is the first addition to the permanent range since 2011, Bulleit hasn't exactly been sitting still. The brand has released a number of limited and premium whiskeys over the years, including Bulleit 10 Year, barrel-strength expressions and experimental releases. More recently, it has pushed into considerably older and more expensive territory. In June, Bulleit unveiled a 20-year-old straight rye, the oldest rye the brand has released. The whiskey was distilled in Indiana, aged for two decades in Kentucky and bottled at a hefty cask strength of 137 proof. Just 1,776 bottles are being released at $299 each, with the number of bottles chosen to commemorate America's 250th anniversary in 2026. That bottle sits at almost the opposite end of the spectrum from Bulleit ’87. Rather than being a collectible limited release with a three-figure price, ’87 is designed to sit alongside Bulleit Bourbon and Rye on shelves year-round. Its $29.99 suggested price is also essentially in line with those two existing bottles. Bulleit is supporting the launch with a 15-city sampling tour this summer, encompassing more than 20 events in cities including New Orleans, Austin, New York, Los Angeles and Louisville. At each stop, the whiskey will be paired with local foods, playing off the idea of bringing two distinct flavor profiles together. The release also gets a visual distinction from its siblings. While ’87 retains Bulleit’s familiar frontier-inspired bottle and slanted label, it uses a blue label, the first time the brand has used the color on one of its bottles. For a whiskey company that built its reputation around putting more rye into bourbon and then turned rye itself into its second flagship bottle, blending those two sides together feels like a logical next move. It just took Bulleit 15 years to make it permanent.

- logo-icon - UK - hamburger-menu-icon - logo-icon - close-icon - Categories - Home - UK News - World News - Cost of Living - Politics - Crime - Royal - Sport - Entertainment The United States has removed tariffs on Scotch whisky imports, lifting a 10% levy on Friday. The move delivers on President Donald Trump's April promise made following a state visit by King Charles and Queen Camilla, and opens up tariff-free access to the industry's most valuable global market worth £933 million in 2025. Scottish First Minister John Swinney called the development a "significant benefit" for an industry that had been harmed by the trade barriers. The agreement also allows US bourbon and Kentucky bourbon casks - worth £200 million annually and essential for maturing Scotch whisky - to enter the UK without tariffs. Ian Duddy, international director at the Scotch Whisky Association, welcomed the tariff removal as positive news for businesses on both sides of the Atlantic. He said the change will provide greater confidence to invest, grow exports, and support jobs and communities across Scotland and the US. "This outcome is testament to the strength of the enduring relationship between the UK and the US," Duddy said. "On behalf of the Scotch whisky industry, we are grateful to everyone who worked to make this happen, including His Majesty The King during his recent state visit. We look forward to building on this positive momentum and working with partners on both sides of the Atlantic to ensure Scotch whisky continues to thrive." The benefits extend beyond distillers to wider supply chains including cooperages, farmers, hospitality, and retail operations from Kentucky to Speyside. The whisky tariff removal came as Trump imposed new levies on over 60 countries, including the UK, citing insufficient enforcement of forced labor prohibitions. The UK faces a 10% tariff rate on other goods, though the government stated there is no change from previous arrangements and that the US has recognized British efforts on forced labor issues. Nodjame Fouad, chief executive of aged spirits and Champagne at Pernod Ricard, said the tariff-free trade for Scotch whisky is "very welcome news for our industry." She expressed hope for further progress on removing tariffs affecting other spirits and wine categories, including Irish whiskey, Champagne and Cognac. Previous tariffs had cost the Scotch whisky industry approximately £150 million, according to the Scotch Whisky Association. During Trump's first presidency, a 25% tariff on single malt Scotch ran for 18 months, resulting in an estimated £600 million loss in exports. At the start of his second term, he imposed a 10% levy with plans to increase it to 25% before reversing course after the royal visit. The whisky industry employs 41,000 people in Scotland and an additional 25,000 across the UK, with the US representing one-fifth of export value. Scottish Secretary Douglas Alexander said the tariff removal demonstrates the benefits of close UK-US collaboration and will create growth opportunities in American cities. Note: This article was created with Artificial Intelligence (AI).

The India–UK trade agreement is the week’s strongest India story because its effects will eventually reach the consumer’s glass. Import duty on Scotch whisky and gin has fallen from 150% to 75%, with a scheduled decline to 40% over the next decade. Producers expect imported premium Scotch to become more accessible, although state taxes, distribution costs and currency movements mean reductions will vary considerably. Industry estimates cited by The Economic Times suggest possible retail savings of approximately 12% to 20% on some bottles when the tariff benefit is fully passed through. The more consequential shift may be qualitative: broader choice for drinkers, cheaper bulk Scotch for Indian blenders and stronger competitive pressure on both international brands and India’s increasingly confident single-malt producers. This is exactly the sort of regulatory story the Brief should carry. It is not merely trade policy; it may alter what affluent Indian consumers buy, what restaurants and hotels pour, and how Indian distillers position their finest whiskies. I would place it in the upper half of the full global ranking.

AI generated summary, newsroom reviewed The world's best Bourbons were revealed at the International Whisky Competition 2026, one of the most respected blind-tasting contests. Every whisky is evaluated without judges knowing its brand, distillery, or proof, ensuring the results are based purely on quality. A. Smith Bowman Cask Strength Batch #5 claimed the coveted Best Bourbon Whisky title, while William Larue Weller 2025, Eagle Rare 17 Year Old 2025, John J. Bowman Single Barrel, and Early Times Bottled-in-Bond topped their respective bourbon categories. Check out the award-winning bottles that stood out at the IWC 2026 competition, what sets each apart, and why they're worth adding to every bourbon enthusiast's wishlist. This year's biggest winner didn't just take Best Bourbon Whisky award. It also won the Cask Strength and Small Batch categories, scoring 94.60 points overall. Made in Virginia, the bourbon is aged at least ten years and bottled at a strong 137.6 proof, with tasting notes of candied apple, stone fruit, soft florals and a trace of smoke. It follows the previous batch, which also won top bourbon honours in 2025, making this two years in a row for the label. In the US, bottles typically sell for $90 to $130, though most are distributed through the distillery's own lottery system rather than regular retail. This bottle won Best Wheated Bourbon, a category that swaps out rye for wheat in the mash, giving the whisky a softer, sweeter profile. It's part of Buffalo Trace's Antique Collection, an annual release that's become one of the hardest bourbons to find anywhere. Judges picked up notes of vanilla, maple, aged oak and tobacco layered over rich fruit. The official price is around $130 a bottle, but because so few are made each year, resale prices often climb into the thousands of dollars. Also part of the Buffalo Trace Antique Collection, this bottle won in the category for bourbons aged ten years or older. It spends more than eighteen years in the barrel, longer than most bourbons on the market, and comes out with notes of leather, caramel, pepper, dark cherry and vanilla. The suggested retail price is around $100 to $120, though like the Weller, real-world prices are usually much higher due to limited supply. Also produced at A Smith Bowman Distillery in Virginia, this bottle won Best Single Barrel Bourbon. Since it comes from individual barrels rather than a blend, there's some variation from bottle to bottle, but the flavour profile consistently leans toward toffee, fig, roasted almond and soft leather. It's priced more reasonably than the other winners, usually between $50 and $60 in the US. The most affordable bottle on this list, Early Times won Best Bottled-in-Bond Bourbon, a designation that requires the whisky to be aged at least four years and bottled at exactly 100 proof under US government regulation. It offers caramel, vanilla, brown sugar, oak and a touch of spice, and proves a good bourbon doesn't need a high price tag. It typically sells for $20 to $25 for a one- litre bottle in the US.

Listen to this article in summarized format The agreement, which came into force earlier this month, immediately reduces customs duty on Scotch whisky and gin to 75% from 150%, with tariffs set to decline further to 40% over the next decade. While the move is expected to make imported Scotch cheaper, industry executives say consumers should not expect dramatic price cuts immediately, as state excise duties, VAT, logistics costs and distributor margins continue to account for a significant portion of retail prices. Also Read: India-UK FTA comes into effect today, unlocking duty-free access for Indian exports Instead, the FTA is expected to accelerate the country's ongoing premiumisation trend while raising the quality benchmark for domestic producers. India, the world's largest whisky market by volume, sold about 259 million nine-litre cases of whisky in 2024, according to industry estimates cited by the Confederation of Indian Alcoholic Beverage Companies (CIABC). Whisky accounts for roughly two-thirds of India's spirits market, making even modest changes in pricing and consumer preferences significant for the industry. India was already the world's largest market for Scotch whisky by volume before the India-UK free trade agreement came into force. According to the Scotch Whisky Association (SWA), exports of Scotch to India reached a record £248 million in 2024, equivalent to about 192 million 70cl bottles, making the country the biggest overseas market by volume but only the fifth largest by value. The gap reflects India's long-standing demand for lower-priced Scotch, much of it used for blending by domestic distillers, even as premium bottled Scotch remained constrained by the country's 150% import duty before the FTA. Also Read: India-UK FTA draws mixed response from liquor industry over Scotch duty cuts Premium Scotch to get cheaper Rakshit Jagdale, Managing Director of Amrut Distilleries, expects retail prices of imported premium Scotch to fall meaningfully."What I strongly feel is that premium and luxury Scotch whisky prices will drop, MRP will drop. My personal opinion is that anything between 15 to 20% will be the drop," Jagdale told ET Online. "It will benefit Indian distillers who are importing blended malt Scotch to add to their mix in blended whisky. So, that will be a benefit to Indian distillers." Industry body International Spirits and Wines Association of India (ISWAI), however, estimates somewhat lower retail savings. Using Maharashtra as an example, ISWAI projects that a 750 ml three-year-old blended Scotch priced at Rs 2,500 could become around 12% cheaper, while a 12-year-old blended Scotch retailing at Rs 4,250 may see a 13% reduction, provided companies pass on the entire benefit of lower import duties to consumers. "The India–UK Free Trade Agreement is a strategic opportunity—not merely a tariff milestone—and policy decisions must stay focused on the broader economic dividends for all stakeholders, especially consumers," said Sanjit Padhi, CEO, ISWAI. Also Read: 'We did it': Modi, Starmer caught on mic hinting at breakthrough in UK-India trade deal "This agreement delivers three distinct benefits: Greater consumer choice, unlocking access to a wider range of premium global brands, improved access to bulk Scotch for domestic producers and modest price relief for consumers." Indian single malts unfazed Despite concerns that cheaper Scotch could threaten India's fast-growing single malt category, domestic producers appear confident.The tariff cuts also come at a time when India's homegrown single malt industry has emerged as a formidable challenger to imported Scotch. Industry estimates from the Confederation of Indian Alcoholic Beverage Companies (CIABC) show the country's single malt market stood at about 675,000 nine-litre cases in 2023, with Indian brands accounting for roughly 345,000 cases, over 50%, overtaking imported Scotch and other international single malts, which sold about 330,000 cases. Jagdale believes Indian single malts have already established themselves on quality. "Indian single malt whisky has already carved out a niche for itself within the spirits category in India. Yes, there is some sort of apprehension that cheaper Scotch, cheaper single malt Scotch will be available, but if you look at quality perspective and parameters, they are equal or better than the standard 12-year-old Scotch single malt," he said. Piccadily Distilleries, maker of award-winning Indri, echoed the sentiment. "The India–UK FTA is likely to be a defining moment for India's premium whisky market, but not in the way many initially expect," said Praveen Malviya, CEO, Piccadily Agro Industries Limited in his response to ET Online. "While the reduction in import duties on Scotch will certainly make premium Scotch more accessible over time, we believe the bigger impact will be on consumer behaviour rather than market disruption." Malviya argued that the agreement would accelerate premiumisation rather than trigger aggressive price competition. "Consumers will have greater access to globally renowned Scotch brands, leading to a more educated and discerning whisky drinker. This, in turn, raises the benchmark for everyone in the category." It added that Indian single malts have earned global credibility after repeatedly winning international awards. "The Indian whisky market is large enough for multiple premium categories to thrive. Scotch will continue to represent heritage and tradition, while Indian single malts will increasingly stand for innovation, provenance, and world-class quality," Malviya added. No price war expected Industry executives appear aligned that the tariff cut alone will not result in an industry-wide price war."We do not see a price disruption. But as I was mentioning, I see prices of BIO (bottled in origin) single malts and BIO blended Scotch prices to drop by about 15 to 20%." Piccadily also expects only gradual price corrections. "We don't see a significant price disruption in the premium whisky market." The company noted that final retail prices will continue to depend on state taxes, logistics, exchange rates and distribution costs. "The India–UK FTA will raise the level of competition, but it will be a competition driven by quality and innovation, not pricing." Bulk Scotch may be the bigger winner One of the less discussed beneficiaries could be Indian-made foreign liquor (IMFL) manufacturers that rely on imported Scotch for blending.ISWAI noted that nearly 79% of India's Scotch imports arrive in bulk, rather than bottled form, and are used by Indian producers to manufacture premium blended whiskies. Lower import duties on bulk Scotch could therefore reduce input costs while enabling producers to improve quality. "The India–UK FTA creates a unique opportunity for Indian manufacturers to improve product quality, rationalise input costs, and enhance their competitiveness in both domestic and export markets," Padhi said. "It is therefore surprising that sections of the domestic industry continue to present an incomplete picture, despite the fact that Indian IMFL manufacturers stand to be among its biggest beneficiaries." State taxes remain the biggest variable Executives also cautioned that customs duty is only one component of the final bottle price."The biggest misconception is that lower import duties will automatically translate into significantly lower retail prices," Malviya told ET Online. "In reality, import duty is only one component of the final price. State excise duties, taxes, logistics, distribution costs and currency fluctuations all have a significant impact on what consumers ultimately pay." ISWAI similarly urged state governments not to offset the customs duty cuts by raising state taxes, arguing that doing so would dilute the intended benefits of the FTA. A premium market gets more competitive The timing of the agreement coincides with rapid premiumisation in India's spirits market. According to a

As a result of engagement led by the UK Government, distilleries and whisky drinkers on both sides of the Atlantic will be raising a glass to celebrate a landmark day for the beloved product as US tariffs are lifted. From today [24 July], whisky from the UK will now have zero tariffs following the agreement that was reached during His Majesty The King’s visit in April. Whisky distilleries across the country are set to benefit from the deal we secured from boosted trading with what is the largest market by value – in 2025, whisky exports to the US alone were worth £1 billion, almost 20% of all whisky exported from the UK. To mark the long-awaited milestone, Secretary of State for Scotland Douglas Alexander visited Pernod Ricard’s Strathclyde Distillery in the heart of Glasgow. Secretary of State for Scotland Douglas Alexander said: This is a day of celebration for Scotland’s whisky industry. The removal of tariffs by the US is a significant measure that will open up opportunities for growth and prominence for this already beloved Scottish product in US towns and cities. The action taken by President Trump demonstrates the partnership our two countries have and the close working in trade that supports economic growth both here in the UK and in the United States. This is the second action this month which has opened up the world even more to our whisky exports, with the India Free Trade Agreement, which came into force earlier in July, seeing tariffs reduced from 150% to 40% over the next ten years. Businesses have also benefitted from recent deals with China, the Gulf Co-operation Council, the EU, and the US, as the UK Government delivers for Scotland and continues to use the strength and reach of the UK to support economic growth in Scotland. I join all those raising a dram today for the efforts to reach this point and look forward to seeing our whisky industry flourish. The whisky industry supports 41,000 jobs in Scotland and a further 25,000 jobs across the UK, according to the Scotch Whisky Association. The removal of tariffs by the US is the latest big win for the industry this month, with the India FTA coming into force and reducing whisky tariffs from 150% to 75% immediately, then to 40% over ten years. Nodjame Fouad, CEO of Pernod Ricard’s Aged Spirits and Champagne division, said: We were delighted to welcome Secretary of State Douglas Alexander to the Strathclyde Distillery, to showcase our innovative energy efficiency technology and thank the UK Government for securing reduced tariffs with India and the US. Popular blended Scotch whiskies exported overseas, such as Ballantine’s and Chivas Regal, use grain whisky distilled at Strathclyde in the very heart of Glasgow. Trade deals can be explained in millions of dollars – but it’s when you visit a working distillery like this that you can see how improved market access can help secure economic growth in Scotland and across the UK at large. Ian Duddy, International Director at the Scotch Whisky Association, said: The return of tariff-free trade for Scotch Whisky in the US is welcome news for businesses on both sides of the Atlantic. As Scotch Whisky’s most valuable global market, worth £933 million in 2025, the removal of tariffs provides greater confidence to invest, grow exports, and support jobs and communities across Scotland and the US. From Kentucky to Speyside, this will not only benefit the Scotch and US whisky sectors, but our wider supply chains of cooperages, farmers, hospitality and retail. This outcome is testament to the strength of the enduring relationship between the UK and the US. On behalf of the Scotch Whisky industry, we are grateful to everyone who worked to make this happen, including His Majesty The King during his recent State Visit. We look forward to building on this positive momentum and working with partners on both sides of the Atlantic to ensure Scotch Whisky continues to thrive. Despite a new round of global tariffs announced by the US today, our landmark Economic Prosperity Deal remains in place, and we see an improvement to our trading terms with zero tariffs on both whisky and medical technology. The changes to whisky tariff arrangements with the US is the latest in a series of deals the UK Government has achieved to support businesses and economic growth. Alongside the India Free Trade Agreement, deals with the Gulf Co-operation Council and the European Union have all shown the importance of working with global partners to grow the UK’s economy and trade partnerships.

2026-07-25 The global whisky market is moving through a reset in 2026, not a collapse, as growth in India, Irish whiskey and some emerging markets offsets weaker demand in the United States, Europe and the luxury end of China, according to an international industry review dated July 17. The report, based on trade data, company results and market research, describes a category that is still large and active but more selective than it was during the years when premiumization seemed almost automatic. Consumers are still buying whisky, but they are drinking less often and consuming fewer drinks on each occasion. That shift is putting pressure on higher-priced bottles, especially in mature markets, while helping more accessible products, cocktails, ready-to-drink formats and standard expressions with clear value. One of the clearest signals comes from IWSR, the drinks market research group, which said global beverage alcohol volume fell 2% in 2025, the third straight annual decline. In its comparable reading of 22 markets that account for about 75% of world volume, spirits fell 4% in volume and 9% in value. Excluding domestic spirits, the decline was just 1% in both measures. Within whisky, Indian whisky rose 2% in volume and 3% in value in 2025, while Irish whiskey increased 2% in both. That split helps explain why producers and distributors are treating 2026 as a two-speed year. India remains the main engine of growth by volume. The United States is still one of the most important pools of value for Scotch and a core market for American, Irish, Canadian and Japanese whisky. China remains important, but its role has changed as gifting and banquet-driven luxury demand no longer define the market the way they once did. Trade figures show how concentrated global whisky commerce remains. The United Kingdom continues to dominate cross-border value through Scotch. According to World Bank WITS and UN Comtrade data for HS 220830, the U.K. reported $7.02 billion in whisky exports in 2024, compared with $1.53 billion for the United States and $1.13 billion for Ireland. Japan, Canada and India form a second tier by export value. Those numbers do not reflect final consumption. India consumes huge volumes domestically through local brands. Some countries act as re-export hubs. And customs data measure shipments rather than what drinkers actually buy at retail or order in bars. Even so, the trade picture shows how strongly Scotch still shapes the international market. Scotch exports reached £5.3 billion in 2025, equal to 1.34 billion bottles of 700 milliliters, according to the Scotch Whisky Association. That was down 1.8% in value and 4.3% in volume from a year earlier. The gap between value and volume suggests that pricing and mix helped cushion weaker demand. Single malt was hit harder than blended Scotch, with single malt export value down 6%, reflecting softer luxury spending and less gifting. The United States remained Scotch’s largest export destination by value in 2025. India became its third-largest destination by value and its largest by volume. That matters because India is already the world’s biggest whisky market by consumption volume, though most of that demand is met by domestic producers. India’s total beverage alcohol market grew 4% by volume in 2025, according to IWSR data cited in the report, and whisky accounts for more than half of servings there. Imported spirits have also been growing quickly over time. But access remains uneven because taxes, licensing rules and distribution systems vary from state to state. That complexity did not stop one of the year’s biggest trade developments. On July 15, a trade agreement between Britain and India took effect, cutting India’s tariff on U.K. whisky from 150% to 75% at the start of the deal, with a path to 40% by year 10. For Scotch producers, it is one of the most important access changes of the year. Still, lower tariffs alone will not guarantee immediate gains at retail because local taxes and route-to-market costs remain significant. China also changed its tariff regime this year. On Feb. 2, it lowered its import tariff on whisky from 10% to 5%. That improves relative pricing for imported whisky, especially Scotch, which accounted for 84% of China’s whisky imports by value in 2025, when total imports reached $445.5 million. But analysts caution that lower tariffs will not restore the old luxury model on their own. The report says China’s whisky opportunity now lies more in personal consumption, smaller groups, home drinking, small formats and fast delivery than in formal banquets or expensive gifting. That means producers may need different packaging, pricing and channel strategies if they want to grow there. In the United States, another major policy shift came on April 30 when tariffs on Scotch were removed. That should help normalize shipments during the second half of the year because distribution is already established. But analysts warn that shipments can rebound faster than actual consumer demand if importers restock too aggressively. American whiskey faces a more difficult balance between supply and demand than most other categories right now. U.S. exports fell 19% to $1.08 billion in 2025, according to DISCUS, the Distilled Spirits Council of the United States. The European Union was down 35%, Canada fell 57%, and Japan dropped 28%, though exports to the rest of the world rose 13%. Some of that decline reflects front-loading in earlier periods before trade deadlines, but inventory pressure is also a structural issue. Domestic supplier sales for American whiskey held up better than exports but still slipped to $5.1 billion in 2025, down 0.9%. The report points to unusually high maturing inventory as one of the category’s biggest risks. DISCUS estimated American whiskey inventories at close to 1.5 billion proof gallons at the end of 2024, roughly three times the level seen in 2012. That does not mean all of that stock is surplus because much of it needs years of aging before release. But it does mean producers face higher capital costs and greater pressure to manage production carefully if demand stays soft or if discounting spreads. Irish whiskey stands out as one of the cleaner demand stories this year. IWSR recorded growth of 2% in both volume and value across its tracked markets in 2025, even though sales were down 3% in the United States. Growth in India, Japan and Poland helped offset weakness elsewhere. At the same time, Irish whiskey exports fell 5% to €930 million, according to Bord Bia. That apparent contradiction is not unusual in spirits because export data can diverge from consumer sales due to inventory timing, currency effects and differences between shipment data and sell-through at retail or on-premise accounts. Japanese whisky remains smaller by export volume but strong in unit value and long-term ambition. WITS data show Japan exported $288 million worth of whisky and 11.3 million liters in 2024, below earlier peaks but still significant for a premium category with limited aged stock. Producers continue to invest despite current uncertainty elsewhere in global spirits. Nikka has committed ¥7 billion to its Yoichi distillery and plans to expand storage and maturation capacity by about 30% compared with 2019 levels as it pursues longer-term growth targets through 2034. That strategy reflects confidence that Japanese whisky can keep building internationally even if short-term conditions remain uneven. Canadian whisky presents a steadier but slower picture. WITS recorded $219 million in Canadian whisky exports in 2024. At home, Statistics Canada said spirits sales fell 3.2% in fiscal year 2024-25 to C$6.7 billion, with whisky accounting for 29.6% of spirits value. The category remains important across North America but is also showing signs of moderation. Europe offers scale but mixed momentum for imported whisky. Scotch exports to the European Union fell 9% by volume in 2025 whi