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With Increasing Demands, There is Scotch Whisky Shortage
Whisky fans, this concerns you! The world is currently short of single malt Scotch.
According to a report made by the CNN, there is high demand for Scottish nectar in which the distilleries have hard time supplying.
“The shortage of old and rare single malt… has already started, and it’s going to get worse,” said Rickesh Kishnani, the one who launched the first whisky investment fund in the world.
According to the Scotch Whisky Association, the sales of single malt around the world have increased by 159 percent between year 2004 and 2014. A number of new markets have an increasing demand for the drink — especially Asia, which currently consumes about 20% of all the Scotch exports.
As we all know, single malt whisky talks years to produce. By rule, all Scotch whiskies should be aged for at least 3 years (distilleries, and the best ones are aged longer than 3 years). Because of the increasing demand, distilleries weren’t able to quickly keep up with the production. There are about 20 million casks maturing in the warehouses in Scotland.
According to several experts, this shortage could last for 10 to 14 years, and may cause the prices to increase relatively. The Investment Grade Scotch Whisky Index, which monitors the value of premium whiskies, has increased by about 14 percent last year.
“We are currently working at full capacity – seven days a week, 24 hours a day. We just need to be patient and allow those casks to work their magic,” said Charles Whitfield, the brand manager for the Scotch whisky firm Macallan, during an interview with CNN Money. Currently, Macallan is building its second distillery that is expected to open next year.
“The ultimate challenge for the industry is how you predict what you will or won’t sell in the time it takes to mature Scotch. The distillers send millions on research into this specific question but it is still such an unknown quantity. You have to balance making enough with the ability to sell it. And single malts were never expected to be as successful as they become,” says Eddie Ludlow, the co-founder of The Whisky Lounge, during an interview with Telegraph.
Scotland is not the only whisky-producing country that is struggling to keep up with the increasing demands; American distillers producing bourbon whisky are facing the same problems as well. In 2013, in an effort to keep up with the demands, the Maker’s Mark brand cut the alcohol content from 45 percent to 42 percent; however, it created a negative effect that they were forced to abandon their plans.
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