Scotch Whisky Set For Expansion Via U.K.-India Trade Deal
The Scotch whisky industry is set to further unlock the key India market following the agreement of a new trade deal between the U.K. and India. Under the agreement, India’s whisky and gin tariffs will be halved from 150% to 75% before falling to 40% by year 10 of the deal.
At Diageo, the largest Scotch whisky player globally, CEO Debra Crew said the accord “will be transformational for Scotch and Scotland, while powering jobs and investment in both India and the U.K. The deal will also increase quality and choice for discerning consumers across India, the world’s largest and most exciting whisky market.”
Despite the current high tariffs, India is already Scotch whisky’s largest export market by volume at more than 12 million cases on an increase of 200% over the past decade. “India is the largest whisky market in the world,” the Scotch Whisky Association noted. “But while many Indian consumers are keen to add a bottle of Scotch to their shelves, bars, and collections, Scotch whisky has just a 3% share of the Indian whisky market (which is dominated by local whiskies). There is huge potential for that to grow.”—Daniel Marsteller
Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.
Tagged : Diageo, Scotch Whisky Association
