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My review of the whisky year 2024

2024 has been a year of change in the whisky world.

According to the Scotsman, 7 new distilleries were to be opened this year in Scotland.
As mentioned in the article of Gavin D. Smith in the Maltwhisky yearbook 2025, the number of distilleries increased from less than 100 in 2006 to over 160 this years. Also, during this period, the whisky production rose from 224 mlpa to close to 430 mlpa by end of 2024, with distilleries such as Macallan or Glenfiddich increasing their capacities to over 15 mlpa. This trend continues not only in Scotland, but in the USA, Japan, Ireland and other countries, as well. This optimism contrasts with the latest figures from the industry. The Scotch Whisky Association (SWA) has released new figures  in Q4 2024 for the first 6 months of 2024  revealing that exports of Scotch Whisky in the first half of 2024 have fallen by 18% compared to the same period in 2023.  According to other sources, the situation worsened over the last months, and decreases for some distilleries are over 30%. Thus, it is not surprising that some distilleries have decreased their production, such as Ardbeg. At Penderyn, in their largest site in Swensea, they have “paused” their production in July this year, two US distilleries closed down (Golden Moon and One Eight according to this article) and in Sweden, Macmyra filed for Bankruptcy.
In terms of whisky auctions, a report revealed a 50% year-on-year drop in auction values for Q2 2024, accompanied by a 52% decline in the number of bottles transacted. These figures mark an acceleration from the already tough conditions in the first quarter. May, historically a key month for high-value auctions, accounted for just 24% of annual value traded, significantly below expectations.
The report said: “2024 has been a difficult year for the fine and rare whisky auction market, having faced persistent macroeconomic challenges like high-interest rates, inflation, the reduced spending on luxury goods related to cost of living, and geopolitical instability all weighing heavily on behaviour and investment decisions of the consumers.”
Thus, considering the global geopolitical issue and these figures, it is very likely that distilleries closures will continue over the next years. In a nice article from Mark Litter for Forbes, looking at his first figure, the speculation post covid is very obvious and prices at whisky auction are normalizing towards the pre-covid 19 values, probably, as the speculator who invested blindly into whisky are pulling out from this market.
Prices for very rare (or very expensive) whiskies selling for over £30’000 will probably not decreased, as for the very wealthy people, their economic situation is unlikely to worsen and compete against each other to get those bottles. But for the “normal” whisky buyer and drinker, situation might improve. Talking to several independent bottlers over the last months, prices for casks are going down and if you have cash, you can negotiate prices. Thus, we will probably get better value whiskies soon.
Also, during the last months, I have seen in several markets, lots of promotions on whiskies. Considering the volumes in stocks and the competition, this is likely to continue over the next years and as I mentioned several times over the last years, a whisky loch is not unexpected.
Markets such as India are growing, but I would be surprised if they could absorb this doubling of whisky production over the last 20 years.
Another positive change from the current market situation for the whisky connoisseur’s is the attitude from distillers towards the consumers at whisky fairs. I was positively surprised by most booths I visited this year the Whisky Live Paris, as the volumes poured were normal (circa 1 cl)  not like a few drops a few years ago “as the whisky is expensive”. Also, I could taste a fair amount of rather expensive whiskies (over 300 euros) rather easily, as it used to be when I attended my first whisky shows.
I don’t really know what is going in the whisky world, but at least in Europe, several whisky fairs have closed (or will close) such the whisky base event in the Netherlands or the Hallwillersee whisky Schiff in Switzerland. I also noticed in the numerous whisky fairs I attended this year, that the number of master classes tends to decrease, especially for new comers. It seems to me that most brands are focusing on the connoisseurs, as they are buying more premium whiskies, but the new comers are very important to absorb all the whisky produced.
Personally, I am very happy to see Port Ellen back to life and to taste my first Brora single malt from the new distillery. Since the announcement of the Brora resurrection, I managed to collect additional material on the distillery and I am currently working on a new edition of my book on Brora, which should be released around May-June 2025, if everything is going well.
I have posted less tasting notes than I wished, but I have tried to increase and will try to do so.
With that, I wish to all my readers all the very best for 2025!

Slainte,
Patrick, 31 December 2024