World Spirits Report 2023: Irish whiskey

Irish whiskey continues to experience steady growth globally, thanks to new international markets, a heightened focus on luxury, and the category’s ability to innovate.

In 2022, the value of Irish whiskey exports surpassed €1 billion (US$1.07bn) for the first time, according to the Irish Whiskey Association, and forecasts suggest further acceleration. In 2023, 12.9 million nine-litre cases were sold, representing a 3.22% increase from the previous year, data from Euromonitor International shows. A projection of 13.4m cases for 2024 would mean an increase of 3.68% next year.

For Irish Distillers, Jameson continues to lead the charge, up by 10% in net sales in fiscal 2023, and now a top-three-selling international whiskey brand, and top 10 international spirit brand, according to IWSR Drinks Market Analysis. Simon Fay, business-acceleration director at Irish Distillers, says this was supported by 56% growth in Asia.

“Historically, demand for our exceptional whiskeys has come from traditional Irish whiskey markets in the US and Europe, but we are now seeing year-on-year increases in sales to Asian markets as Asian whiskey consumers look to expand their spirits collections,” Fay says.

Redbreast, Midleton Very Rare, Spot Whiskeys, Method and Madness, and Knappogue Castle, which comprise Irish Distillers’ prestige portfolio, were up by 22% in net sales growth for fiscal 2023. Overall, Irish Distillers experienced an 11% net sales growth in its portfolio.

Other brands are likewise achieving landmark sales and growth. In June, Bushmills surpassed one million cases for the first time, reporting a 9.7% rise in 2022. Meanwhile, in March, Waterford Distillery secured a €45 million (US$47.8m) funding package to expand globally, with a focus on the US.

Mark Reynier, CEO and founder of Waterford Distillery, predicts consumers will gravitate to brands that are transparent about their distilling practices, saying Irish whiskey can capitalise on demand for innovation and premiumisation.

“In France, for example, we’ve found a receptive audience for those seeking high-provenance, global single malts, as opposed to more-of-the-same cask finishes from Scotland, and have seen growth despite the harder trading conditions,” he says. “Irish whiskey has the potential, as a category, to offer far more product diversity than Scotch whisky, and will continue to do so if it can break out from historical quality and ‘cheapness’ perceptions.”

Since 2003, high-end premium and super-premium Irish whiskey in the US grew by 1,053% and 2,779% respectively [Distilled Spirits Council of the US data], Fay notes. “While in the past, as an industry, Irish whiskey has underperformed at this level when compared with its Scotch competitors, in recent years things have moved on considerably, with the launch of new and very rare whiskeys,” Fay says.

While growth for the category was positive, 2023 saw only three distillery openings in Ireland: Titanic in Belfast, and Ahascragh Distillery in Galway, while Bushmills opened a new Causeway Distillery, doubling existing capacity. But celebrity-backed brands became more prominent, as Conor McGregor’s Proper No. Twelve added an apple-flavoured expression, and actor Liev Schriber’s Slainté entered seven new US states in February, while actor Jean-Claude Van Damme launched Old Oak in October.

Click here to read our World Spirits Report for the world whisky category.

Irish whiskey brands to watch in 2024

Waterford

Mark Reynier is bringing an ethos of terroir and transparency to Irish whiskey. In 2023, Waterford secured a massive loan of €45 million (US$47.8m) to expand internationally, and released Cuvée: Argot, a permanent expression, and the first from the distillery to be made available globally. Reynier hopes Irish whiskey will become more interesting and diverse, and Waterford is certainly doing its part.

Bushmills

Bushmills made huge strides in 2023, selling more than one million cases for the first time, and opening the £37 million (US$46m) Causeway Distillery that increased production from five million litres of alcohol per annum to 11m litres per annum. Bushmills has the history and inventory, and now the capacity to make an even bigger mark on Irish whiskey in the years to come.

Powerscourt Distillery

In June The Powerscourt Distillery announced it had secured a €25 million (US$27.4m) loan to invest in production capabilities, brand development and global growth. In May, it released the first whiskey entirely distilled in County Wicklow in 100 years in Fercullen Single Malt, and the new financial boost could mean more new releases from this up-and-coming distiller, which only started production in 2018.