India To Emerge As Largest Scotch Market, Deals With Malt Makers Eyed: SWA

India is poised to become the largest global scotch whisky market in value and volume terms over the next few years, fuelled by competitive intensity, premiumisation and economic growth, Scotch Whisky Association Chief Executive Mark Kent CMG has said.Mark Kent also appreciated the rise of India&#039;s single malt whisky, saying the Scotch Whisky Association is looking for partnerships with them not only for export to the UK market but also to explore other global markets together.Noting the emergence of the Indian single malt category, some of which recently won several prestigious international accolades, the chief executive said he is going to speak with the Indian Malt Whiskey Association, as they share the same views on the importance of quality in manufacturing and working together.This is a significant opportunity for both the Indian and Scottish industries. There is an opportunity for Indian companies to boost exports of Indian single malt to the UK and forge partnerships for global markets. So, it really is a moment of opportunity to be seized by both sides, he told PTI.India is already the biggest market for Scotch in terms of volume, out of 180 markets where it is exported, though in terms of value, it ranks among the top five, Mark Kent said, adding that he is &#039;optimistic&#039; about the prospects for India as well as the trend of premiumisation here.&quot;Now, if you add on to that, the factors that we are seeing a growth in the Indian market, and the fact that we are going to be seeing a more competitive environment for Scotch imports, I think it&#039;s very feasible that India will soon take, in the next few years, the place as biggest for volume and biggest for for value,&quot; he said.However, it will also depend on certain factors around the world economy, but Mark Kent said he is optimistic that India has a &#039;very educated knowledge of scotch and whiskey&#039; here.&#039;That&#039;s why we want to be working in conjunction with you to become global players on both sides (value &amp;amp; volume),&#039; he added.According to the latest data from the Scotch Whisky Association, India has regained its position from France as the world&#039;s number one Scotch Whisky export market by volume, with 192 million bottles exported, while the United States retains its long-held position as the largest export market by value, worth 971 million British Pounds in 2024.Mark Kent said once the free trade agreement (FTA) between India and the UK becomes operative, it will see a variety of quality Scotch whisky coming into the country, especially from some of the smaller producers from Scotland.Besides, the import of bulk Scotch will also increase, which will help IMFL makers and bottling in India, he added.&quot;It is also a good result for the Indian industry, we will see more investment in both India and in Scotland. And the fact that the tariff has come down on bulk whiskey, which is 79 per cent of all the whiskey that we export to India, means that there will be cheaper and more competitive imports for Indian manufacturers to incorporate into IMFL. So overall, it&#039;s a very good basis for a new era of partnership between our two industries,&quot; he said.As per the FTA signed in London between the two governments, which is awaiting ratification, India is reducing duty on UK whisky and gin from 150% to 75% and further to 40% in the 10th year of the deal.Mark Kent, who had visited India as part of the delegation of British Prime Minister Keir Starmer in October this year, said he will talk to Indian authorities and fellow trade associations here to get a win-win outcome on the FTA.&quot;As soon as we have this deal, we want to build on it, and it&#039;s going to be a long-term preparation, which is why I am out here. Just a few weeks after Prime Minister Keir Starmer visited, I was part of his business delegation. So, our challenge now is to turn what is a very good framework, as set out by the FTA, into business reality and business outcomes,&quot; he said.Mark Kent hoped that the FTA would have an impact on prices and boost sales. However, he also acknowledged that the external tariff (customs duty) is only one factor in pricing.&quot;It will depend on individual states and their own regulation and their own tax framework, and it will depend on individual companies. It&#039;s fair to say that you will see a reduction in the cost of the consumers, but that will depend on each individual circumstances, both on the states and on the individual companies,&quot; said Mark Kent.On whether the association will talk to some state governments on this aspect, he said, &quot;The trick is finding the right regulatory framework and tax framework, which enables market pricing, which in turn will bring more investment, more trade, and that in turn will bring more excise revenue to the individual states and we are very happy to work in partnership with Indian associations and the Indian government to find these optimal outcomes.&quot;

India To Emerge As Largest Scotch Market, Deals With Malt Makers Eyed: SWA

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