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The scale of the stockpiles is clearly visible at Diageo’s Cluny-Bond complex near Kirkcaldy, reports The Guardian. On the site of a former coal mine covering 220 hectares, a veritable ‘city’ of whisky maturation warehouses has already sprung up. Once construction of the new facilities is complete, the complex will be able to hold nearly 3 million casks.
According to the Financial Times, the five largest alcohol producers hold record stocks of aged spirits with a total value of $22 billion.
The problem is that it has become more difficult to sell these stocks. Following the pandemic-driven boom, consumers have cut back on their spending on alcohol. Rising prices and changing attitudes towards alcohol consumption are creating further pressure.
The situation is already having an impact on the business. The GlenWyvis distillery in the Highlands has announced the appointment of external administrators amid ongoing financial pressure. At the Cameronbridge distillery, owned by Diageo, a strike has begun over plans to cut jobs. There are 156 distilleries operating in Scotland in total, and, according to industry sources, dozens of them may be put up for sale.
Exports have slumped in key markets
Exports of Scotch whisky in 2025 totalled around £5.3 billion (approximately $7 billion). The US market proved particularly challenging: following the introduction of additional US tariffs in April 2025, exports of Scotch whisky to the country fell by 15 per cent between May and December. In late April 2026, Donald Trump announced the lifting of tariff restrictions on whisky produced in the UK following a visit by King Charles III and Queen Camilla to Washington.
The situation in key markets remains mixed. In France in 2025, exports of Scotch whisky fell by 3.6 per cent in value terms and by 14 per cent in volume. The Chinese market also failed to meet the industry’s expectations. Exports to India, however, grew by 15 per cent in both value and volume, though this proved insufficient to offset the decline in other major markets.
The situation is complicated by the very nature of production: by law, Scotch whisky must be matured in oak casks in Scotland for at least three years, whilst premium varieties must be matured for up to 40 years. Consequently, the current reduction in output could lead to a shortage of whisky when demand begins to rise again. Following the crisis of the 1980s, when oversupply and weak demand led to the mass closure of distilleries, the industry is once again facing the same paradox. “When demand rises sharply again, they’ll find they don’t have enough whisky and will have to start all over again,” warns industry veteran Nick Morgan.
This story was translated with the assistance of artificial intelligence.The translation was also reviewed by the Logos Press editorial team.
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