Italy: Whisky Market 2024

Whisky Market Size in Italy

In 2022, the Italian whisky market increased by 55% to $X, rising for the second year in a row after two years of decline. Overall, the total consumption indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +86.4% against 2020 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Whisky Production in Italy

In value terms, whisky production amounted to $X in 2022 estimated in export price. Over the period under review, production, however, saw a slight decline. The pace of growth was the most pronounced in 2013 when the production volume increased by 69% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Whisky Exports

Exports from Italy

In 2022, after two years of decline, there was significant growth in shipments abroad of whisky, when their volume increased by 66% to X litres. In general, total exports indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of +10.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 74% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, whisky exports surged to $X in 2022. Overall, exports recorded a strong increase. The growth pace was the most rapid in 2017 with an increase of 38%. Over the period under review, the exports attained the maximum at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Nigeria (X litres), Russia (X litres) and France (X litres) were the main destinations of whisky exports from Italy, with a combined 34% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Nigeria (with a CAGR of +83.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for whisky exported from Italy were Japan ($X), Nigeria ($X) and France ($X), together comprising 26% of total exports.

Nigeria, with a CAGR of +65.0%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average whisky export price amounted to $X per litre, declining by -18.5% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average export price increased by 36%. Over the period under review, the average export prices hit record highs at $X per litre in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per litre), while the average price for exports to Latvia ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Lithuania (+7.9%), while the prices for the other major destinations experienced more modest paces of growth.

Whisky Imports

Imports into Italy

In 2022, overseas purchases of whisky were finally on the rise to reach X litres after three years of decline. The total import volume increased at an average annual rate of +4.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, whisky imports surged to $X in 2022. Over the period under review, total imports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +99.5% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, the UK (X litres) constituted the largest whisky supplier to Italy, with a 53% share of total imports. Moreover, whisky imports from the UK exceeded the figures recorded by the second-largest supplier, the Netherlands (X litres), fourfold. The third position in this ranking was held by the United States (X litres), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the UK stood at +3.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+6.1% per year) and the United States (+3.2% per year).

In value terms, the UK ($X) constituted the largest supplier of whisky to Italy, comprising 49% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a 12% share of total imports. It was followed by the United States, with a 10% share.

From 2012 to 2022, the average annual growth rate of value from the UK amounted to +8.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-1.5% per year) and the United States (-2.9% per year).

Import Prices by Country

In 2022, the average whisky import price amounted to $X per litre, increasing by 7.3% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.5%. The pace of growth was the most pronounced in 2019 when the average import price increased by 24%. Over the period under review, average import prices attained the peak figure in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per litre), while the price for Ireland ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+6.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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