Teeling Warns Of Possible Whiskey Shortage Due To Global Demand
Whiskey veteran John Teeling has warned that there may be a scarcity of the Irish spirit within the next few years due to surging global demand.
“Soon there will be a shortage of Irish whiskey,” Teeling told The Irish Times.
“What we are making now, you won’t sell for seven years. So we will have a shortage if the rate of growth continues at a cumulative rate over the next six or seven years.”
Japanese Whiskey Drought
Teeling said the Japanese market is already experiencing a similar problem due to the popularity of its product.
Teeling, who sold Cooley Distillery to Japanese drinks group Suntory for €73 million in 2012, said Suntory started withdrawing sales of its Hakushu 12-year and Hibiki 17-year single-malts because they have 'no whiskey left'.
In May, the Irish Whiskey Association (IWA) said that it is planning to double the global sales of Irish whiskey from six million nine-litre cases to 12 million by 2020, and to double them again to 24 million by 2030.
The IWA, which is part of the Alcohol Beverage Federation of Ireland, made the announcement in the run-up to World Whiskey Day, which took place on May 19.
According to CSO reports, Irish whiskey is the fastest-growing spirits category in the world, with value growth up 14.3% last year.
© 2018 Hospitality Ireland – your source for the latest industry news. Original article by Donna Ahern for Checkout, edited for Hospitality Ireland by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.