Overview: Scotch whisky exports fell by 1.8 per cent in value to 6.35 billion euros in 2025, yet enthusiasts continue to flock to events like the Milan Whisky Festival. While global consumption slows, Italian niche production remains steady and producers focus on identity.
The Full Story
On the eve of the Milan Whisky Festival, which brings together enthusiasts and professionals at the Marriott Hotel in Milan from 7 to 9 November, a paradox offers cause for optimism. The owner Andrea Giannone highlights that while whisky sales are down following a global trend of slowing growth, tasting rooms remain full. In fact, the figures point in the opposite direction regarding volume; however, Scotch exports alone are still worth 6.35 billion euros. Diageo began a drastic downsizing of its Milan office in July, signaling the slowdown is being felt in Italia.
To understand this slowdown, Giannone points to the post-Covid years. By the end of 2022, e-commerce sales volumes had seen increases more than tenfold compared with 2019, followed by a period of plenty where distilleries brought out special releases and independent bottlers sprang up regardless of price. Jacopo Grosser of Fine Spirits notes that the market has become saturated with too many players and an excess of limited editions, leading to fatigue within the enthusiast community. Davide Terziotti of WhiskyClub Italia believes the decline is due to a loss of purchasing power, which has led to cuts in non-essential spending and excessive euphoria leading to price rises.
The slowdown is also evident in wholesale purchases where brokers previously out of reach are now approaching with product offers. Single malts that multinationals used to protect are once again available because there is so much whisky available. The expected outcome is a fall in the prices of casks, which rose to absurd levels during the pandemic. However, this does not mean the market is collapsing; auction prices in 2026 are still higher than in 2019.
Production & Profile
A positive sign comes from the consolidation of Italian whisky production which, whilst small, is bucking the trend. The number of producers is now approaching 30, and a large proportion were already grappa distillers. Specific producers highlight distinct approaches: Silvio Carta presents a whisky matured in old Vernaccia di Oristano casks; Il Signor Camillo uses 100 per cent unmalted spelt grown on the estate where a watermill has been in operation since 1830; Distilleria Pisoni focuses on 100 per cent Maris Otter malt and water from the Rio Freddo spring; Poli specialises in carefully calibrated maturation in ex-Amarone casks.
The limiting factor is time, as distilleries have only been in operation for the past decade and ageing periods are still relatively short. For Mazzetti d’Altavilla, Animo whisky currently accounts for around 1 per cent of turnover with approximately 5,000 bottles. Il Signor Camillo distils for around 100 days a year, producing 6,000–7,000 bottles and aims to increase whisky’s share of turnover to 50 per cent by 2027. The Pisoni Distillery is making its debut with a single cask release of 399 numbered bottles.
Brand & Industry History
Single malt whisky experienced a boom around 2010, and between 2009 and 2012, many distilleries switched from two shifts over six days to three shifts over seven days. That whisky sold well during the Covid years but now remains partly in storage. In Scotland, there has not yet been a wave of closures partly because many distilleries are family-owned, but in Ireland the impact has been felt with the closure that caused the most stir being Waterford. The prolonged tying-up of capital involved in whisky maturation is no cause for concern for producers accustomed to managing tied-up capital and planning stock levels.
What This Means
Producers today share the burden of excise duties and red tape, which finds the ultimate expression of its very nature in this sector. Discussions are under way regarding a set of guidelines for Italian whisky at the Distillo trade fair scheduled to discuss the matter and establish clear and sustainable rules for all. Opinions differ on the future; Belvedere Mazzetti expects acquisitions will continue, while Assandri sees the entry of large groups as an opportunity provided they genuinely invest in the local area. Elio Carta fears overcrowding and suggests that if the number of players is reduced, the segment is more likely to hold its own.
Consumer Takeaway
The mid-range segment is suffering, and consumption is shifting to the home, whilst bars and restaurants are struggling partly due to fears of drink-driving checks. The core demographic remains those aged between 35 and 55, but the number of people aged between 25 and 34 is also growing significantly, with many women developing a passion for it. Animo costs 60 euros, a price range that Mazzetti compares to Nikka and Lagavulin 8 Year Old; Il Signor Camillo costs 179 euros; Pisoni is positioned in the premium segment of collectable spirits. Neither Mazzetti nor Il Signor Camillo have adjusted their price lists in the last twelve months.
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