India-UK FTA will grow Scotland whisky market by $1 bn: Glenmorangie chief

Caspar MacRae, CEO of The Glenmorangie Company, says the India-UK Free Trade Agreement will make whisky more affordable in India, helping the market grow by $1 billion

The recently signed India-UK free trade agreement (FTA) will enable The Glenmorangie Company to reach a wider consumer base in India, which it expects to become its largest market by volume within the next five years, a top executive said.

 

“India has always been one of our most important markets. The India-UK FTA is an enormous win for both the Indian consumer and the Scotch whisky industry. It will make whisky more affordable for Indian whisky lovers while expanding the Scotch whisky market by about a billion dollars,” Caspar MacRae, president and chief executive officer of The Glenmorangie Company, told Business Standard in an exclusive conversation.

 

“A rising tide lifts all boats,” he added, noting that the move would also support the export of blended whisky from India.

 

India has already shown strong growth for the company, becoming its third-largest market globally by volume and ranking among its top 10 in terms of value.

 

“India is the fourth-largest economy in the world and is growing faster than other leading economies. It has a young, dynamic, and informed consumer base with a real appreciation for high-quality whisky,” he said. 

 

According to a May 2025 report by IWSR, spirits accounted for 51.2 per cent of India’s total alcohol beverage market in 2024, with whisky dominating the segment.

 

India consumed 258,750 under-9-litre cases of whisky in 2024, with volumes projected to grow at a compound annual growth rate of 3.1 per cent from 2024 to 2029. Of this, 8,509.6 cases were Scotch whisky, the report said, adding that India is on track to become the world’s largest Scotch whisky market by 2027.

 

“India is a unique market, with whisky sales split equally between travel retail and the domestic segment. In the long run, India has the potential to become our leading market by volume — and so it has our full attention,” MacRae said.

 

Glenmorangie’s focus now is on driving value growth in the Indian market.

 

“The Scotch whisky market saw 13 per cent growth in value in 2024, while volumes grew 11 per cent — suggesting that people are not necessarily drinking more, but drinking better,” MacRae said.

 

While India remains the largest whisky market in the world, “we’re seeing Indian consumers seeking to premiumise and make more discerning choices about what they drink”, he added. 

 

On the back of this trend, the company expects India to become its third-largest market by value over the long term. This growth comes despite rising competition — not just from other spirits like gin, but also from the surge in Indian single malts.

 

“We’re increasingly seeing Indian consumers become more knowledgeable and discerning. They’re no longer loyal to a single brand or category — they’re exploring across labels and categories depending on the occasion and their mood. That’s a big shift from how things were earlier,” MacRae said.

 

“A lot of people are also spending their discretionary income on experiences. Single malt is a taste experience, and that puts us right at the heart of what today’s consumers want,” he added.