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Whisky Leaders Roundtable Event

1 October 2024

FWB Events

The Port of Leith Distillery recently provided a stunning backdrop for a roundtable dinner hosted by FWB in partnership with Johnston Carmichael Chartered Accountants. Ian Stirling, the passionate and impressive founder and co-CEO of Muckle Brig Ltd, led the event, which featured a distillery tour and dinner in the Quality Control Room.

The evening brought together a diverse group of business leaders from across the whisky industry, including suppliers, start-ups, investors, and global industry leaders. The discussions focused on the opportunities and challenges facing the industry today.

Mark Kent CBE, Chief Executive Officer of the Scotch Whisky Association, opened the evening with insights on several key topics, which we then explored in greater detail during the roundtable discussions. Key points included:

Emerging Markets

India presents vast potential despite high tariffs, while global premiumisation drives demand. Japan and Taiwan produce competitive single malts, but Scotch can leverage its heritage to maintain its market position.

Sustainability

Emphasising energy-efficient practices and carbon neutrality is ethically correct and enhances brand value. While consumer pressures focus on packaging, broader sustainability initiatives can achieve the most significant impact.

Talent Development

Scotland’s deep-rooted whisky heritage offers a unique opportunity to attract talent by highlighting craftsmanship and brand storytelling innovation. Collaborations with universities and vocational institutions in Scotland can support ongoing skill development, with modern apprenticeship schemes showing significant success.

Competition for Talent

The Scotch whisky industry faces competition from within and from other sectors, such as oil and gas, which offer higher wages for engineering and technical talent. A skills shortage could hinder industry growth, particularly in manufacturing and innovation. Attracting and retaining diverse, skilled workers is crucial.

Market Competition

Japan, Taiwan and India are producing high-quality single malts that are gaining international recognition. With lower production costs, these competitors could erode Scotch’s market share if consumers begin seeing them as substitutes.

Political Changes and Trade Barriers

Global political volatility constantly threatens the industry, including Brexit, U.S.-EU trade tensions, and tariff issues in large markets like India and China.

In summary, the Scotch whisky industry must balance tradition with innovation and modern sustainability practices, navigate global trade complexities, and address talent and diversity issues to maintain its leadership in the sector. Despite these challenges, optimism was high, and the event highlighted the strong sense of collaboration across the industry.

To express interest in joining us at similar events, please email Laura at events@fwbltd.com.