
Diageo have released their 2025 Interim Results and the data shows mixed results and challenges for the scotch category. Overall Diageo organic net sales grew by 1%, though reported net sales declined slightly by 0.6%. Within their scotch portfolio, which is their largest spirits category, there was an overall decline of 5%, although this masks significant global variation in performance.
Diageo’s Scotch Performance
Scotch represents 24% of Diageo’s net sales, making it the biggest component of Diageo’s portfolio. Spirits is 78% of Diagoe’s sales, with beer and ready to drink making up 16% and and 4% respectively, and other minor categories the remainder. Within spirits the breakdown is:
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- Scotch: 24%
- Tequila: 13%
- Vodka: 8%
- Canadian whisky: 6%
- Rum: 5%
- Liqueurs: 5%
- Gin: 4%
- IMFL whisky: 4%
- Chinese white spirits: 4%
- US whiskey: 2%
Data from Diageo’s 2025 Interim Report.
Johnnie Walker is Diageo’s flagship scotch brand. The report shows Johnnie Walker Black Label and Red Label both gained share within the scotch category overall. However the brand declined 13% in North America due to general scotch category weakness and saw weakness in Greater China, that has historically been a strong market for premium scotch brands. Johnnie Walker did see positive performance in Eastern Europe with double-digit growth.
The single malt category also struggled, experiencing a 14% volume decline and 20% net sales decline. The Singleton brand specifically declined 16% in volume and 17% in net sales.
The blended scotch whiskies Black & White and Buchanan’s added some positivity to the category. Black & White saw growth particularly India, while Buchanan’s gained share in the overall scotch category, despite volume/sales declines due to inventory issues.
Decline In Scotch Matches Global Shift In Premium Appetite
The scotch category appears to be facing significant headwinds, particularly in key markets like North America and Asia, which have historically been strong for premium scotch brands. The performance reflects broader category weakness and specific challenges in certain markets. It also echoes a global shift in appetite for premium products that can be seen across other markets, like watches, wine and art, likely the result on the political and economical unrest that has spanned the last three years.
Read about the results for Diageo’s American brands here. We will release a more in depth analysis on the results soon.