Whisky: sales are down, but enthusiasts are flocking to events and niche Italian production remains steady

The result we are now left with is a surplus of product. Giannone points out that single malt whisky experienced a boom around 2010 and that, between 2009 and 2012, many distilleries switched from two shifts over six days to three shifts over seven days. That whisky, which sold well during the Covid years, now remains partly in storage.

In Scotland, Terziotti notes, there has not yet been a wave of closures, partly because many distilleries are family-owned, but in Ireland the impact has been felt (the closure that caused the most of a stir was Waterford).

This excess is also evident in wholesale purchases. “Brokers who were previously out of reach are now approaching you with product offers - explains Corrado De Rosa of Whiskyfacile, a small company that entered the bottling business five years ago – and single malts that multinationals used to protect are once again available to bottlers and blenders, 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. “They’re already coming down now,” remarks Giannone, “and I’m fairly convinced that even the most prestigious bottles will drop a little.” However, this does not mean the market is collapsing: even this year, our e-shop – which grew significantly up to 2022 – is performing well above 2019 volumes, and auction prices in 2026 are still higher than in 2019”.

Ultimately, as Grosser (Fine Spirits) observes ‘when the market peaks, the medium- to long-term benefit for the consumer is that prices then fall and ageing periods are extended, as happened between the 1980s and 1990s’.

Against this backdrop, the Italian market is not exactly thriving. “The entire spirits sector is struggling considerably,” confirms Davide Masi, brand manager at distributor Rinaldi – and in the first half of 2026, whisky continues to see a decline of 3–4 per cent, whilst gin, tequila and vodka are growing. The weather has also played a part, because with temperatures of 25 degrees in mid-October, demand is lower.” The response has been to streamline the product range to focus on the most popular brands.

The encouraging figure concerns the drinkers themselves. The core demographic remains those aged between 35 and 55, explains Masi, “but the number of people aged between 25 and 34 is also growing significantly, with many women developing a passion for it. And then consumption is down, it’s true, but consumers are more discerning and knowledgeable’. The mid-range segment is suffering, and consumption ‘is shifting to the home’, observes Paolo Vercellis, brand ambassador for Rinaldi – so the home market has kept the sector afloat, whilst bars and restaurants are struggling partly due to fears of drink-driving checks”.

According to Terziotti, however, those who have stopped buying quality whisky ‘did so for purely financial reasons and might return if they were to regain even a modicum of spending power’.

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,” estimates Terziotti, “and a large proportion of them were already grappa distillers. The value lies in the approach: so far, no one has produced anything in line with the rest of the world, but some are working with native grains, others with wine casks, and others with creativity.”

For now, the Italian spirit ‘is making a comeback’, admits Giannone, but he highlights an important point: ‘There are customers who are buying it again. So first there’s curiosity, and then there’s also recognition of its quality.” And in certain specific outlets, such as airport shops, it seems that demand is on the rise.

“It’s a challenging market,” says Silvia Belvedere Mazzetti, managing director of Mazzetti d’Altavilla, “in which growth in demand must be nurtured and cannot be taken for granted. To remain competitive, we need to be agile, proactive and able to think outside the box.”

According to Jacopo Poli, credibility stems from grappa : ‘Italians know how to distil grape marc, the most challenging raw material, whilst with malt they take the opposite approach, using a distillation method that leaves congeners and aromatic elements intact’. However, since “we are up against products with centuries of history and an established reputation behind them” – as Diego Assandri of IL Signor Camillo observes – what matters is identity.
This is why Silvio Carta presents a whisky with a strong sense of identity, matured in old Vernaccia di Oristano casks; Il Signor Camillo uses 100 per cent unmalted spelt, grown and processed 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, of course, time, because the distilleries have only been in operation for the past decade and the 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, Mr 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. Poli is stepping up its efforts with a significant investment in a maturation warehouse.

The prices also reflect different market positions. 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.

The product is making headway in specialist outlets. “Over the last twelve months, Animo has continued to grow in our key channels – wine shops and specialist retailers – despite a challenging market,” explains Silvia Belvedere Mazzetti. Signor Camillo “is gradually gaining ground thanks to a major marketing and promotional campaign across the country,” says Assandri. For Poli, Italian whisky “is growing steadily: wine shops and restaurants are overcoming their initial scepticism and stocking it, and demand is emerging even where it didn’t exist before, such as at Venice Airport, where passengers are asking for it”. When it comes to small batches, rarity sells itself: for the 399 bottles of Pisoni, demand is “well above supply”, they report. Meanwhile, from Sardinia, Elio Carta highlights the brake that global uncertainty and the economic crisis are putting on consumption of new products.

Meanwhile, the international market already seems to be taking notice: Poli expects whisky to account for 22.2 per cent of its turnover in 2026; Silvio Carta exports between 10 and 15 per cent of its production, mainly to Germany and the United States; whilst for Animo di Mazzetti d’Altavilla, the figure stands at 10 per cent.

The prolonged tying-up of capital involved in whisky maturation is no cause for concern. ‘For us, waiting is part of the job: the long ageing periods for grappa and brandy have accustomed us to managing tied-up capital and planning stock levels’, explains Silvia Belvedere Mazzetti, whilst at Distilleria Pisoni ‘cash flow is solidly supported by our classic products’. For Il Signor Camillo, a moonshine helps to sustain cash flow during the maturation process, as it ‘allows us to have a product on the market without having to wait for the whisky to mature’.

Producers today share the burden of excise duties and red tape, which, as Assandri quips, ‘finds the ultimate expression of its very nature in our sector’.

Meanwhile, discussions are under way regarding a set of guidelines for Italian whisky. At the Distillo trade fair (17–20 November at FieraMilano), a closed-door meeting between producers is scheduled to discuss the matter and establish clear and sustainable rules for all.

Opinions differ on the future. Belvedere Mazzetti expects that ‘we will continue to see acquisitions’. Assandri sees the entry of large groups as an opportunity, “provided they genuinely invest in the local area”, but warns that “whisky must not be trivialised or turned into a mass-market product devoid of identity”.

Elio Carta, mindful of the gin boom, fears overcrowding and suggests that ‘if the number of players is reduced, the segment is more likely to hold its own’. Poli looks to France and Germany, where whisky was once an unfamiliar concept but is now firmly established, and assures us that “Italian whisky will be spoken of with the utmost respect within a few years”.