Irish whiskey’s problem is concentration, not the tariff

In 2010, there were four operational whiskey distilleries on the island of Ireland. By March 2025, there were 50. In 2024, Irish whiskey achieved record sales of 16.15 million cases globally, with export value reaching €954 million – the category’s best-ever commercial performance by volume. Then, in 2025, exports fell 5% to approximately €930 million. Over 90% of Irish distilleries paused or reduced production during the year. Waterford Whiskey shut down in November 2024. Killarney Brewing & Distilling Co closed. Nephin Whiskey appointed a liquidator. Teeling’s post-tax profits fell 91% to €295,428 for its year ending March 2025. And Bacardi, which held the option to acquire the remainder of Teeling for €29.8 million, exercised it fully in June 2026 – at the moment of maximum financial distress in the category, for less than one thirteenth of what it paid for the first tranche.