The Emerald Isle is known for producing the world’s priciest Irish whiskey.

Earlier this year, an exclusive Irish whiskey shattered records becoming the highest-priced, managing to accrue $2.8 million at an auction. This lone bottle is one among the rare seven of its kind and forms part of the coveted Emerald Isle collection. This collection is a series of unique, triple distilled single malt whiskies, an exquisite creation brought forth by the Craft Irish Whiskey Co. in a collaboration with Fabergé. These whiskey gems spent a ripe period of 30 years aging in a cask before they eclipsed the former record-breaker, Scotland’s ‘The Macallan Valerio Adami 1926.’ This event marked a promising prospect for the future of the Irish whiskey business.

The brainchild of Jay Bradley, the Emerald Isle collection was unveiled as a tribute to the Seven Wonders of Ireland. Each collection is tastefully presented in a walnut wood cabinet along with the first-ever Fabergé Celtic Egg and a Fabergé watch. Accompanying them are a carafe of Irish spring water, two Finn glasses, pure obsidian whiskey stones, and a 24k gold water pipette. Hidden within the box, a humidor holds two Cohiba Gran Reserva VI cigars along with a gold-plated cigar cutter, a tasting log, and a flask filled with Emerald Isle’s precious whiskey. Even though it’s highly unlikely that the box would be opened, it symbolizes the pinnacle of luxury within the Irish whiskey market.

Despite the glitz and glamour of the staggering auction price, a hard-earned expansion, quality enhancement, and revenue growth of thirty years stand as the backdrop. The past several decades have witnessed a triumphant era for this specific category, with a solid investment in plant and brand paving the way for consistent progress. The Distilled Spirits Council of the United States revealed that more than six million cases of Irish whiskey were sold in the U.S. alone in 2022, while the worldwide number balloons to nearly 13 million cases.

Jameson Whiskey Distillery, Dublin, Republic of Ireland. (Photo by: Education Images/Universal Images Group via Getty Images)

It is true to say that much of the legwork in the numbers has been done by the Jameson’s brand, but since 2003, premium Irish whiskey has seen a growth of almost 1200% (to 2019), while the super premium category boasts growth of almost 3500% in the same period. New distilleries are opening every year and the number of brands with international representation and top end releases is multiplying fast. The cynic has a case when pointing out that progress is easy from a standing start, but it is perception that counts as we look towards the future. The view of Irish whiskey is changing fast and the foundations are now in place for the continued premiumization of a historic industry. Of course, to put this data into perspective, we must reflect a little on the recent history of the whiskey trade in Ireland.

Old Bushmills Distillery. Bushmills. County Antrim. Northern Ireland. (Photo by: Carlo Morucchio/REDA&CO/Universal Images Group via Getty Images)

By the end of the 19th century Irish whiskey dominated the global liquor market. In London, two thirds of all whiskey sold was Irish. It is thought that 30 million gallons a year came out of Dublin alone. Nevertheless, world events were to conspire to reverse the form. Notable decline crystallised in 1919, when Ireland declared its independence. Access to the British Empire’s markets was instantly rescinded and Prohibition in America added further complications. By the time the ban on alcohol lifted in 1933, Scottish whisky had risen to prominence and Ireland’s whiskey industry was well and truly on the back foot.

During the 1940s and following the aftermath of World War II, breweries and distilleries across Ireland began to shutter. By the 1960s, Dublin’s once bustling 30 licensed production sites fell to a mere handful, leading to grim economic prospects. Carol Quinn, Head of Archives at Irish Distillers Pernod Ricard, has access to numerous historical records from this era. She states, “During this period, the spirits trade was severely impacted, likely culminating in the 60s as the absolute nadir for the Irish whiskey industry. Export sales had nearly vanished.” By 1966, the last few distillery businesses in the Republic of Ireland – John Power & Son, John Jameson & Son, and the Cork Distilling Company – found themselves forced to merge in order to survive, forming the Irish Distillers Group (IDG).

Quinn further explains, “These companies were competing for an ever-shrinking domestic market. They understood that if they continued this competition, they would financially devastate each other, simultaneously erasing over 200 years of distilling know-how and experience.” Facing antiquated equipment and Dublin sites overrun by city development, the difficult decision to invest in a modern distillery in Midleton, where the old Cork operations were based, was made. The year 1972 saw IDG acquiring Bushmills in the north and in 1975, production operations were moved to County Cork. It is in retrospect that we see these choices as critical turning points in the industry’s history. According to Quinn, “You could argue that 1975, when the new Midleton Distillery began operations, marked the first signs of revival for the Irish whiskey industry.”

Things moved at a sluggish pace for a while, with Ireland’s own consumption of whiskey serving as a lifeline for the industry. However, by the 1980s, things began to look up. The difficult decisions taken in the prior decade started having positive impacts on quality. Quinn comments, “The new Midleton Distillery was producing exceptional quality whiskey, so much so, that in 1984, Midleton Very Rare, an annual release seen as the pinnacle of Irish Whiskey, was launched as an affirmation of confidence in the whiskey being produced.”

The industry understood that its survival hinged on boosting export sales. While the product was improving in quality, the necessary marketing and distribution strategies were lagging. Irish Distilleries Ltd lacked the resources to elevate the global brand. Quinn elaborates, “The game changed in 1988 when Irish Distillers merged with the France-based company, Pernod Ricard. This merger effectively established an international distribution network for Irish whiskey overnight. Due to the popularity of Jameson, the world slowly but surely started recognizing Irish whiskey once again.”

Jack and Stephen Teeling of Teeling Whiskey in Dublin, Republic of Ireland.

Despite the Pernod Ricard era bringing a well-established distribution network for the Jamesons brand, it took nearly 20 more years for significant increases in consumer appreciation and for the drinks industry to realize the arising opportunities. In 2005, Diageo bought Bushmills from Irish Distillers Pernod Ricard for £200m. Even so, by 2014, Ireland only had eight distilleries. Two years later, the number of distilleries doubled and now over 40 operate, with additional brands using their production capacity.

The sudden increase in investment and entrepreneurial interest in the whiskey category was caused by the noticeable gap in the market. According to Jay Bradley, who played a significant role in the establishment of The Emerald Isle and the positioning of The Craft Irish Whiskey Co within the luxury sphere, the lack of Irish whiskey options was glaring. He noted that while a bar might offer several bourbons and a multitude of single malt Scotches, only one Irish whiskey was usually available. He realized there was space for more Irish whiskey in the market. Given the extensive Irish diaspora globally, adding additional Irish whiskey labels to a bar seemed a straightforward decision.

Noticing the growing desire for more selection, richer flavors, and new style expressions, Teeling Whiskey set up their distillery in 2012. Stephen Teeling observed that the Irish whiskey category had little innovation. However, they saw this as an opportunity to create stronger variants, use innovative cask ageing, and challenge the perception of Irish whiskey as a one-note spirit.

Despite the lack of incentives or government support, fledgling entrepreneurs spotted potential opportunities which sparked a new wave of interest in the industry. Teeling points out a new breed of whiskey enthusiasts who are revisiting Irish whiskey, after a 50-year reign of a single distillery. In a little over a decade, their company has successfully mapped its distribution over 80 countries, and is now a forerunner in crafting premium Irish whiskey in Dublin city center.

Clearly, distilleries are excelling in the art of testing with various grain types, the distillation process, and aging methods. This leads to a wide array of flavors and styles for customers. This assortments doesn’t only reinstate Irish whiskey at the premium end of the market, but also keeps it intriguing for both experts and beginners.

National Advocacy & Engagement Manager of The Busker Irish Whiskey, Stephen Halpin, mentions that the Irish distillery landscape is currently at its peak. With more than 40 distilleries in operation, there’s a perfect blend of tradition and innovation taking place. “Currently, it seems like an ideal period to delve into Irish whiskey as there’s something that appeals to every taste preference.” He proposes that the standout aspects of Irish whiskey are its effortless smoothness and an extensive range of flavors. The discussions now focusing on terroir, types of cask and subsequent complexity in Irish whiskey, indicate the significant development the industry has undergone over the last two decades.

The previous year saw constant progress with an exciting list of new distilleries opening. Bushmills enhanced their capacity with the launch of the Causeway distillery, followed by the initiation of Titanic in Belfast and the zero energy emissions facility of Ahascragh Distillery in Galway. The expansion was furthered by the popular celebrity brands, including the likes of Liev Schreiber’s Slainté from Ray Donovan, which continued to garner attention across numerous U.S. states.

After a six month closure, the home of Jameson whiskey re-opens under the new “Jameson Distillery Bow Street” brand, following an 11m investment with a goal to increase the visitor numbers by 2025. On Friday, March 10, 2017, in Smithfield, Dublin, Ireland.

The jump in distilleries evidently brings competition, but for Halpin, this is a welcome scenario. “It has pushed everyone to up their game. People are curious and keen to try new, quality spirits, and Irish whiskey offers just that. Plus, there’s a growing appreciation for well-crafted drinks that tell a story and everyone knows the Irish are the best of all storytellers.” Sales of Irish whiskey may be slightly down over the last 12 months, reflective of a broader trend across the entire global drinks trade, but the fundamentals still look strong. Teeling says “there is a long term trend towards drinking less but better and I believe Irish whiskey is right in that sweet spot of offering premium liquid in a very approachable brown spirits segment.”

Bradley isn’t phased either. “You only need look at the number of new distilleries, and the quality for the whiskey now being made.” There is a feeling that a rising tide will lift all ships. Competition may be stronger, not to mention in the U.S. given the relentless interest in Bourbon, but the climate of entrepreneurial activity is helping to raise the bar on both product and marketing. Bradley believes the expansion of the industry at home is good for everyone. “Slowly but surely more tentacles go out into the world and slowly but surely the Irish category grows, so the more entrepreneurs the better, and for me, that entrepreneurial spirit is what’s forcing the growth in Irish Whiskey

U.S. contributing editor to Whisky Magazine, Eliza Wiesstuch, says “Ireland as a brand is very strong and thanks to the number of distilleries and the quality of whiskey now being made, particularly from the legacy distilleries, it has a lot going for it. Although the market is extremely competitive at a global level, the Irish whiskey category looks far more exciting for consumers than ever before.”

While the eye catching figures accompanying the auction of the Emerald Isle collection transcend a regular whiskey sale, its record price also a construct of brand partnership, luxury packaging, and charitable initiative, it delivers a symbolic statement. Irish Whiskey is well and truly back – and there’s more to come. Sláinte!