In this article, we are going to discuss the best American single malt whiskey in 2024. If you’re curious about other top-notch American single malt expressions in the market this year, check out our complete list of the 20 Best American Single Malt Whiskeys in 2024.
Global Whiskey Market:
Whiskey is one of the Most Consumed Alcohols in the World, with the global whiskey market valued at $64 billion in 2022 and expected to reach $91.3 billion by 2028, with a CAGR of 6% during the forecast period.
The consumption of alcohol is shifting away from beer and wine and millennials are more likely to experiment with other alcoholic beverages, resulting in the growth of a ‘cocktail culture’. As a result of this tendency, the use of whiskey as a premium ingredient has increased. Product innovations such as flavored whiskeys and organic and sustainable options are also some of the major factors propelling the market.
Record Year for American Spirits:
The U.S. spirits exports reached a record-high of $2.2 billion in 2023, up 8% compared to the previous year, according to an American Spirits Export Report released by the Distilled Spirits Council of the United States. American whiskey exports also increased by 9% over 2022 to reach a record $1.4 billion.
Exports are continuing to rebuild after plummeting from the devastating retaliatory tariffs on American spirits imposed by the E.U. and the U.K. These tariffs were suspended two years ago and as a result, American whiskey exports to the E.U. surged by more than 60%, climbing from $439 million in 2021 to $705 million in 2023. However, the European Union announced in December 2023 that it would continue the suspension of tariffs on American whiskeys in the steel and aluminum dispute for 15 months, until March 31st 2025. If no agreement is reached by then, the E.U. will reimpose its tariff on American whiskeys at 50%, up from the previously imposed 25%.
Recent Entry of an Industry Giant:
Given the rapidly spreading popularity of the American single malt, a key alcohol industry player from the country has also decided to step up to ensure it doesn’t miss out on the opportunity. In 2022, The Brown-Forman Corporation (NYSE:BF-B)-owned Jack Daniel’s also added the first American single malt to its ever-growing lineup of Tennessee whiskey, proof of just how far this still lesser-known category has come. And last October, Jack just announced another version of it.
The initial single malt was called Jack Daniel’s Single Barrel Twice Barreled Special Release American Single Malt – as the name indicates, it was a single barrel expression released in limited quantities as part of the Jack Daniel’s Special Release Collection. This new Jack Daniel’s American Single Malt joins the permanent lineup, despite it only being available at airports.
According to Brown-Forman, a bottle of Jack Daniel’s Single Malt is priced at $100 for a 1-liter bottle, and while there are currently no plans to release it in domestic markets, that could change in the future.
Shares of Brown-Forman Corporation (NYSE:BF-B) were held by 30 hedge funds at the end of Q1 2024, putting it on our list of the Best Alcohol Stocks to Buy Now. BF-B reported mixed Q4 (ending 30th of April 2024) results as its earnings per share rose 31% YoY to 56 cents and beat the Zacks Consensus Estimate of 42 cents. However, the company’s revenue of $964 million was around 7.8% less than the same quarter last year and missed the consensus estimate of $1.03 billion. This didn’t sit well with investors and the Brown-Forman Corporation (NYSE:BF-B) saw its share price fall by around 6% on June 5th. A major factor contributing to the decrease in revenue is a 10% drop in the sales of Jack Daniel’s in 2024, while the overall liquor portfolio was also down by 8%. The company is facing challenges mostly due to a subdued, inflation-driven consumer demand and hence also increasingly cautious retailers and distributors. But this is not something that is unique to BF-B.
However, there was positive news from emerging markets, as net sales there grew 5% on a reported basis and 8% on an organic basis, led by solid growth of New Mix in Mexico and Jack Daniel’s Tennessee Apple in Brazil. Moreover, the travel retail channel also delivered an 8% growth in net sales on a reported basis and 6% on an organic basis. The company is also benefiting from the rising spirits RTD trend, as sales of New Mix improved 32% on a reported basis and 17% on an organic basis, driven by an increase in prices. Notably, Brown-Forman’s gross margin has improved by 150 points on an annualized basis compared to fiscal year 2023, highlighting the strength of its increasingly premiumized portfolio.
Methodology:
To collect data for this article, we have referred to sources such as Forbes, Men’s Journal, Reddit etc., looking for the Top American Single Malt Whiskeys in the Market. To make sure we give you only the best, we picked whiskeys that appeared multiple times in the aforementioned sources, assigned them a score of 1 each time they were recommended on these websites, and then summed up the scores and ranked our list accordingly. When two or more whiskeys had the same score, we ranked them by the number of upvotes they received on Reddit.
1. Westland American Single Malt Whiskey
Insider Monkey Score: 13
The flagship offering of the Seattle-based Westland Distillery, the Westland American Single Malt uses a 5-malt recipe to bring depth and flavor inspiration from the brewing industry. The spirit is then aged in new American oak casks for a minimum of 40 months in the cool, damp cellars on the Pacific coast, thus producing (according to the internet) one of the Best Single Malt Whiskeys in the World in 2024.
According to the folks over at The Whiskey Exchange, the initial nose of the highly acclaimed expression provides lemon and orange custard backed by a freshly produced waffle cone. Shortly after, a rich creaminess emerges with creme brûlée and chocolate custard while a hint of jasmine hides just beneath the surface. Meanwhile, on the palate, the first sip of the whiskey confirms the creamy and rich fruit custard notes of the nose, adding an element of rainier cherries. After five minutes, melting Swiss chocolate is revealed with a hint of almond. Extended tastings bring out bananas and cream with Turkish coffee.
If you’re curious about other top-notch expressions in the category, here is our list of the 20 Best American Single Malt Whiskeys in 2024.
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