Royal Stag dethrones McDowell's as world's top-selling whisky in 2025
Pernod Ricard's Royal Stag ended Diageo-owned McDowell's decade-long reign, growing 5.2% while McDowell's slipped 0.9%. Indian IMFL brands now command over 25% of top global spirits sales, with six Indian whiskies in the top 10 and the category expanding 30% since 2021.
What happened
Royal Stag overtook McDowell's as the world's largest-selling whisky by volume in 2025, ending Diageo's decade-long lead. Indian IMFL brands now hold over 25%
Key facts
- 5.2% growth
- -0.9%
- 25% share
- 30% expansion since 2021
- 6 of top 10
Why this matters
With Indian IMFL whiskies now controlling over 25% of top global spirits sales, M&A targets should pivot toward regional Indian distillers and distribution platforms before valuations reprice to reflect this category leadership shift.