Raise a dram to a sonsie haggis. Whisky is the drink of choice on Burns night, the celebration of Scotland's incomprehensible national poet. The distilled spirit is also proving popular elsewhere. Exports of single malt, the product of an individual Scottish distillery, grew 140 per cent in the nine years to 2017. Premium brands are in particular demand, as with other luxury goods.

That is an opportunity for companies likeDiageo, which accounts for nearly a third of the industry's capacity. It sells Johnnie Walker; the best-selling blended Scotch as well as single malts such as Talisker. It expects double-digit growth in China in coming years, as their super-rich make Scotch the preferred spirit. Chinese travellers spend three times more on Scotch in duty-free than they do on cognac, it says.

The Scottish industry has had some lucky breaks as it tries to fend off rivals in Japan, the US and Ireland. Under-investment 20 years ago has forcedSuntorytodiscontinue salesof some notable Japanese blends and malts. US bourbons were hit with tit-for-tat tariffs by the EU, Canada and Mexico last year. That particularly hitBrown-Forman, seller of Jack Daniel's. Its shares are down 17 per cent over the past year.

But gloom is a Scottish word and caution is advised. Brexit is a "seismic shift", says the Scottish Whisky Association though it supports the deal put forward by prime minister Theresa May. Trade tensions could again lead to adip in global demandas happened in 2014. The industry is famously cyclical. Overproduction in the 1970s gave rise to a veritable whisky loch.

The main challenge is how to appeal to a younger, hipper generation of consumers. The rules governing Scotch's image and quality might hinder experimentation but the industry knows it needs to cater to different tastes. In Madrid, Scotch is mixed with lots of ice and cola. In Shanghai, Scotch is served with ice and cold green tea. It makes sense to go with the grain.

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