Japanese whiskey producer Suntory is raising the prices on some of its domestic and imported whiskey products in 2022.
In a statement posted last month, the company announced that beginning on April 1, Yamazaki, Hakushu, Chita, Hibiki and other popular labels will be up to 28% more expensive in Japan. Some of the price increases will also apply to imported whiskies distributed by Suntory, including The Macallan, Glenfiddich and Tullamore Dew.
For example, a 700ml bottle of Suntory Whiskey Hibiki aged 30 years will go from a suggested price of ¥125,000 JPY ($1,100 USD) to ¥160,000 JPY ($1,410 USD). On the lower end, a 700ml bottle of Suntory Whiskey Chita will go from ¥3,800 JPY ($33 USD) to ¥4,000 JPY ($35 USD), a 5% increase.
While the release concerns prices being raised in Japan specifically, Forbes notes that the price rise is likely to reach export markets. The company explained that while it has made “aggressive capital investments,” like adding new domestic distillers and storage facilities in order to meet growing global demand, some of its products are still falling short.
“In the future, we will continue to revise the prices of some products in order to strengthen our efforts in creating a stable supply, like strengthening production facilities,” the company said.
The announcement comes on the heels of the company’s Q3 2021 financial results, which indicated that the beverage market underperformed year over year, attributed to an extension of the COVID state of emergency and unfavorable weather.
In other news, Suntory’s oldest Yamazaki 55 whiskey is now available globally.