Pernod Ricard has warned that growth in Asian markets is beginning to slow. It grew its sales in emerging markets by 13 per cent in its first quarter, compared with 17 per cent at the end of its previous financial year.
Scotch sales growth slowed in South Korea and Thailand, and China.
Sales in France fell following a hike in taxes, while European markets were flat.
But sales in the Americas remained healthy, with double-digit growth in the United States ahead of the Thanksgiving and Christmas periods.
Sales across Africa, Asia and the Middle East rose by 20 per cent, showing that emerging markets are continuing to develop a taste for Scotch.