London, Jan. 22 -- The global spirits industry is drowning in a $22 billion inventory glut, with top producers like Diageo and Pernod Ricard struggling to manage record stockpiles. This oversupply crisis stems from a post-pandemic demand slump and over-production during the 2021-2022 boom, reported Financial Times.

Five of the biggest listed alcohol producers -- Diageo, Pernod Ricard, Campari, Brown Forman and Remy Cointreau -- are sitting on $22bn worth of ageing spirits, the highest level of inventory in more than a decade, according to their financial reports.

A report by Madeleine Speed in the Financial Times found that high inflation and reduced disposable income curbed premium spirit sales.

French cognac maker Remy Cointreau's in...