The start of last year saw exports dip as higher French taxes kicked in, but distillers are assuming the longer-term trend is strongly upwards.
So in an industry that has to produce now for consumption in five to 15 years from now, they're splashing around the investment.
The world's biggest spirits company, Diageo, last year committed another £1bn of investment over the next five years.
After opening Roseisle distillery near Elgin in 2009, with capacity to make 35 million bottles a year, it's just opened its new bottling hall at Leven in Fife, with plans near there for a big expansion in warehousing.
Read more: BBC News - Scotched Earth: Who controls Scotland's economic levers?
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