Bucking the trend: India’s promise as a beverage alcohol market

Published 2024년 3월 20일

Tridge summary

India's beverage alcohol market is projected to grow significantly in 2024 and beyond, as per IWSR forecasts. The growth, which saw spirits volumes increase by 12%, beer by 38%, wine by 19%, and RTDs by 40% in 2022, is attributed to the rising affluence and expanding middle class, expected to add 283m more consumers between 2021 and 2031. The demand for premium and imported spirits and wines is also increasing. The market growth is further expected to be boosted by the easing of the country's complex regulatory framework and reduction of high taxes.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

IWSR forecasts suggest a continued upward trajectory for India’s beverage alcohol market in 2024 and beyond. Against a backdrop of 1% volume growth for global total beverage alcohol in 2022, spirits volumes in India increased by 12%, with beer up 38%, wine up 19% and RTDs up 40%. “India is one of the few large beverage alcohol markets in the world to consistently display growth momentum, and this is expected to continue,” said Jason Holway, senior research consultant at IWSR. Imports are a vital part of the story here. “Imported spirits and wines, while dwarfed by sales of IMFL (Indian Made Foreign Liquor), remain a notable and still growing element of demand, tapping into the local premiumisation momentum,” Holway said. “Importantly, Indian drinkers are already accustomed to international-style products. They know their applications, they enjoy them and they have long been open to spending a little more on imported – and now also local – products.” Rising levels of affluence are ...

Source: Thedrinkbusiness