India Alcohol Market Growth Drivers, Key Players, Segmentation And Forecast By 2024-2031 | United Spirits Limited, Tilaknagar Industries Ltd.

The India alcohol market is estimated for 2023 for the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The India alcohol market involves production and sales of alcoholic beverages such as beer, wine and spirits for human consumption. Alcoholic beverages are widely used in social gatherings and occasions.

Market Dynamics:

The India alcohol market is expected to witness significant growth over the forecast period owing to two key drivers - the increasing young population in the country and growing social acceptance of alcohol consumption. India has one of the youngest populations in the world with over 65% citizens under age 35. This young demographic is inclined towards new experiences and branded alcohol products. Additionally, alcohol consumption was earlier seen as a taboo in the conservative Indian society but is now gradually gaining wider social acceptance, especially in urban areas. Changing social mores, exposure to Western culture and expanding organized retail are encouraging social drinking in India. These factors are expected to boost demand for alcohol in the country.

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Top Key Players are Covered in this Report:

★ United Spirits Limited
★ Tilaknagar Industries Ltd.
★ Jagatjit Industries
★ Mohan Meakin
★ Globus Spirits
★ Allied Blenders and Distillers Pvt.
★ SAB Miller
★ Radico Khaitan Limited
★ Khemani Group
★ SOM Distilleries and Breweries
★ Carlsberg A/S

Key Region/Countries are Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

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India Alcohol Market Drivers

1. Increasing Disposable Incomes in India is Driving the Growth of Alcohol Consumption

With rising incomes and improving standards of living across India, individuals have more discretionary funds to spend on alcohol and other luxury items. The growing middle class segment in India's population has led to higher demand for premium and super-premium varieties of alcohol. Various economic reforms introduced by the government in the past decade have accelerated job creation and wage growth, enabling more people to indulge in alcohol on regular basis which was previously considered as luxury only for high income groups.

2. Rising Social Acceptance of Drinking is Another Major Driver for the Industry

Earlier alcohol consumption was considered a taboo in Indian society and restricted to certain communities or regions but now the social stigma around drinking is fading away especially in metropolitan areas. It has become common to see people consuming alcohol in pubs, bars and domestic settings without much social disapproval. Movies and entertainment media have also normalized social drinking scenes making it appear fashionable. This changing social behavior has made alcohol an integral part of urban socializing and lifestyle for young Indians propelling market growth.

India Alcohol Market Restrain:

Strict Regulations on Advertising and Promotions are Major Hindrance for the Industry

The Indian government exercises strict control over promotions and advertisements of alcoholic beverages through various laws and directives. Products cannot be promoted through most modern marketing tools like TV, radio, print, outdoor advertising or digital/online platforms. Brand promotions are restricted to point of sale. This regulatory constraint limits the industry's ability to create brands awareness and trial among new customers segments. Heavy taxation is another policy tool used by governments to discourage excessive drinking. However, it also provides sustenance to state finances.

India Alcohol Market Opportunity:

Growing Tourism and On-Trade Consumption Provides Lucrative Expansion Avenues

India is emerging as a top global tourism destination receiving over 10 million foreign tourist arrivals each year. A significant number of these tourists indulge in alcohol consumption when visiting bars, pubs and restaurants in India. This growing on-trade consumption from tourists presents a multi-fold opportunity for the alcohol industry. Companies can introduce new imported brands and flavors to tap into this demand. Partnering with hospitality establishments also allows accessing tourists as well as exposing domestic customers to new concepts like micro-breweries. Overall, the tourism and hospitality sector will keep driving the on-trade consumption in future.

India Alcohol Market Trends:

Rise of Premium and Craft Segments Along with Changing Preferences

Consumers are displaying rising preference for premium and super-premium offerings, especially in spirits and beer categories. Within the beer category, craft and locally brewed craft variants are gaining popularity due to their exotic flavors and freshness factor. Customers are spending more on better quality of alcohol instead of quantity. Wine consumption is on the upswing in urban elite circles of India. Overall, there is a visible trend of Indians adopting a culture of moderate yet quality conscious drinking fueled by rising prosperity and exposure to global drinking trends through travel and media. Companies need to reinvent their portfolio to align with these evolving preferences of new generation Indian drinkers.

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The report answers a number of crucial questions, including:

➥ Which companies dominate the global India Alcohol market?
➥ What current trends will influence the market over the next few years?
➥ What are the market's opportunities, obstacles, and driving forces?
➥ What predictions for the future can help with strategic decision-making?
➥ What advantages does market research offer businesses?
➥ Which particular market segments should industry players focus on in order to take advantage of the most recent technical advancements?
➥ What is the anticipated growth rate for the India Alcohol market economy globally?

Some of the Major Points of TOC cover:

Chapter 1: Techniques & Scope

1.1 Definition and forecast parameters
1.2 Methodology and forecast parameters
1.3 Information Sources

Chapter 2: Latest Trends Summary

2.1 Regional trends
2.2 Product trends
2.3 End-use trends
2.4 Business trends

Chapter 3: Industry Insights

3.1 Industry fragmentation
3.2 Industry landscape
3.3 Vendor matrix
3.4 Technological and Innovative Landscape

Chapter 4: India Alcohol Market, By Region

Chapter 5: Company Profiles

5.1 Company Overview
5.2 Financial elements
5.3 Product Landscape
5.4 SWOT Analysis
5.5 Systematic Outlook

Chapter 6: Assumptions and Acronyms

Chapter 7: Research Methodology

Chapter 8: Contact (Continue . . .)

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This release was published on openPR.