Press release
India alcohol market Market Prospects for Long-Term Value & Growth 2024 - 2031 | United Spirits Limited, Tilaknagar Industries Ltd
India alcohol market Market
The India alcohol market is estimated to be valued at USD 55.81 Bn in 2024 and is expected to reach USD 92.57 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.5% from 2024 to 2031.
Market Dynamics:
The growth of the India alcohol market is driven by rising disposable income and changing lifestyle and consumption patterns among Indian consumers. Disposable income in India has grown significantly over the past decade owing to rapid economic development. Higher discretionary spending has increased the affordability of alcohol beverages. Additionally, growing acceptability of alcohol consumption as part of social and corporate culture is another key driver. Furthermore, increasing number of liquor shops, bars, pubs and easy accessibility is also fueling the growth of the market. However, stringent government regulations around alcohol sales and advertisements remain a challenge. Nevertheless, economic reforms and emerging premiumization trend are expected to offer potential opportunities for market expansion over the forecast period.
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Changing Demographics and Increase in Disposable Incomes is Driving Growth in the Indian Alcohol Market
The rising population of young adults and working professionals in India is driving the growth of the alcohol market. As per the latest census, over 50% of India's population is below 30 years of age. These young adults prefer to socialize and spend on premium beverages. Their growing disposable incomes allow them to spend more on alcoholic drinks when partying or socializing with friends. As per recent reports, the average disposable income of Indian households is rising at over 10% annually which is increasing their spending power. This demographic dividend with rising spending power is a major driver for the alcohol market in India.
Changing Consumer Preferences Open New Avenues
The evolving alcohol consumer in India is seeking novelty and variety. Their exposure to global diversity through travel and internet is expanding their horizons. WhileIndian Made Foreign Liquor (IMFL) still dominates, newer categories are gaining ground. Craft spirits made from indigenous ingredients are appreciated for their uniqueness. Premium imported spirits and beers are valued for their superior quality. Ready-to-drink cocktails are popular for convenience and new flavor experiences. Wellness-oriented products like wine and low-alcohol beverages also find favor. Educating consumers and innovative marketing present opportunities to tap these new preferences. Crafting bespoke range and experiences will help companies curry favor with discerning, experience-seeking patrons.
Innovation and Customization are Trends to Watch
To keep up with changing consumer tastes and stay ahead of competition, innovation has become imperative. Premiumization is a key trend with bespoke blends, limited editions and experiential offerings gaining traction. Wellness-driven products featuring natural/organic ingredients are an emerging niche. Ready-to-drink beverages presenting tasty cocktails conveniently are getting popularized. Interactive sessions, master classes, tastings are ways to build unique brands. Customization as per events, occasions or personalization also engages patrons. Technology too is being leveraged, be it through apps promoting responsible drinking or automated dispensers. Those able to swiftly adapt products, branding and customer engagement based on dynamic trends will take the marketlead.
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Top Companies Featured in This Report:
★ United Spirits Limited
★ Tilaknagar Industries Ltd
★ United Breweries Limited
★ Jagatjit Industries
★ Mohan Meakin
★ Globus Spirits
★ Allied Blenders and Distillers Pvt.
★ SAB Millier
★ Radico Khaitan Limited
★ Khemani Group
★ SOM Distilleries and Breweries
★ Carlsberg A/S
★ Som Distilleries And Breweries Limited
★ Khoday India
★ Amrut Distilleries
★ Amber Distilleries Limited
★ Carlsberg India
★ Raj Innotech
★ Anheuser-Bush InBev SA/NV
★ White Rhino Brewing Co.
Market Segmentation:
By Product Type:
★ By Beverage Type: Beer, Spirits (Whisky, Vodka, Rum, Gin, etc.), Wine, and Others
★ By Price Point: Premium/Luxury, Mid-range, and Economy/Value
★ By Distribution Channel: Supermarkets and Hypermarkets, Specialty Liquor Stores, Online Platforms, and Bar and Restaurants
Key Regions/Countries 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)
Key Insights from the Global India alcohol market Market Analysis:
Market Size Evaluation: Assessing the value and sales volume of the India alcohol market market spanning from 2024 to 2031.
Market Trends and Dynamics: Analyzing the drivers, opportunities, challenges, and risks influencing the India alcohol market market.
Macro-economic and Regional Impacts: Exploring how global inflation and geopolitical events affect the India alcohol market market.
Segment Analysis: Examining the market value and sales volume of India alcohol market by type and application from 2024 to 2031.
Regional Market Overview: Assessing the current situations and future prospects of the India alcohol market market in different regions.
Country-level Studies: Providing insights into revenue and sales volume for major countries within each region.
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the India alcohol market sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: www.linkedin.com/in/alice-mutum-3b247b137 )
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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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