India Alcohol Market Review and Strategic Forecast 2024 - 2031 | United Spirits Limited, Tilaknagar Industries Ltd

Market Overview:

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 India alcohol market is expected to witness significant growth during the forecast period, owing to rising disposable income and changing lifestyle among the middle-class population in the country. India has one of the largest young populations globally, which prefers to consume alcoholic beverages socially as well as for recreational purposes. Further, growing social acceptance of alcohol consumption and availability of new flavors and varieties are also propelling the market growth. However, strict government regulations regarding alcohol consumption may hamper market growth during the forecast period.

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India Alcohol Market Drivers: Growing Disposable Incomes in India is Increasing the Demand for Premium Alcoholic Beverages

With India's economy growing at over 7% annually, disposable incomes have been rising steadily. According to government data, the average annual household income in India grew from Rs. 103,000 in FY15 to around Rs. 137,000 in FY20. This growth in incomes has translated to higher spending power for discretionary purchases. Alcoholic beverages, especially premium brands, have benefited hugely from this trend. Indians who could earlier only afford low-cost alcohol are now switching to mid-range and premium brands. Liquor companies have thus been focusing on expanding their premium portfolios which offer higher margins. It is estimated that premium and high-end liquor now account for around 15-20% of the overall India alcohol market compared to just 5-7% a few years ago. This driver of growing incomes is expected to continue propelling the demand for premium alcohol in India.

India Alcohol Market Opportunity: Healthier Premium Segment Offers Significant Headroom

The premium alcohol segment is backed by significant untapped opportunity in India. Even as disposable incomes rise exponentially, most Indians still consume low-cost alcohol owing to availability, cultural preferences and lack of awareness about premium options. However, changing social habits and exposure to global mixology trends are nudging people towards super-premium spirits and specialized beer/wine. This presents a major greenfield opportunity. Astute companies have started specialized retail experiences, ingredient sourcing and marketing to tap this opportunity. Expansion of niche imported brands and customized healthier Indian alternatives are other avenues being explored. With right positioning, the premium segment can evolve into a distinct wellness space marrying taste with quality ingredients and moderate consumption. If successfully developed, this premium alcohol segment alone has the potential to multiply the overall market size in India many times over in the coming decade.

Innovation Trend is Helping India Alcohol Market Thrive Amid Challenges

To thrive sustainably despite regulation hurdles, innovation has become a core strategy across the Indian alcohol industry value chain. Companies are innovating both in terms of products and business models. On products, they are introducing new flavors, ingredients, recipe variations, smaller affordable packs as well as experimenting with newer categories like ready-to-drink cocktails, ciders, flavored liquors etc. On the business front, there is innovation in digital-led engagement, experiential retailing, D2C models and partnerships with pubs, restaurants and influencers. Some are bringing new production processes and sustainability too. The pandemic

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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)

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Report Highlights:

📈 Examination of navigation keyword market share at both country and regional levels

📈 Thorough analysis of the competitive landscape and emerging trends

📈 Detailed review of product advancements, technological developments, drivers, and limitations

📈 Strategic recommendations tailored for key business segments based on market insights

📈 Valuable guidance for newcomers venturing into the navigation keyword market

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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.

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