India Alcoholic Beverages Market Outlook (2018 to 2032)
Synopsis
The above chart is India Alcoholic Beverages Market Outlook (2018 to 2032)
Market Dynamics
The indian alcoholic beverages market has been on a steady growth trajectory in the past few years with increasing disposable incomes and a rise in consumerism. it is expected to continue on the same path in the near future. market research analysts have predicted that the market will grow at a cagr of 8.7% till 2032, reaching an estimated market size of about inr 5.2 trillion. the indian alcoholic beverages market can be divided into five main segments – beer, wine, spirits, rtds (ready-to-drink) and other alcoholic beverages. beer is the most popular alcoholic beverage in the country, and its share in the industry is estimated to have been around 30% in 2020. other segments such as wine, spirits and rtds are gaining traction, growing at a much faster rate than the beer segment. government policies and regulations, increasing tourist arrivals, rising disposable incomes and changing consumer preferences have been the key drivers for the growth of the alcohol industry in india. other factors such as the growing number of modern retail formats, the increasing popularity of craft beer, and the rising popularity of imported brands have also been contributing to the growth of the industry. as per industry estimates, the consumption of ready-to-drink (rtds) and malt-based beverages is increasing rapidly, mainly due to the rise in the number of young drinkers, promotion of these products by companies, and rising demand from women consumers. the spirit segment is dominated by whisky, rum, and brandy, which together form about 80% of the total liquor sales. wine consumption is also on the rise, with growing consumer inclination towards premium and imported wines. overall, with the growth of modern retail formats, increasing consumer disposable incomes, and changing lifestyles, the demand for alcoholic beverages in india is likely to remain strong in the upcoming years. this in turn will help expand the indian alcoholic beverage market to inr 5.2 trillion by 2032.
