by The global India Alcohol Market is estimated to be valued at US$ 49,580 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The India alcohol market consists of alcoholic beverages such as beer, wine and spirits. Beer holds a major share in Indian alcohol market due its economic nature and consumption as a social drink. Alcohol products are used in ceremonies and rituals across the country.
Market key trends:
One of the key trends in the India alcohol market is rising young population and growing disposable income. With more than 50% of Indian population under the age of 30, there is a demand for premium drinks among young generation. Rising income levels have enabled young consumers to explore new varieties of alcoholic drinks available in the market. This has propelled the sale of premium brands in the country. Growing premiumization is expected to remain a major trend in the India alcohol market during the forecast period.
SWOT Analysis
Strength: The India Alcohol Market has a large consumer base due to high population. Alcohol consumption is an integral part of social and cultural practices in India.
Weakness: Strict regulations and prohibition imposed by certain states restricts the growth of market. Heavy taxes makes alcoholic beverages unaffordable for certain segments.
Opportunity: Launching affordable range of products catering to new markets can capture large untapped customer base. Increasing tourism and online retail provides new growth opportunities.
Threats: Rising health awareness among population may reduce alcohol consumption. Alternatives like non-alcoholic beverages pose threat to the market share. Stringent implementation of drunk driving laws can impact the sales.
Key Takeaways
The global India Alcohol Market Share is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing tourism and rising disposable income.
Regional analysis:
North India dominates the India alcohol market due to availability of raw materials and heavy alcohol consumption. States like Maharashtra and Gujarat are also major markets due to high population and economic growth. Southern India is exhibiting fastest growth in sales driven by rising spend capacity and urbanization.
Key players analysis:
Key players operating in the India Alcohol Market are SABMiller plc, Anheuser-busch InBev, Carlsberg, United Breweries Ltd., Mohan Meakins, Radico Khaitan, Heineken NV, Tilaknagar Inds., Som Distilleries, Globus Spirits. Players are focusing on expanding their distribution networks and launching affordable brands to tap the rural market potential. Innovation in product offerings catering to new segments will drive the future growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
