Posted On: 2022-02-01
Spirits acquired the largest market revenue share in the India alcoholic beverage market – 6Wresearch
India alcoholic beverage market witnessed rapid growth during 2018-19 owing to the increasing urban population coupled with the increased disposable income and change in lifestyle however encountered a decline in 2020 owing to the outbreak of Covid-19. The sudden outbreak of the Covid-19 pandemic resulted in a total lockdown and the full prohibition on the sale of alcohol in the country, which resulted in a decline in the consumption of alcohol among consumers. The market started recovering from losses as soon as lockdown down was lifted. Several states including West Bengal, Chhattisgarh, Maharashtra, Karnataka, Punjab, Jharkhand, Odisha started online delivery of alcohol to avoid overcrowding on specialty stores. The market is expected to grow in the future as the demand for alcohol is increasing among the youth and working women population.
According to 6Wresearch, India Alcoholic Beverage Market size is projected to grow at a CAGR of 7.2% during 2021-2027. Indian alcoholic beverages market is in the growing stage of industry life cycle. The market would continue to climb up owing number of local and international players entering the market to increase their brand value. Moreover, the advent of variety in flavor of alcohol coupled with the expanding product portfolio by manufacturers would further drive the sales of alcohol in the country.
According to Ananya Consul, Research Analyst, 6Wresearch, “Within by types, Spirits are projected to show significant growth during the forecast period owing to the rapid rise in demand for premium whiskey brands. Spirits are driven primarily by whiskey growth, other subsegments like brandy, rum, vodka, and gin have also been garnering steady numbers in the last few years. Moreover, demand for beer is rising in India with the growing youth population along with the rise in preference for low-alcohol beverages.”
According to Vasudha Kaushik, Research Associate, 6Wresearch, “Southern region dominated the India Alcohol Beverage market in 2020 to owing which, five southern states i.e., Andhra Pradesh, Telangana, Tamil Nadu, Karnataka, and Kerala together acquired the major revenue share in the Indian Alcoholic Beverages market. Moreover, the lowest consumption of alcohol is in the eastern region as some of the states of the east like Mizoram, Nagaland, as well as some part of Manipur, has a prohibition in sales of alcohol, and the population of the eastern region is comparatively lower from all the other regions.”
Some of the major companies in India Alcoholic Beverage market include United Spirits Limited, United Breweries Limited, Radico Khaitan Limited, Tilak Nagar Industries Limited, Jagatjit Industries Limited, Som Distilleries & Breweries Limited, Globus Spirits Limited and GM Breweries limited.
“India Alcoholic Beverages Market (2021-2027)” report provides an in-depth analysis with 14 figures and 05 tables, covered in 77 pages. The report estimates and forecast the overall India alcoholic beverages market by types, packaging, distribution channels and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.