Products in the alcohol market provide refreshment and relaxation. With rising disposable incomes and changing lifestyles, consumption of alcohol is increasing in the country.
The global India Alcohol Market is estimated to be valued at US$ 49580 Million in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the India alcohol market is the increasing disposable incomes. With robust economic growth and rise in salaries over the past decade, disposable incomes of Indian households have increased significantly. This has enhanced their spending power and ability to spend on luxury and recreational items and activities including alcohol. Higher disposable incomes have led to a change in drinking patterns as people are able to afford premium wines, beers and spirits. The growing purchasing power has upscaled the demand for premium and super-premium brands in the country. This rising disposable income is a major factor fueling the sales of alcoholic beverages in India and contributing to the growth of the overall market.
Segment Analysis
The Global India Alcohol Market Size is dominated by the beer segment which holds around 60% market share. Beer is the most popular alcohol segment in India owing to its mass appeal. It has become part of mainstream Indian culture and is consumed on various social occasions by people across age groups and income segments. Within the beer segment, strong beer which has higher alcohol content by volume leads the segment. Brands like Kingfisher Strong and Budweiser Magnum are very popular strong beer options in India.
Key Takeaways
The India alcohol market is expected to witness steady growth supported by improving economic scenario, rising disposable incomes, and changing cultural attitudes towards alcohol consumption in the country. The global India Alcohol Market is estimated to be valued at US$ 49580 Million in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030.
Regional analysis: Western and Southern regions of India dominate the alcohol market with around 65% share. States like Maharashtra, Gujarat, Karnataka and Tamil Nadu have emerged as major consumer markets primarily driven by strong beer consumption in these regions. The northern and eastern regions offer high growth potential for alcohol companies and new product introductions are helping drive trials in these underpenetrated markets.
Key players: Key players operating in the India alcohol market are Brand Energy, United Spirits, Mohan Meakin, Globus Spirits, Allied Blenders and Distillers. Brand Energy leads the beer segment with its popular Kingfisher brand. United Spirits has a wide portfolio of whisky, rum and vodka brands. Strong regional players like Globus Spirits are also expanding their footprint. Companies are launching new products targeting millennials and experimenting with flavor innovations to attract young consumers.Marketing campaigns promoting brand celebrations are common across players to drive brand salience. International players are also evaluating entry opportunities into India through joint ventures or acquisitions.
Get More Insights On This Topic: https://www.newsstatix.com/india-alcohol-market-size-share-analysis-2023-2030/
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