New Delhi, May 01, 2024.
A substantial rise in the disposable incomes of Indians has led to an immense growth of the alcobev sector in the country. According to the International Spirits & Wines Association of India (ISWAI), the alcobev industry in India is poised to touch $64 billion by 2030.
The sector also offers direct and indirect employment to a staggering 79 lakh individuals in India, according to a report, ”Economic Value of the Indian Alcoholic Beverage Industry” by ISWAI.
The country’s burgeoning middle class is also fuelling significant premiumisation in the sector as demand for premium liquor is surging. In addition, according to experts, Indian alcobev producers have not only addressed the colossal domestic demand but have also marked a significant global presence.
”In the past decade, the Indian beverage industry has shifted its focus from producing solely in India to creating drinks specifically tailored to the Indian market. Consumers have become more discerning and are now looking for brands with Indian heritage. Over the last two years, especially since the COVID-19 pandemic, the focus has shifted to “Made for India” and “Made in India for the world,” said Mr Kunal Vasudeva, Co-founder & Managing Director, Indian School of Hospitality.
”The top single malt in the world, for the last 3-4 years has been an Indian single malt, and the best-infused gins are also made in India for the world. Furthermore, Bira now exports to the Middle East from India, so 10-15 percent of all “Made in India” products are now also “Made for the World,” added Mr Vasudeva.