India Gin Market Estimated To Witness High Growth Owing To Increasing Demand From Millennials
Market Dynamics:
The major drivers of India gin market growth include rising disposable incomes, growing preference for premium alcoholic beverages among young adults and millennials, and innovation in gin flavors by domestic and global players. India has a young demographic profile with around 65% population below 35 years of age. Millennials in India are experimenting with different varieties of alcoholic drinks and are willing to pay premium prices for unique tasting craft gins. Furthermore, improving standards of living, social media influencers promoting premium gin brands are boosting market demand. Another driver is the growing numbers of bars, nightclubs, pubs and craft distilleries across major cities which provide experiential drinking avenues to consumers and create brand awareness. However, stringent regulations regarding alcohol advertising and promotions somewhat hamper market growth.
Key Takeaways
Global India Gin Market Demand is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing consumption of premium alcoholic beverages. With rising disposable incomes, younger population is showing preference for craft and artisanal gin brands.
Regional analysis
The India gin market is dominated by Southern regions which account for over 35% market share due to higher consumption in states like Karnataka and Telangana. Western region is the fastest growing market led by Maharashtra where premiumization trends are strong.
Key players
Key players operating in the India gin market are Bombay Spirits Company LTD, Diageo plc, William Grant & Sons Ltd, Charles Tanqueray & Co., Vantguard, Jaisalmer Indian Craft Gin, Nao Spirits & Beverages Pvt Ltd, Radico Khaitan Limited, Pernod Ricard, and Beam Suntory, Inc. These major players are focusing on expansion in lower-tier cities and introduction of flavor innovations.
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