India Alcohol Market Is Estimated To Witness High Growth |...

India Alcohol Market Is Estimated To Witness High Growth

Posted 2023-12-26 13:05:44

SWOT Analysis

Strength: The India alcohol market has a large consumer base due to its population of over 1.3 billion people. There is availability of raw materials like sugarcane, grains and fruits which are used in the production of alcoholic beverages. Rising disposable incomes have increased the spending power of consumers on premium brands of alcohol.

Weakness: Changing consumer preferences towards healthy beverages like fruit juices and herbal drinks are reducing the consumption of alcohol among younger generations. Strict government regulations regarding distribution and marketing of alcohol products limit the scope for promotional activities. High taxes imposed on alcoholic products increase their retail prices.

Opportunity: Introduction of new flavors, packaging styles and variants can attract new segments of consumers. Rising socializing trends and growth in organized retail have opened new sales channels for alcohol brands. Economic growth in rural areas is expanding the market reach and trial rates. Growing online retail is making alcohol available to consumers across all regions.

Threats: Increase in drunken driving accidents has led to greater enforcement of drink-and-drive laws which act as deterrent for alcohol usage. Rising health consciousness has made many consumers reduce or quit alcohol consumption due to obesity and lifestyle disease risks. Strong marketing of illicit Indian-made foreign liquor poses threat to the sale of legal products.

Key Takeaways

The Global India Alcohol Market Size is expected to witness high growth over the forecast period supported by rising working population, increasing socializing trends and economic development. The global India Alcohol Market is estimated to be valued at US$ 49580 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030.

Regional analysis indicates that southern states like Tamil Nadu, Karnataka and Andhra Pradesh dominate the India alcohol market due to preference for hard liquor and presence of key manufacturers. The consumption of alcohol is also increasing steadily in western states like Maharashtra, Goa and Gujarat resulting from changing social norms and travel & tourism activities.

Key players operating in the India alcohol market are DIC CORPORATION, Solvay S.A., Lion Idemitsu Composites Co., Ltd, Toray Industries, Inc., Tosoh Corporation, SK chemicals, Chengdu Letian Plastics Co., Ltd., Celanese Corporation, TEIJIN LIMITED, SABIC, Zhejiang NHU Co., Ltd., LG Chem, RTP Company, and Ensinger Polyplastics Co., Ltd. The India alcohol market comprises many small and unorganized domestic manufacturers along with major international brands.

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