India Alcohol Market is estimated to witness robust growth owing to increasing young adult population
The alcohol market in India comprises liquor, beer, and wine. Alcoholic beverages offer relaxation to drinkers and are used to celebrate social occasions. Liquor is a large component of the India alcohol market, largely due to indigenous alcoholic beverages such as fenny, toddy, arrack, and country liquor.
The global India alcohol market is estimated to be valued at US$ 49580 Mn in 2024 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 Opportunity:
The increasing young adult population presents a major market opportunity. India has one of the largest young populations in the world, with around 273 million people aged 15-34 years as of 2021. This young population is more inclined toward experimentation and adopting western habits such as alcohol consumption. Their high disposable incomes allow them to spend more on premium alcohol products. Brands can capitalize on this opportunity by launching premium and flavored alcohol products targeting young adults. Aggressive marketing campaigns on social media and at pubs and clubs can help boost brand awareness and trial among this demographic. Tapping into the growing young adult segment can significantly boost the Global India Alcohol Market Size in the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the market is consolidated and established players have strong brand loyalty. However, entry barriers are low due to low initial capital requirements.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitute products. Buyers can easily switch to other alcoholic or non-alcoholic beverages.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers for raw materials such as grains, molasses and fruits. However, suppliers of premium ingredients have some bargaining power.
Threat of new substitutes: The threat of substitutes is high as consumers have many alternative options for recreation including non-alcoholic beverages and leisure activities.
Competitive rivalry: The competitive rivalry is high due to strong competition between established players.
SWOT Analysis
Strength: Well established brands, large production capacities, strong distribution networks.
Weakness: High dependence on agriculture, increasing health awareness, stringent regulations.
Opportunity: Rising disposable incomes, changing trends toward premium products, growing social acceptance.
Threats: Substantial taxes, health issues related to excessive consumption, growing popularity of temperance movements.
Key Takeaways
The India alcohol market is expected to witness high growth due to rising disposable incomes and changing trends toward premium options. 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.
The northern region currently dominates the market due to high consumption levels and a large consumer base. However, southern states are emerging as high growth markets. Andhra Pradesh, Karnataka and Tamil Nadu are growing at a faster pace and grabbing market share from traditional strongholds. This is attributed to rising affluence, exposure to global trends and attractive lifestyle branding by companies.
Key players operating in the India alcohol market are Brand Energy, SABMiller India, Carlsberg India, Radico Khaitan, and United Spirits. Brand Energy leads the beer segment while United Spirits has a dominant share in the IMFL and Indian-made foreign liquor sectors.
Get More Insights On This Topic: https://www.newswirestats.com/india-alcohol-market-forecast-outlook-trend-2023-2030/
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