The India alcoholic spirits market is expected to display an upward trend and is estimated to grow at a CAGR of 0.43% in terms of revenue over the forecast duration of 2019 to 2025.
There is an emerging trend of micro-distilleries and craft spirits in India, which is attracting mid-to high-income youths in major cities.
The alcoholic spirits market growth, however, is impeded by the growing number of restrictions on sales, with a number of states moving towards a total ban on alcoholic products. Prohibition was a major issue in Tamil Nadu’s state elections in 2016, with many linking spirits’ consumption to early deaths among men, crime and particularly domestic abuse and sexual harassment. Moreover, spirits were impacted heavily by tax increases in many states, with these inflating prices beyond the reach of many consumers.
In spite of the numerous restrictions on the sales of spirits in the country, India’s alcoholic spirits market is expected to progress with a slow growth rate over the forecasted years. In addition, several multinationals are expected to invest heavily in the Indian alcoholic spirits market, thus boosting the sales in the country.
The prominent players in the market include John Distilleries Pvt. Ltd., Diageo Plc, Allied Blenders & Distillers Pvt. Ltd., Radico Khaitan, Ltd., and Pernod Ricard Groupe.
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Ankur Gupta, Head Marketing & Communications