by The alcohol market in India comprises products like beer, wine, and spirits that are widely consumed across the country for social and cultural gatherings. Alcohol products offer relaxation and are seen as a symbol of social prestige. With rising disposable incomes and changing social attitudes, alcohol consumption in India has been growing steadily.
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, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
With growing consumption in India, especially amongst young consumers, the alcohol market continues to witness robust growth driven by changing lifestyles and prosperity. The increasing acceptability of alcohol as a part of socializing has translated to growing liquor sales across modern retail outlets and bars. Over the forecast period, factors like rising social acceptance coupled with availability of innovative premium products is expected to drive the impressive growth of India’s alcohol market at 6.7% CAGR through 2030.
SWOT Analysis
Strength: The India alcohol market has a large consumer base due to its large population. There is growing social acceptance of alcohol consumption.
Weakness: Strict regulations and taxes imposed by various state governments affect the market growth. High rate of alcoholism and alcohol dependence is also a concern.
Opportunity: Rising disposable income levels and changing lifestyles & habits of consumers present an opportunity for premium and craft alcohol brands. Emerging trend of online retail also supports the market growth.
Threats: Stringent regulatory framework and ban on alcohol in some states act as a threat. Increased health awareness among consumers and prohibitive policies by governments also restrict the market growth.
Key Takeaways
The Global India Alcohol Market Size is expected to witness high growth. The market is estimated to reach a value of US$ 73230 Mn by 2030 from US$ 49580 Mn in 2023, expanding at a CAGR of 6.7% during the forecast period.
Regional analysis:
The northern region dominates the India alcohol market with the highest consumption. States like Punjab, Haryana, and Uttar Pradesh account for the largest shares. The western region is the second largest market led by Maharashtra and Gujarat. The southern states like Karnataka, Andhra Pradesh and Tamil Nadu are also among the major alcohol consuming regions in the country.
Key players:
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 , Ensinger, Polyplastics Co., Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
