The Indian alcoholic beverage industry is behind only two major countries such as China and Russia. Growing demand for alcoholic beverages in India is largely attributed to a huge young population, a demand for alcohol in this generation, as well as rising disposable income. With a population of 1.3 billion, India is one of the largest consumer markets across the globe. It is also demographically one of the youngest with around 50% of its population below the age of 25 and around 65% below the age of 35. Goldstein Research analyst forecasts the India alcoholic beverages market to grow at a CAGR of 7.4% during the forecast period 2016-2024. Further, the market is anticipated to reach $39.7 billion by the end of forecast period as alcohol consumption is growing in urban areas.
The International Wines and Spirits Record (IWSR) forecast whiskey to grow by 5.7% CAGR from 2018 to 2023, to almost 581 million nine-litre cases.
Many spirit brands in India are being perceived as good quality and it has helped the industry to a large extent. Just the way the Scots know how to make their whiskies and the French know how to make wines.
The Indian alcobev brand owners have understood the importance of not cutting corners in this industry. They have gradually realised the importance of trials and how word of mouth helps in good traction in the export market.
The 14th Edition of Indspirit 2020 awards hope to reward those brands that have made the cut in a challenging market place.
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