The beverages category contributes 8-10 per cent of the total food & grocery (F&G) market in India. With the entry of major international beverage players over the past few decades, the market has evolved and has made way for many new products, which have found an instant connect with Indian consumers.
According to research conducted by IMAGES Group – the publisher of Progressive Grocer India – the overall market for beverages in India was close to Rs. 195,000 crore in 2016 and was growing at 20–23 per cent. Though confirmed market figures are not awaited, this growth rate was expected to take the beverage category to three-and-a-half times its size by 2020.
But even if that milestone were to be reached, India’s per capital consumption of non-alcoholic beverage drinks is just about 5 litre, which is very low in comparison to the global average of 85 litre. According to market intelligence and research firm Mintel, “for most packaged beverages in retail, India still remains a small market but one that is growing rapidly.”
Be that as it may, beverage products are gaining big traction among Indian consumers largely because of the convenience and hygiene offered by value-added non-alcoholic beverages. This is particularly true among those aged between 18 and 34 years as Indian consumers in this age group have either grown up consuming these products or have seen the market grow enough to be familiar with them.
This story is from the April 2021 edition of Progressive Grocer.
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This story is from the April 2021 edition of Progressive Grocer.
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