India is a young population with a median age of 25, which will comprise 55% of the total population by 2025. Disposable incomes too are on the rise as a shift is seen, from a population that ‘saves’ to a population that ‘borrows to spend’. With two or more individuals working to add to the household income – the scope for consumer, convenience and aspirational goods have skyrocketed as consumers have no time or inclination to come home and do chores. “…the consumer market is pegged at a worth of US $507.46 billion for India”, according to a report by Kimberly Momin & Melissa Cyrill that supports the prediction that India is the next big market to watch out for companies looking for serious expansion. The news is especially heartening for new and major existing players in the drinks industry which had been experienced a slowdown in 20192020. The Boston Consulting Group (BCG) and the Confederation of Indian Industry’s foresights gauge India’s share of global consumption at 5.8%, making it a serious topic of perusal for the liquor industry.
India is one of the fastest growing alcobev markets in the world, with an estimated 324.3 million cases sold in 2017. The alcobev industry in India has been growing at more than 12% CAGR for the decade starting 2001 making it one of the fastest growing markets in the World. India is expected to be the third largest consumer economy as its consumption is expected to triple to US$ 4 trillion by 2025, led by shift in consumer behaviour and expenditure pattern. Same way in beer segment over the last five years, on an average, the beer industry recorded a steady growth of about 7% in volume terms. According to a research by CISION, the Indian beer market is projected to grow at a CAGR over 7.6% during the period 2018-2024.
This story is from the November 2019 edition of Ambrosia.
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This story is from the November 2019 edition of Ambrosia.
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