India among world’s fastest growing alcohol markets
New Delhi: India is among the fastest growing alcohol markets in the world.
Rapid increase in urban population, sizable middle class population with rising spending power, and a sound economy are certain significant reasons behind increase in consumption of alcohol in India.
This was revealed by MarketResearchNest.com in its report “Indian Alcohol Consumption – The Changing Behavior.”
The 60-page report with multiple tables and figures provides a comprehensive analysis of the market size of alcohol industry on the basis of type of products, consumption in different states, retail channel and imported and domestic.
The Indian alcohol industry is segmented into IMFL (Indian made foreign liquor), IMIL (Indian made Indian liquor), Wine, Beer and imported alcohol. Imported alcohol has a meager share of around 0.8 percent in the Indian market. The heavy import duty and taxes levied raise the price of imported alcohol to a large extent. Alcohol is exempted from the taxation scheme of GST.
Browse full table of contents and data tables at: https://www.marketresearchnest.com/indian-alcohol-consumption—the-changing-behavior-.html
The Indian alcohol market is growing at a CAGR (Compound Annual Growth Rate) of 8.8 percent and it is expected to reach 16.8 billion liters of consumption by 2022. The popularity of wine and vodka is increasing at a remarkable CAGR of 21.8 percent and 22.8 percent. India is the largest consumer of whiskey in the world and it constitutes about 60 percent of the IMFL market.
Although India is one of the largest consumers of alcohol in the world owing to its huge population, the per capita alcohol consumption of India is very low as compared to the Western countries. The per capita consumption of alcohol per week for 2016 was estimated at 147.3 ml and it is expected to grow at a CAGR of 7.5 percent to 227.1 ml.
Indian states such as Andhra Pradesh, Telangana, Kerala, Karnataka, Sikkim, Haryana and Himachal Pradesh are among the largest consumers of alcohol in the country.
The trends and pattern of alcohol consumption are changing in the country.
With the increasing acceptance of women consuming alcohol, growing popularity of wine and high demand for expensive liquor, the market scenario seems to be very optimistic in the near future. MarketResearchNest.com conducted a consumer research study for the alcohol market with around 1,000 respondents from the cities of Delhi, Chandigarh, Mumbai, Pune, Hyderabad, Kolkata and Bangalore.
The study reflected changing pattern of the consumer’s mindset toward alcohol consumption in India.