India's middle-class is drinking more and spending on premium alcohol
The
rising
affluence of India’s middle class will drive growth of as much as 10
per cent a year in the $33 billion spirits market, according to one of the
nation’s oldest distillers.
After
three years of stagnation when the industry faced sales restrictions, Indians
are drinking more and spending on premium alcohol, said Abhishek Khaitan, the
managing director of Radico Khaitan Ltd., a market leader in vodka with its
Magic Moments brand. The trend will likely continue as urban dual-income
families in the nation of 1.3 billion follow peers in the U.S. and Singapore
when it comes to eating and drinking out, he said.
India’s
spirit sector -- which includes whiskey, brandy, rum
and vodka -- is estimated to expand 25 per cent to Rs 2.92 trillion
($41 billion) by 2022, according to Euromonitor International. The country is
among the world’s most attractive alcohol markets and should increase its share
of global consumption from about 2 per cent given high single-digit to low-teen
growth, according to a report from brokerage Nirmal Bang. Read
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