INDIA: Imported spirits sales to continue skyward - study
Imported spirits sales will to continue to soar, according to the study
Sales of imported spirits in India are predicted to reach 5m cases per year by 2015, according to a new study.
India's imported spirits market, including duty-free travel trade, is currently estimated to be around 28m litres and 3.1m cases, while growing at an annual rate of 25%, according to the "India’s emerging imported spirits market" study, published by The Associated Chambers of Commerce and Industry of India (ASSOCHAM). On this basis, the report predicts sales will break through the 5m cases barrier, around 55m litres, by 2015.
Import sales should also be boosted by the completion of a trade deal, expected by the end of this year, which will see the duty rate on international wine and spirits cut.
Explaining the trend, D.S. Rawat, secretary general of ASSOCHAM, said yesterday (4 July): “With more number of Indians travelling abroad for studying and other professional reasons, their fondness for imported liquor is rising, which is certainly leading to growth in the business as they acquire taste for imported liquor and can afford to buy the expensive spirits from duty free shops abroad.”
India's overall alcohol consumption in India is growing at about 30% annually and is likely to reach about 20bn litres in the next three years, according to ASSOCHAM.
Wine consumption is expected to reach around 14.7m litres by the end of this year, representing 35% growth over the past four years, the trade body said.
Meanwhile, the vodka market in India is growing at around 25% annually and is likely to reach about 10.2m cases by the end of this year, as it emerges as a "starting drink of choice" for young people, ASSOCHAM said.
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