NEW DELHI: Rising income levels and growing young population may drive the sales of imported spirits which is likely to grew by about 60 per cent to 5 million cases by 2015, according to a report released by ASSOCHAM.
The factors like increasing number of working women, expanding media penetration, growing exposure to western lifestyle and a forcible gush among Indian professionals to migrate from local brands to international ones have fuelled growth in the sector.
“The sales of imported spirits in India is likely to cross five million cases mark and reach about 550 lakh litres by 2015. Market for imported liquor has a huge scope for growth in India if the stiff regulatory environment and high import tariff are relaxed to some extent,” the report said.
As per the report, various multinational companies may pump in huge capex in marketing and brand innovations in India.
The liquor consumption in India is increasing at about 30 per cent annually and it may to reach nearly 20,000 million litres by next three years from existing level of about 7,000 million litres.
In terms of revenue, the alcoholic beverage market is currently pegged at about Rs 52,000 crore and is expected to cross Rs 2-lakh crore mark in the next three years.
In volume terms, India's wine consumption is also likely to reach around 14.7 million litres by the end of 2012 from around 4.6 million litres in 2008.