India's alcoholic beverage market likely to touch $64 billion in five years: ISWAI
The International Spirits and Wines Association of India (ISWAI) in its report titled 'Economic Value of the Indian Alcoholic Beverage Industry' has said the Indian alcoholic beverage industry could reach a market size of $64 billion in the next five years. It positions India as the fifth-largest contributor to global market revenues in the near to medium term.
It stated, in 2021, the AlcoBev (alcoholic beverage) industry had an estimated market size of $52.4 billion (Rs 3.9 lakh crore, including country liquor), which was around 2 per cent of the nominal GDP of the country. It stated ‘The alcohol revenues represent 1.2 per cent of India's nominal GDP, 7.7 per cent of the total tax collection, and 11.7 per cent of the nation's indirect tax revenue’.
It added ‘the sector contributes a significant 24.6 per cent of the overall own tax revenues of the states.’ ISWAI represents the global liquor companies in India. Its members include global leaders in the spirit and wine industries like Bacardi, Beam Suntory, Brown Forman, Campari Group, Diageo-United Spirits, Moët Hennessy, Pernod Ricard, and William Grant & Sons.
