Indian gin market | Coherent market insights

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2. INDIA GIN MARKET ANALYSIS • India Gin Market, By Product Type (Economy, Premium & Luxury), and By Zone (North, South, East, West) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027

3. The India gin market is projected to reach around US$ 413.7 million by the end of 2027, in terms of revenue, growing at CAGR of 5% during the forecast period (2019-2027). • Drivers • Expanding urban population in India is predominantly fueling the market growth of gin. According to the World Data Atlas, in 2019, the urban population for India was 34.5 %. The urban population of India increased from 19.8 % in 1970 to 34.5 % in 2019 growing at an average the annual rate of 1.14%. Hence, expanding urban population coupled with the rising adoption of western culture is projected to augment the growth of the India gin market over the forecast period.

4. Changing demographics in India projected to augment the market growth of gin in India. According to the Coherent Market Insights, the legal drinking age in India varies from state to state. For instance, 18 years in Goa, Uttar Pradesh and Karnataka, 21 in Tamil Nadu and Andhra Pradesh, and 25 in Maharashtra, Delhi, and Punjab. Such a statistic serve India as an ideal country for the high growth of the gin market. • On basis of the zone, South zone dominated the global India gin market in 2018, accounting for 34.8% share in terms of volume, followed by West zone and North zone.

5. Figure 1. Global India Gin Market, Revenue Share (%), By Zone, 2018

6. Market Restraints • Concern such as labeling requirements rules imposed by the Food Safety and Standards Authority of India (FSSAI) make production and distribution of alcohol very complex activity as requires various touch points with administrative authorities around the various states of India. This is expected to hamper the market growth of gin.

7. Lower preference for gin in India as the majority of consumers in India prefers brown spirits such as brandy, whiskey, and rum over white spirits such as gin, vodka, and white. This is expected to hinder the market growth of gin. According to the Coherent Market Insights, white spirits accounted for a mere 5% share in overall IMFL consumption of the country for the year 2014. Hence, the high demand for brown spirits are likely to curb the growth of the gin market in the country.

8. Market Opportunities • Strong distribution network among leading Indian-made foreign liquor players is projected to favor the market growth over the forecast period. According to the Coherent Market Insights analysis, Radico has the second-largest distribution network in India, after United Spirits. It sells through 35,000 retail outlets that cater to almost 80% of India’s liquor consuming areas. It has also made inroads into the Canteen Stores Department (CSD).

9. Increasing consumption of alcohol among women is projected to raise the demand for a white spirit such as gin and vodka this in turn is expected to foster market growth. According to the Coherent Market Insights analysis, women are 50% more likely to drink to get drunk, and twice as likely to get drunk unintentionally. Moreover, young women are also more likely than young men to drink and approximately 5% of adult women consume alcohol on average.

10. Figure 2. India Gin Market– Opportunity Analysis

11. Market Trends • The rising number of bars in India is projected to propel the growth of the India gin market over the forecast period. For instance, in January 2019, Sofitel Mumbai BKC launched a new gin bar, named Jyran Gin Bar, at Jyran – Tandoor Dining and Lounge. This bar is first of its kind in Mumbai and its menu comprises gin cocktails. Hence, an increasing number of bars in the region will favor the market growth of gin.

12. Increasing rebranding &redesigning by major players is expected to propel the market growth of gin over the forecast period. For instance, in June 2019, Porter’s Gin has launched a new bottle design across its markets featuring an update to the gin’s branding and logo developed by design agency Stranger & Stranger. It is available in nine markets including Singapore, Japan, China and France, Porter’s Gin plans to launch into the US, India, Australia and several other European markets by 2019.

13. Figure 3. India Gin Market, Revenue Share (%), By Product Type, in 2018

14. Figure 4. India Gin Market– Value Chain Analysis

15. Competitive Section: • Key players operating in India gin market are United Spirits Limited, Tilaknagar Industries Limited, Deejay Distilleries Private Limited, SNHL India Private Limited, Jagatjit Industries Limited, Mohan Meakin Limited, RadicoKhaitan Limited, and Globus Spirits Limited

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