India’s alcoholic beverage market may touch $64 billion in five years: Report
PTI, Nov 2, 2023, 9:20 AM IST
Representative image
The Indian alcoholic beverage industry could reach a market size of $64 billion in the next five years, said a report from ISWAI.
It positions India as the fifth-largest contributor to global market revenues in the near to medium term.
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, said the report titled ‘Economic Value of the Indian Alcoholic Beverage Industry’.
“Projections suggest the Indian alcoholic beverage industry could reach an astounding $64 billion over the next five years, ensuring India’s position as the fifth-largest contributor to global market revenues in the near to medium term,” it said.
In the fiscal year 2021, the industry contributed a significant Rs 2.4 lakh crore in indirect taxes to the state governments, representing many income streams.
Customs duty on alcoholic beverages alone accounted for Rs 2,400 crore, said the report from International Spirits and Wines Association of India (ISWAI).
“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 said, adding, “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.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Rajnish Kumar, Mohandas Pai to discontinue as Byju’s advisors
Drug makers Dr Reddy’s, Sun Pharma, Aurobindo recall products in US
FPIs withdraw Rs 28,200 cr from Indian equities on poll jitters, attractive Chinese mkt valuations
Markets settle marginally higher in first part of special trading session
Tesla ‘silent’; yet to communicate its India plans: Official
MUST WATCH
Latest Additions
‘Spirit’ wedding’ fixed: Family finalizes groom for ‘spirit’ bride
Char Dham Yatra: Offline passes issued to 1,775 pilgrims staying in Haridwar
Country witnessing storm of change: Rahul Gandhi
West Nile fever in Kerala – Surveillance ramped up in DK
“It’s scary bowling to Abhishek”, says Pat Cummins after youngster’s blazing knock