Premium & Beyond .. Cheers to India's Whisky Market !

Changing demographics, an expanding middle-class, a rise in aspiration levels, an increase in money to spend and the inching towards a luxurious lifestyle – all these are the factors that are also bringing about a tremendous evolution in the world of spirits. And in particular, the consumption of whisky. No longer is whisky merely a functional drink. It’s a spirit that has to be socially enjoyed to celebrate occasions and bonhomie. The whisky makers have been quick to take note of this evolution. And so, gradually but surely, Indian consumers are getting increasingly spoilt for choice as they move from one brand to another and from the basic to the premium and the super-premium. Evidence of this lies in the burgeoning sales of premium whisky in India. On the supply side, this translates into more innovation, more experimentation and better competition. India has the largest whisky market in the world and this market is going through an amazing shift in numbers. According to a market research report, India’s whisky market size was estimated at 21.13 billion USD in 2023. During the forecast period between 2024 and 2030, the size of India’s whisky market is projected to grow at a CAGR of 4.61 per cent, reaching a value of 28.97 billion USD by 2030. The report further states that the major growth drivers for the India’s whisky market include increasing urbanisation and rising alcohol consumption. Also, India’s whisky industry is witnessing robust growth due to an increased demand for high-quality, premium alcoholic beverages, fuelled by enhanced consumer purchasing power. What is more remarkable is the growing trend of premiumisation in India’s whisky market, which has been probably induced by the increase in disposable incomes in select but sizeable pockets of Indian society. The additional factors that contribute to this development include growing exposure to global food and beverage trends, the maturation of mixology culture in urban India and rising quality consciousness among the different niches of Indian society. The reflection of this premiumisation trend is seen in the growing demand for luxury spirits. According to an industry expert, we can now see many Indian consumers upgrading their whisky drinking preferences to Scotch, preferably single malt. A recent finding by Customs Market Insights reveals that India’s Scotch whisky market’s size was valued at 3.8 billion USD in 2024 and is expected to reach 6.8 billion USD by 2033, growing at a CAGR of 6.3 percent during the forecast period of 2024- 2033. The inking of the FTA between India and the UK may give a further impetus to this trend. Of course, these market research trends are by and large mirrored by the observations of industry experts in our cover story of this issue. From these trends we can gauge the introduction of more and more premium whiskies in the Indian market, in the near future. And even though at the risk of a spoiler alert, you must certainly not miss the story on how a designer duo has tied up with a leading brand to create a new dimension to the drinking culture! Meanwhile, what is heartening is that the discerning Indian consumers have dispensed with the long-held erroneous habit of equating premium with imported whisky. This is matched by the supply of top-end whiskies from Amrut, Radico Khaitan, Piccadily Distilleries and other quality domestic alcohol beverage producers. The emphasis now is on serving whisky that spells of the best of quality at par with global standards and to introduce brands that are in resonance with the mood of the moment. As said, whisky now translates into celebrating occasions. This augurs a heady scenario which induces us to raise a toast, with a glass of whisky of course!