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India’s Alcoholic Beverage Market to Hit €61B by 2028

By Shilpa Dhamija11 mars 2025

India’s alcoholic beverage market, currently the fifth largest in the world, is projected to hit €61 billion in 4 years with luxury segments forecast to grow the most. As the affluent population expands in India, global players are amping up premium portfolios to cater to their evolving tastes.

For the past ten years, Moët Hennessy has been producing sparkling wines in India under its Chandon brand. Above, Chandon's 21-acres vineyard in Maharashtra state, western India (Chandon)

€26,7 B

Annual tax revenue generated by the Indian alcoholic beverages market

60 to 80%

Variable tax applied to alcohol by Indian states

€100 to 120

Price of a bottle of Moët & Chandon imported into India

Tax for alcobevs are so vital to state economies that they rank among the top two sources of tax revenue in most Indian states, where their sale is permitted

Nita Kapoor, an independent alcobev market consultant

Globally, India is the largest market for UK’s alcobev giant Diageo, the second largest for France’s Pernod Ricard, and a key emerging market for Moët Hennessy. India’s rapidly expanding alcoholic beverage (alcobev) market is also a notable contributor to its economy, generating approximately €27.6 billion in annual tax revenues for state governments.

Ipsita Das, managing director, Moët Hennessy India (DR)

So far, lower-priced and mass products have dominated the alcobev market growth in India. However, the next phase of expansion will be defined by a rapid rise of premium and higher-end segments. According to Ipsita Das, managing director, Moët Hennessy India, almost 120 million people with household income equal to or exceeding $40,000 ( €38,368) will be added to India’s affluent population by 2030. “That is almost double the population of some European nations”, she points out.

Indians are upgrading across consumer segments, “we are seeing notable growth in the entry-level of premium and ultra-premium alcobev categories”, Das says. There are several micro catalysts that are contributing to this growth. “Shifts in the ways people entertain, greater exposure to global trends, improved retail and innovative drinking experiences have gradually evolved Indian consumers beyond traditional drinking patterns”, explains Nita Kapoor, an independent alcobev market consultant.

What is premium alcobev in India?

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