Furthermore, the survey stated that expensive whisky is becoming a popular choice for millennials due to rising income levels.
Digital Desk: Scotch sales in India have nearly doubled in
the last two years, thanks to increased consumption by millennials and a
burgeoning middle class, according to a study published on Thursday by The
Economic Times (ET).
According to the estimate, based on data from global alcohol
market analysts IWSR, India will consume 7.5 million cases of Scotch whisky in
2022, up from 3.9 million in 2020. There are nine gallons of whisky in one
case.
According to the data, India will be the world's biggest
Scotch export destination by volume in 2022. In terms of volume, India ranked
second only to France in Scotch imports in 2020. Furthermore, it demonstrates
that premiumization in Scotch is prevalent.
Furthermore, the survey stated that expensive whisky is
becoming a popular choice for millennials due to rising income levels. Its
versatility as a cocktail mix, as well as its ease of availability through
restaurants, are major factors in its rising popularity.
"Indian consumers have preferred Scotch for its depth
of flavours for generations," Shweta Jain, chief business development
officer of premium, luxury, reserve, and craft at Diageo India, which retails
brands like as Johnnie Walker, Black Dog, and Singleton, told ET. Young legal
drinking age entrants continue to find that aspirational, and they have begun
to realise the versatility that Scotch provides to many occasions and
serves."
Another industry expert, Sachin Mehta, country
director-India and Indian subcontinent at William Grant & Sons, which owns
the Glenfiddich and Balvenie brands, was quoted in the report as saying,
"Premium products across spirits are under-indexed, and this is a natural
correction, accelerated by at-home drinking, which has made people shift
consumption to less but better quality drinking."
The CEOs also stated that during the Covid-19 pandemic in
2020, a large amount of purchasing volume went from global travel retail to
domestic retail and has not returned since.
Despite the growth in demand, Scotch still accounts for only
3.1% of overall alcohol consumption in India.
Continue Reading
