India's spirits high, exports higher: Whisky gets a global glow-up
Indian whisky is hitting the high notes, drawing top billing not just by quantity but also quality. Single malts made in India are happily intriguing the connoisseur, while the less-fancied stuff is setting records by sales. Indians still drink much less liquor on average than other nationalities.
Yet, the market is compelling for global giants and local innovators in equal measure. The market for whisky, the drink of choice by a wide margin, is witnessing the most concerted premiumisation drive, while also witnessing class-leading mass market growth.
This combination of scale and dynamism provides ample opportunity to build Indian brands that can hold their own internationally. The liquor industry could very well be an underrated Indian export performer in the future - and a role model for India Inc at large. This is not a mean achievement for an industry as tightly regulated as alcoholic beverages are in India. Almost every aspect of production, distribution and consumption of liquor goes through several extra layers of scrutiny at various levels of government.
The market has, however, triumphed as young, affluent Indians become more selective about what they drink. Premiumisation begins at a lower segment of the market where consumers switch from country liquor to the euphemistic 'Indian-Made Foreign Liquor' (IMFL). This is where the volumes are bulging as numbers of those opting for imported spirits grow fast, but from a tiny base.There is space in the industry for both mass market and premium domestic brands to push the export envelope. A big chunk of these brands is controlled by multinational liquor companies that can market them abroad. Homegrown niche players create a buzz about their brands and, in the process, raise awareness globally about Indian spirits. This assertiveness is encouraging as India agrees to lower protection to liquor produced locally. The battle is about brands, and India needs to array its own selection on international shopping shelves. These should straddle a wide range of value propositions.
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