Gin is an alcoholic beverage made
mostly through the distillation process and made up of various grains and
tastes. The fundamental ingredient in gin is juniper berries, and gin is a
Dutch specialty. It was originally created to help persons with kidney problems
purify their blood. Rye, barley, corn, and wheat are among of the cereal grains
used to make gin, and as a result, the gin is clear. However, due to varying
manufacturing techniques, some may turn golden yellow. The inclusion of juniper
creates a distinct flavour that distinguishes it from other liquors. Gin is
typically blended with other alcoholic beverages, although it can also be
consumed on its own. Gin also provides a number of health benefits, including
blood cleansing.
Drivers
Gin's market is mostly being driven by
India's growing urban population. India's urban population was 34.5 percent in
2019, according to the World Data Atlas. India's urban population expanded from
19.8% in 1970 to 34.5 percent in 2019, rising at an annual pace of 1.14 percent
on average. As a result, the growing urban population, combined with the rising
embrace of western culture, is expected
to boost the India gin market's growth over the forecast period.
Gin's market expansion in India is
expected to be aided by changing demographics. In India, the legal drinking age
varies from state to state. For example, in Goa, Uttar Pradesh, and Karnataka,
the minimum age is 18, whereas in Tamil Nadu and Andhra Pradesh, the minimum
age is 21, and in Maharashtra, Delhi, and Punjab, the minimum age is 25. This
figure positions India as an ideal country for the gin market's rapid
expansion.
Market Restraints
Concerns such as the Food Safety and
Standards Authority of India's (FSSAI) labelling requirements make the manufacture
and sale of alcohol an extremely complex business that necessitates several
interaction points with administrative bodies across India. Gin's market growth
is projected to be hampered as a result of this.
Gin has a lower preference in India,
where the majority of consumers prefer dark spirits like brandy, whiskey, and
rum to white spirits like gin, vodka, and white wine. Gin's
market growth is projected to be hampered as a result of this. White
spirits only constituted for 5% of total IMFL consumption in the country in
2014. As a result, the country's gin market is likely to be stifled by the huge
demand for brown spirits.
Market Opportunities
Over the forecast period, a strong
distribution network among key Indian-made foreign liquor players is expected
to promote market expansion. After United Spirits, Radico has India's
second-largest distribution network. It sells through 35,000 retail shops in
India, covering about 80% of the country's liquor-consuming areas. It has also
made inroads into the Department of Canteen Stores (CSD).
Increased alcohol use among women is
likely to increase demand for white spirits such as gin and vodka, resulting in
market expansion. Women are 50% more likely than men to drink to get
intoxicated on purpose, and twice as likely to get drunk unintentionally.
Furthermore, young women are more likely than young males to drink, with an
average of 5% of adult women consuming alcohol.
Comments
Post a Comment