The World Bank recently declared that over 34% of Indian population now lives in the urban regions (Tier 1 cities & other urban areas). As modern India’s metro narrative is being shaped by the young, well-educated and well-travelled populace of achievers, there is a growing demand for the finest in dining, wining & living. To cater to this discerning group, the metros have seen a steady growth of fine dining places, restaurants, pubs and a more recent phenomenon, the brewpubs.
Urban lifestyles and rising disposable incomes are playing a major role in shaping alcohol consumption patterns while encouraging premiumisation in major cities. Alco-Bev industry in India is expected to record further growth, largely due to India’s huge untapped market. As social drinking in the country becomes increasingly acceptable, a widening of the product range in the market has been well noted. An increase in sales of premium lager and spirits is expected to boost retail value growth, along with a significant rise in the consumption of wine in the country.
Considered to be a sunrise industry, the Alco-Bev sector has been showing evidence of rapid growth, indicating that this is an industry that is on the upward swing. Part of this growth can be attributed to the evolution of the dynamic Indian consumer. According to a recent study published in the Lancet Journal, the total volume of alcohol consumed in India has increased by 38 per cent. The demand has been such that according to the Craft Brewers Association of India, in the last 5 years, the number of microbreweries increased from 20 to a whopping 160. Moreover, a recent study claims that the craft beer segment will be growing at over 40% a year.
Not wanting to be left behind in offering a more elite experience to its customers, 5-star hotels and restaurants are also upgrading their facilities to cater to the rising demand along with a customised menu of delectable cuisines. According to AMRG & Associates, the Alco-Bev market in India is expected to grow at a CAGR of around 7.72% over 10 years to reach a value of 5.3 trillion rupees by the year 2026.
In such an industrial scenario, Craft Drinks India intends to be the definitive trade fair that addresses the needs of this booming industry.