Bacardi high on premiumisation of portfolio in India
Bacardi India managing director Vinay Golikeri said, citing Bacardi Cocktail Trends Report 2024. «Premiumisation has endured, and we are into the golden age of spirits as the cocktail culture revolution is flourishing in India,» Golikeri said in an interview.
The maker of Bacardi rum, Bombay Sapphire gin, Grey Goose vodka and Dewar's Scotch is accelerating premiumisation across its portfolio in sync with demand trends, he added.
Golikeri termed India as a «standout» market for the multinational alcobev maker. He declined to comment on how much the Indian arm contributes to Bacardi's global sales. Bacardi India reported revenue of more than ₹500 crore for the financial year ended March 31, 2023, according to the latest available data from business intelligence platform Tofler.
Similar to other consumer facing sectors, spirits makers such as Diageo, United Spirits, Radico Khaitan and Jagatjit Industries, too have been premiumising to tap this growing demand for higher profitability.
According to industry body Confederation of Indian Alcoholic Beverage Companies, alcobev drinks priced over ₹1,000 have grown four times faster than those under ₹500 in calendar 2023. CIABC director general Vinod Giri attributed the increasing trend of premiumisation to a combination of factors. «Consumers are willing to experiment with alcohol, and more importantly, the perception of spirits is changing from one of functionality, to more a lifestyle proposition or make a statement,» he said.
A March report by credit ratings agency
