India's affluent class boosts high-end spirits sales, outpacing US and China's consumption rates: Swiss researcher
Scotch whisky and fine wines registering double-digit growth, outpacing consumption rates in the US and China, according to a Switzerland-based researcher. «One subcategory where India surpasses China and is growing at double the rate of the USA over a five-year CAGR is Scotch luxury whisky,» Simon Joseph, a senior luxury brand builder and consumer experience expert based in Zurich, said.
Joseph, a researcher with Glion Institute of Higher Education, said according to various data forecasts, the luxury Scotch whisky market is also growing at 16 per cent CAGR up to 2024-end.
Scotch whisky exports to India grew at a compound annual growth rate of 66% up to 2022, outpacing the US, China, and other significant markets, Joseph said, citing data from the UK-based Scotch Whisky Association (SWA).
According to the UK-based SWA data, the equivalent of 167 million bottles were exported to India in 2023, up 27% from 2019.
«The US, in value, is still dominant in the consumption of Scotch whisky; India now is the biggest consumption in terms of volume, just overtaking France. Scotland remains the biggest exporter of Scotch whisky,» Joseph said.
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