India’s alcobev sector to touch $64 billion by 2030
alcobev sector, which is forecasted to touch $64 billion by 2030, a new report by International Spirits and Wines Association of India (ISWAI) said.
The alcobev sector already accounts for 2% of India’s nominal GDP and generates employment to over 80 lakh people, in related sectors such as agriculture, F&B, Retail and hospitality.
The report said beyond substantial tax contributions, the sector supports farmers' livelihoods.
India’s demographic shift, growth of a young and expanding middle class and constructive governmental policies can make business in this sector more conducive, the report said, and called upon the government to remove entry-barriers.
The report said the alcobev sector, with a market size of $52.4 billion in 2021, would reach $64 billion in five years, growing at an annual 6.54% between 2023-27.
India is to be the fifth-largest contributor to global market revenues in the near-medium term, and accounts for 2% of the country’s nominal GDP, according to the report.
ISWAI further said the liquor sector generates employment to over 80 lakh people, directly and indirectly, and accounts for 1.5% of the total manpower employed in the country. Employment opportunities are primarily in related sectors such as agriculture, food and beverages, retail and hospitality.
In FY 2021, the alcobev contributed Rs 2.4 lakh crore in indirect taxes to state governments.
