Taking note of that India has one of the lowest levels of beer consumption per capita in Asia, a BMI Research report said it holds an ideal viewpoint for the market in the nation, on the back of changing cultural attitudes and more youthful well-to-do populace.
According to the report, add up to liquor consumption in India is at 5.1 liters for per capita in 2018, extensively lower than the Asian per capita average of 20.9 liters.
The low consumption is because of reasons like conservative attitudes, licensing regulations, restrictions on the sale of liquor in specific states and an inclination for locally produced spirits, for example, whiskey.
Expressing that government controls and hike in duties remain a hazard to India’s development market, the report said the outlook for beer market in India is ideal on the back of changing cultural attitudes and a youthful, progressively wealthy populace.
“We forcast beer sales in volume terms to develop by an average of 6.9 percent every year in the annual between 2018 and 2022, achieving 6.5 billion litres altogether before the finish of this period, up from an expected 4.7 billion liters in 2017,” the Fitch Group organization said in an announcement.
Different motivations to spur the beer culture in India, according to the report, incorporate rising disposable earnings, aspirational lifestyles, cheaper locally produced items and emerging craft beer culture, among others.