The recent figures revealed regarding the food and beverage market and alcohol industry around the world have surprised big global investors and liquor manufacturers. On one hand, there has been a huge decline in the total consumption and sale of liquor in the markets of western countries, especially America and Asian superpower China, while on the other hand, the Indian market seems to be completely untouched by this recessionary environment. According to international reports and data from market research firms, consumers in America and China have now started abstaining from alcohol or have become health conscious and have limited its consumption to a great extent. In contrast, India, the world's largest emerging market, is witnessing a tremendous boom in each of the wine, beer and spirits categories, which has attracted the attention of global companies. Record jump of 10 percent in liquor sales in India, excellent performance in every category. These days a new era of celebration and lifestyle drinks is going on in the Indian consumer market. According to the latest trade data, India's alcoholic beverage market has registered a strong growth of about 10 percent this year. The special thing is that this growth is not limited to any one particular segment, but from hard drinks like whiskey, vodka, rum, gin and tequila to premium wines and craft beers, tremendous consumer demand is being seen in every category. The increasing disposable income of youth in urban India, expansion of nightlife culture, craze of pub and bar culture and tendency to adopt premium products are considered to be the biggest reasons behind this boom. Why is alcohol consumption decreasing in western countries? Changes in health and lifestyle: While the liquor industry in India is reaching new heights, on the other hand, there is a continuous downward trend in developed and huge markets like America and China. The main reason behind this is the rapidly changing lifestyle and increasing craze for fitness in western societies. Nowadays youth are increasingly adopting the trend of 'Sober Curious' i.e. partying without alcohol or staying healthy. Apart from this, due to rising inflation and economic uncertainty in America, people have reduced spending on non-essential and expensive food. The main reason for the slowdown in the Chinese market is its slow economic recovery and real estate crisis, due to which consumer confidence has been affected and people are avoiding expensive celebrations. The strong position of the Indian market and its huge future potential, India is now becoming the most attractive and profitable market in the world for Global Alcohol Giants and multinational companies. The sales figures of big global companies like Diageo, Parno Ricard testify that Indian consumers are now ready to spend money not just on quantity but on quality and premium brands. The growing middle class population and access to modern retail stores even in tier-2 and tier-3 cities have given more wings to this sector. Experts believe that even if the global market remains sluggish in the coming years, the pace of the Indian market will play the most important role in maintaining the liquor industry of the entire world.
