India is an emerging country with a great promising future in many areas. Likewise, the market for wine in India has a great future ahead. This is predicted by a recent report on the wine market in India, conducted by Wine Intelligence in collaboration with Sonal Holland, the only Master of Wine in this country. The study equates it to China.
World Economic Power
For years India has been cementing its place as a strong world economic power and this is one of the reasons that the country is attractive to the wine export market. Also, India is the second most populated country in the world with 1.3 billion people living here.
India imported around 475,000 boxes of wine in the last 12 months until March 2017. The country has more than 300 wine importers. These numbers were reached despite the high taxes on imported wines, with wine import duties of more than 152%.
A Lot of Young People
The population of the country is relatively young which is another reason for the prediction of an optimistic future. India has more than 800 million people under the age of 35. This suggests that they will be exponential consumers in a few years.
Increasing Wine Production
Other beverages than wine dominate the sales in India and wine has not been produced locally for a long time. This fact sparks the interest of the people who want to consume more wine. Moreover, the study states that between 2010 and 2017 the Indian wine industry recorded a double-digit annual growth rate of more than 14%. This makes wine the fastest growing alcoholic beverage in India.
Mumbai, City of Wine
The study also shows that more wine is consumed in the cities. Specifically, Mumbai represents 32% of the total wine consumption in India, followed by Delhi NCR and its technological suburb Gurugram with 25%; Bangalore 20%; and Pune and Hyderabad with 5% and 3% respectively.
More Studies on the Subject
Research is demonstrating the growing interest in the world of wine in India. And we can also look forward to a more exhaustive and in-depth analysis of the wine consumption in India which is expected to be released this year.