Total beverage alcohol (TBA) consumption volume declined -1% during H1 2025
TBA volume in India grew +7%
RTDs are growing, but beer is softening
Global beverage alcohol volumes are now expected to decline more sharply in 2025 than previously forecast, according to IWSR’s first mid-year update. The revised outlook shows a -0.4% drop in global volume (previously -0.2%) and a -0.7% decline in value.
The downgrade is largely due to unexpected weakness in beer, especially in the US and China. IWSR now expects global beer volume to fall -0.2% in 2025 instead of growing. Spirits are projected to decline -1.3% and wine -2.4%, while RTDs remain the only category set to grow at +1.3%.
In the US, cost-of-living pressures and reduced on-premise visits have softened beer sales, alongside a notable drop in Mexican beer. In China, policy restrictions and slower economic growth have reduced alcohol consumption, pushing beer and brandy forecasts down.
IWSR’s 2026 outlook remains unchanged at 0% growth in both volume and value. The company will now issue forecasts twice a year and has launched a Scenario Planner to model macroeconomic shifts across 31 key markets.
Across twenty major markets, TBA volume fell -1% in H1 2025, though value remained stable. India led growth with +7%, followed by South Africa (+4%), Mexico (+2%), Thailand (+1%) and Colombia (+1%). Declines were concentrated in China (-2%), the US (-4%) and Germany (-5%).
RTDs (+3%) and Prosecco continued to outperform. Spirits grew +1% when national spirits were excluded, with strong performances from Indian whisky (+7%), bitters (+3%), no-alcohol spirits (+9%) and agave spirits (+1%). Irish whiskey grew in India and Japan.
Beer fell -1% globally in H1 2025, with growth only in markets like India, South Africa, Mexico and Thailand. Wine declined -5%, except for Prosecco, which posted strong gains.
IWSR highlights a polarised landscape with RTDs and select spirits rising while beer and wine soften. India continues to stand out and is forecast to surpass Japan’s TBA volume in 2027 and Germany’s in 2033.
ICONiQ continues to deliver growth, doubling both its volumes and market share this year in the prestige whisky category. In Uttar Pradesh, ICONiQ is now the No. 2 brand, having crossed 1 million cases in just the first five months of this financial year. The brand witnessed significant improvement in market share in both the states of Uttar Pradesh and Haryana, according to an ABD press release.
ICONiQ Winter is India’s first whisky designed specifically for the winter months. The blend combines real spices such as cinnamon, clove, nutmeg, pepper, cardamom, and ginger with select Scotch malts and Indian grain spirits. Aged in Bourbon Oak Casks, the whisky delivers a rich, smooth profile with toasted notes and a lingering, cozy finish. It captures the essence of winter through a perfect balance of warmth, comfort, and celebration, appealing to discerning consumers seeking something new yet familiar.
Alok Gupta, Managing Director at ABD, added, “ICONiQ Winter reflects our belief in innovation and understanding consumer preferences. Northern India, with its vibrant festive culture and appreciation for fine spirits, provides the ideal setting for this seasonal creation. We aim to keep the whisky experience dynamic and exciting for evolving consumers. With ICONiQ Winter, we bring warmth and craftsmanship together in a bottle that truly celebrates the season.”
In Uttar Pradesh the brand makes its debut and is priced at ₹620 for 750 ml and ₹160 for 180 ml. In Haryana, it will be available at ₹570 for 750 ml and ₹170 for 180 ml.
Nikhil Kamath co-Founder of Zerodha has emerged as the front-runner to acquire Royal Challengers Bengaluru (RCB), as per media reports. This development has set Bengaluru’s business and cricket circles abuzz because Kamath’s local roots, younger-skewing investor profile and deep pockets make him a natural suitor for a city franchise that just delivered its first IPL title, and multiple outlets name him as a leading bidder or potential lead of a consortium to buy RCB.
Other heavyweight names floated in the same breath include Ranjan Pai of the Manipal Group, Adar Poonawalla of Serum Institute, and big corporate houses (Adani and JSW) and private equity players. The race seems crowded with both homegrown billionaires and strategic/financial suitors rather than a single obvious buyer.
Diageo (through United Spirits) has put RCB into a formal strategic review and advisers have been engaged to run a sale process expected to conclude around the end of Q1 2026. It is reported that the seller’s target is roughly 2 billion for the franchise.
Diageo appears to be running a strategic review of non-core assets in India and globally, and RCB, notwithstanding its commercial peak after finally winning the IPL, represents an opportune moment to realise value at possibly the franchise’s highest ever valuation while the company refocuses on core alcoholic beverage operations; and governance overlays (including intense scrutiny post final IPL match even wherein 11 fans died in a stampede).
Diageo plc has appointed Sir Dave Lewis to the role of Chief Executive Officer and Executive Director, effective on 1 January 2026.
Nik Jhangiani will continue as Interim CEO until the end of December 2025 and then resume his CFO role thereafter. Deirdre Mahlan, having returned to Diageo as Interim CFO, will continue to support Diageo through the transition.
Sir Dave Lewis
Dave is a proven CEO with extensive marketing and brand building experience. He has an outstanding track record leading global consumer businesses, growing world-class brands, and providing operational and financial rigour. Dave served as Group CEO of Tesco plc from 2014 to 2020, where he transformed the business and, prior to this, spent nearly three decades at Unilever, latterly in Executive Committee roles, leading on both marketing and business performance. Additionally, Dave has been the Chair of Haleon, a global leader in consumer healthcare, since its creation in 2022 and is a non-executive board director of PepsiCo Inc. Dave will be stepping down from the Haleon role on 31 December 2025.
Sir John Manzoni, Diageo’s Chair, who led the succession process on behalf of the board, said, “We are delighted to welcome Dave as Diageo’s new CEO. Having conducted an extensive and thorough global search, the Board unanimously felt that Dave has both the extensive CEO experience, and the proven leadership skills in building and marketing world-leading brands, that is right for Diageo at this time.”
Manzoni continued, “We are confident that Dave will work with the team to take Diageo into its next successful chapter in the evolving consumer environment. The Board wishes to recognise and thank Nik Jhangiani for his excellent leadership as Interim CEO and for continuing to drive forward Diageo’s sharpened strategy.”
Sir Dave Lewis, Chief Executive Officer, said, “Diageo is a world leading business with a portfolio of very strong brands, and I am delighted to be joining the team. The market faces some headwinds but there are also significant opportunities. I look forward to working with the team to face these challenges and realise some of the opportunities in a way which creates shareholder value.”
Dave is also a Trustee for The Royal Foundation and the Chair of the World Wildlife Fund in the UK. In recognition of his contribution to business and the food industry in the United Kingdom, Dave was knighted by Her Majesty Queen Elizabeth II in the 2021 New Year’s Honours List.
ABD Maestro has announced the launch of its homegrown contemporary spirit — RANGEELA Vodka, co-created with Ranveer Singh.
Priced at ₹2,400 for 750ML in Maharashtra, RANGEELA will be available across select outlets in the state, followed by roll outs in Goa, West Bengal, and key northern markets in the coming months.
The RANGEELA vodka is conceptualised under Ranveer Singh’s creative direction and much like him screams vibrant and expressive. The brand also draws inspiration from India’s colourful personality, lively, confident, and unapologetically bold, while aligning with the growing trend of premiumisation and cocktail experimentation among young Indian consumers.
The vodka is triple-distilled and platinum chill-filtered for exceptional smoothness and clarity, combining world-class technique with Indian flair.
Commenting on the launch, Ranveer Singh, Co-Founder and Creative Partner, ABD Maestro, shared,
“RANGEELA celebrates the spirit of India — colourful, creative, and full of life. It’s for those who express themselves freely and live with unfiltered energy.”
Bikram Basu, Managing Director, ABD Maestro, added,
“With Ranveer as Co-Founder and Creative Partner, RANGEELA aims to set a new benchmark for Indian vodka. It combines superior quality with innovative design and communication that celebrates colour, character, and fun — created for India and the world.”
With its vibrant design, smooth texture, and creative positioning, RANGEELA Vodka marks a bold new chapter for ABD Maestro, reaffirming the brand’s place at the forefront of India’s premium vodka movement. Stay tuned for a review.
D’YAVOL Vortex has been crowned the ‘Best New Scotch Whisky of the Year’ and honoured with a Double Gold at the 2025 San Francisco Spirits Competition. A contemporary blended Scotch, D’YAVOL Vortex is crafted from a selection of single malt and single grain whiskies sourced from the Lowlands, Highlands, Speyside and Islay regions.
It opens with notes of vanilla fudge and soft peat, followed by layers of ripe orchard fruit, sherried richness, warm pecan pie, and smoky malt, before culminating in a smooth finish. With a malt-forward profile, gentle Islay influence, and a non-chill-filtered body, Vortex delivers exceptional texture, layered depth, and a nuanced palate.
On Vortex’s success, Shah Rukh Khan said, “We set out to create a brand that reflects who we are—bold, modern, and uncompromising in quality. Seeing D’YAVOL celebrated on the most coveted global stage is deeply gratifying, and a reminder that excellence will always find its audience.”
Leti Blagoeva, CEO, D’YAVOL Spirits, added, “The recognition from San Francisco comes on the heels of a remarkable run of international acclaim for Vortex, including the title of ‘Blended Scotch of the Year’ at the London Spirits Competition 2025.”
Amar Sinha, Chief Operating Officer at Radico Khaitan, commented, “Vortex exemplifies the collective ambition at the heart of D’YAVOL Spirits; to craft world-class expressions that seamlessly unite authenticity, innovation, and masterful craftsmanship. It’s immensely rewarding to see that vision resonate so powerfully across global markets and with discerning whisky connoisseurs.”
D’YAVOL’s award winning portfolio of luxury spirits also includes D’YAVOL Single Estate Vodka and D’YAVOL Inception Blended Malt Scotch, both globally awarded. The brand is currently available in India, the UAE and the UK, with further international markets to follow.
Globus Spirits has launched DŌAAB Expression 02: The Old Man & The Blossom is a limited release Indian Single Malt whisky. Crafted at the India Craft Spirits Co. distillery in Behror, Rajasthan, it is made from sustainably sourced Indian six-row barley and matured in Mizunara oak casks from Hokkaido, Japan, a fusion between Indian distilling mastery and Japan’s revered cask-making tradition.
This is an industry first – Indian Single Malt Whisky matured in the legendary Japanese Mizunara Oak Cask limited to only 500 casks.
Shekhar Swarup, Joint Managing Director, Globus Spirits Ltd., said, “With DŌAAB Expression 02, we continue to explore the art of storytelling through whisky. This expression represents a dialogue between two cultures, India and Japan, and between two philosophies, heritage and innovation. Each bottle is a meditation on time, patience, and craftsmanship, brought together by our belief that great spirits are born when tradition meets curiosity.”
P.S. Gill, CEO, Consumer Division, Globus Spirits Ltd., added, “India’s single malt category is growing in double digits, driven by evolving tastes and an increasing sense of pride among consumers. With DŌAAB, our vision is to redefine what an Indian single malt can stand for, globally relevant, deeply authentic, and unmistakably crafted.”
DŌAAB Expression 02: The Old Man & The Blossom debuted in Gurugram priced at ₹3500 – ₹3800 and will soon be available in premium outlets in select markets across India. On the nose it offers delicate fresh florals layered with the warmth of vanilla. The palate is smooth with a velvety mouthfeel with a long and elegant finish.
Bira 91 which is battling a deepening financial crisis is now forced it to sell its assets to pay its employees. With production halted in key markets and liquidity crunch, Bira91 is on the brink of collapse, marking one of the most dramatic downturns in the Indian beverage industry in recent years.
Its parent, B9 Beverages Ltd, confirmed that it plans to sell one of its assets to raise immediate cash to clear pending salaries, provident fund dues and restart operations, a move that underscores how serious the cash flow problem has become. The decision comes after months of worsening financial strain, production has reportedly been stalled since July 2025 in several regions, hundreds of employees have not been paid, and more than 250 staff members have petitioned the board and shareholders demanding leadership change and accountability for unpaid dues and operational paralysis.
According to filings and reports, the company posted a net loss of ₹748 crore on revenue of ₹638 crore for FY24, reflecting falling sales volumes and mounting costs as the brand’s once-booming business model began to unravel under regulatory bottlenecks and overextension. It is reported that lenders have already taken control of The Beer Café chain after defaults on pledged shares, raising fears that more assets could be at risk if the situation persists.
Reports suggest that the founder and CEO, Ankur Jain has reached out to investors to raise bridge capital even as he negotiates an asset sale to meet immediate payroll obligations. Production shutdowns have also disrupted supply chains and trade relationships, leaving distributors, vendors and partners uncertain about its future. The coming weeks will be critical, whether it can close the asset sale, restart production and convince its stakeholders that it remains a viable player in India’s premium beer market, remains to be seen.
Impacted by a stronger-than-usual monsoon, in a muted beer market UB gained market share (sell-out)
Overall, sell-in volume declined 3% with premium up 17%, continuing its growth trajectory ahead of the market
Net sales in Q2 down 3% where volume decline
Continue to invest behind brands (+22%) in line with its commercial strategy
Accelerating productivity agenda to drive sustainable & profitable growth
United Breweries Ltd (UBL) recently reported a subdued performance in the second quarter of FY26 as adverse weather conditions and muted demand in key markets weighed on beer sales, even as premium brands continued to gain traction.
The company’s consolidated revenue for the quarter ended September 2025 stood at ₹2,067.7 crore, down 2.8% year-on-year and sharply lower from the preceding quarter, reflecting the broader softness in consumption trends. Profit after tax declined 65% to ₹46.3 crore, while earnings per share slipped to ₹1.76 from ₹5.00 a year earlier. Operating margins came under pressure as input costs and a weak sales mix limited profitability, leading to a 63% year-on-year fall in profit before tax to ₹65.8 crore.
Vivek Gupta, Managing Director of UBL
The Managing Director of UBL, Vivek Gupta has said the company was gaining market share, adding nearly 100 basis points in the latest quarter and more than 100 basis points for the first half. “Our brand fundamentals are extremely strong.”
UBL attributed the slowdown largely to erratic monsoon patterns and weaker-than-expected offtake across western and southern states, traditionally its strongest beer markets. The company said that volumes were down about 3.4% year-on-year, marking one of its most challenging quarters since the post-pandemic recovery began. However, it underscored the resilience of its premium segment, which grew an impressive 17% in volume terms, driven by strong consumer demand for brands like Kingfisher Ultra, Heineken Silver and Amstel. This continuing “premiumisation” trend remains a bright spot, indicating a shift toward higher-value offerings even as overall consumption plateaued.
Total volume declined 3.4% in Q2, with growth in mainly Maharashtra, Andhra Pradesh and Assam more than off-set by adverse weather across its footprint as well as stock-building in Q2-FY25 following the peak season impacted by national elections.
During the quarter UB launched London Pilsner in Orissa and Kalyani Black Label in West-Bengal to strengthen its portfolio in the value segment. Premium volume grew by 17% in the quarter bringing the HY growth rate to 33%. Within the segment, UB saw strong growth for Kingfisher Ultra, Kingfisher Ultra Max, and Heineken Silver. Gross profit grew 5% on a year-to-date basis vs last year, with EBIT declining 18% mainly driven by negative operating leverage in the second quarter as well as continued investments behind brands.
Investments in capex during the quarter were ₹293 Cr (+ ₹242 Cr vs LY), mainly linked to its new greenfield in Uttar Pradesh and commercial capex to drive future qualitative growth. In continuation of its network optimisation and productivity programme, the Mangalore unit was closed earlier this year, with further initiatives being implemented to drive operational excellence and cost efficiency across the organisation. “We remain optimistic about the industry’s long-term growth potential, driven by increasing disposable income, favourable demographics and premiumisation,” UB said.
On the cost side, raw material inflation—especially for packaging materials—continued to moderate, but the gains were offset by lower scale efficiencies and promotional spending to defend market share. Management maintained that pricing discipline and brand investments were essential to sustaining long-term growth. UBL also reiterated its medium-term confidence in the Indian beer market, pointing to favourable demographics, urbanisation, and rising disposable incomes that continue to support premium beer penetration. Capital expenditure during the quarter stood at ₹293 crore, with investments directed toward a new greenfield facility in Uttar Pradesh and capacity upgrades at existing breweries.
Gupta added that the company expects margins to improve from the third quarter onwards, aided by the localisation of 80% of the premium portfolio, which will help recover gross margins. The company, he mentioned, would continue monitor input cost pressures from higher barley and aluminium prices and limited pricing flexibility.
Analysts see the second-quarter numbers as a reminder of how climate volatility and state-level regulatory differences can impact the beer business, but they also note that UBL’s strategic focus on premiumisation and efficiency improvement could cushion margins in the coming quarters. While overall sales volumes slipped, the brand’s ability to hold its market leadership and grow its high-end portfolio suggests that the company’s long-term fundamentals remain intact.
Going forward, performance in the festive and winter seasons will be critical for recovery, with management expected to lean on new product launches, route-to-market optimisation, and operational cost control to restore profitability momentum. For now, the quarter captures a tale of two trends—a weak monsoon dampening demand and a growing taste for premium beer lifting hopes for a stronger second half of FY26.
Asia’s first premium 100% agave spirit, Maya Pistola Agavepura, announces the rollout of its award-winning Añejo (An-ye-ho) variant across Haryana. Handcrafted in small batches, this expression reflects the brand’s unwavering commitment to authenticity and excellence, offering an elevated sipping experience born of time and tradition.
Fuelled by India’s growing interest, agave spirits have a projected growth rate of 12.69% by 2030, according to the iMarc group. Globally, the agave-based spirits category is set to increase at a volume CAGR of 7% from 2021 to 2026, according to the Indian Wine and Spirits Record.
Made from wild Agave Americana plants aged 11–13 years, Pistola Añejo is matured for over 14 months in Virgin American White Oak barrels. Deep golden-brown in colour, it offers an oaky nose of cocoa and dried figs with a subtle smoky background. This expression is smooth and rich, like a Christmas pudding, and is best enjoyed neat or with a splash of water. It was also described as “enchanting and approachable” by the International World Spirits Competition, making it perfect for single malt lovers, offering a touch of spiciness over a lingering sweetness.
Pistola Añejo, bottled at 40% ABV, is priced between ₹4,300 and ₹4,500 (750 ml) in Haryana, and the nips (180 ml) are priced between ₹1,000 and ₹1,200, both available at select retail stores across Haryana. It will also be pouring at leading F&B establishments across Haryana.
“With the growing demand for premium 100% agave spirits, expanding our footprint for Pistola Añejo into Haryana was the natural next step,” said Rakshay Dhariwal, Director & Founder, Maya Pistola Agavepura. “This market expansion reflects our commitment to making world-class aged agave spirits accessible to discerning Indian consumers. Pistola Añejo embodies our craftsmanship and our belief that India deserves homegrown spirits of international calibre.”
Kimberly Pereira, Chief Operating Officer, Maya Pistola Agavepura said, “Haryana represents more than just a new market for us. It’s an opportunity to deepen the way consumers experience agave spirits. Alongside Pistola Añejo’s arrival, we’re planning curated tastings at top bars to help people discover the nuances of aged agave. We aim to build a culture around premium agave spirits in India, not just make them available.”
Since its launch in 2022, the brand has become a symbol of excellence in the realm of agave spirits. They have expanded from Goa to Rajasthan, Maharashtra, Karnataka, Haryana, Delhi, West Bengal, and Assam. Internationally, the spirit is available in select key markets like Singapore, Thailand (Bangkok & Phuket), Europe (Germany, Austria, Denmark, the Netherlands and France), the USA (Chicago, Maryland, Washington DC, New Jersey and New York) and the UK (London).
