The no/low-alcohol market has enjoyed robust growth in the past few years, cementing its place as an area of significant opportunity for beverage alcohol, and one of increasing sophistication as well.
Moderation trends and demographic shifts have driven the long-term growth of no/low-alcohol around the world, but as the category matures and product quality improves, consumer trends in the space are becoming more nuanced and complex.
Another year of double-digit volume growth for no/low in the top 10 global markets (Australia, Brazil, Canada, France, Germany, Japan, South Africa, Spain, UK and US) during 2024 (+13%) capped a period of strong gains for the category: across those markets, 61m people were recruited into no-alcohol between 2022 and 2024, and 38m into low-alcohol, according to IWSR’s No- and Low-Alcohol Strategic Study.
This strong upward trajectory is expected to continue. While total beverage alcohol (TBA) volumes are expected to grow at a compound annual growth rate (CAGR) of 1% to 2028, no-alcohol is expected to gain share of TBA, driven largely by the well-established no-alcohol beer segment, but boosted by additional gains for RTDs, wine and spirits. The forecasted volume CAGR for no-alcohol beverages between 2024 and 2028 is +7%.
Susie Goldspink, Senior Insights Manager – RTDs and No/Low Alcohol
“The no/low-alcohol market has been experiencing significant growth for several years now, driven by moderation trends and younger demographics,” explains Susie Goldspink, Senior Insights Manager – RTDs and No/Low Alcohol. “It is not all about moderation, however, as no/low becomes more established and categories outside beer gain participation.
“Other drivers besides health and moderation are now increasingly important, particularly in those emerging no-alcohol categories. Factors such as taste, availability and brand are becoming key drivers of choice, especially among younger LDA consumers.”
Participation rates
The increased participation in no/low over the past few years has been spearheaded by the US and Brazil: the US added 37m new no-alcohol consumers between 2022 and 2024, and 36m new low-alcohol drinkers, according to IWSR data. Meanwhile, 13m people were recruited into no-alcohol in Brazil over the same timescale.
This increased participation comes against a backdrop of long-term declines in overall alcohol consumption. Since 2000, consumption in litres of pure alcohol has fallen faster than TBA volumes, reflecting a consumer switch to lower-ABV products such as RTDs and no/low.
This trend is also reflected by the performances of many of the top 10 markets. There is a clear contrast between the recent strong gains of no- and low-alcohol versus the softer performance of full-strength products in a number of key destinations, including the UK, US, Japan, Brazil, Canada, Australia and Canada. For instance, the US recorded a -1% CAGR decline in full-strength volumes between 2019 and 2024, according to IWSR data, while no-alcohol (CAGR +28%) and low-alcohol (+7%) grew strongly over the same timescale.
No/low buyers are also increasingly substituting full-strength beverages with no-alcohol drinks, according to IWSR consumer research. In 2024, when no/low consumers in the top 10 markets were asked what they would previously have drunk on the same occasion, 30% said full-strength products – materially higher than in 2022.
Meanwhile, when it comes to no/low categories, the picture has become more nuanced over the past few years: participation in no/low beer in 2024 was unchanged versus 2022, reflecting the more established nature of this segment, whereas other categories have seen increased participation from younger LDA consumers in particular.
“Boomers and Gen X have been in the category for a longer time and have established habits,” says Goldspink. “They are the main buyers of no-alcohol beer, as it was one of the first no/low options to be widely available.
“On the other hand, younger age groups, who are newer to the category and just entering legal drinking age (LDA), are discovering their preferences without established habits and are attracted across various categories. Millennials in particular, with more time in the category and higher disposable incomes, have the widest repertoires.”
Frequency drivers
As consumers become increasingly familiar with the no/low landscape, factors beyond health and moderation are becoming more and more significant in driving consumption frequency.
While trying to be healthier and reducing alcohol intake remain the most significant motivations, according to IWSR consumer research, taste, availability, brand and category awareness have all gained in importance since 2022.
“Frequent drinkers are driven by better-tasting options, highlighting how critical taste is for no/low growth,” says Susie Goldspink. “Better availability has been key for buyers in the US, where newer categories such as alcohol adjacents have a higher incidence than other categories.”
Purchase drivers
Brand familiarity is becoming an increasingly decisive factor in driving no/low purchases, when availability is not an issue. According to IWSR consumer research conducted in 2024, 52% of no/low buyers chose to drink a product because it was a brand they already knew, up from 48% in 2022, while 32% cited taste preference, up from 28%.
Consumer perceptions are shifting too: some 54% of no/low buyers described no/low products as brands they cared about in 2024, up from 50% in 2022, and 53% described no/low brands as exciting, up from 48%.
“Frequent drinkers and younger buyers, who are more engaged with the no/low category, are more likely to be driven by brand and sensory characteristics,” says Susie Goldspink. “Up to 57% of Millennials are driven by brands they are familiar with, compared to only 45% of Boomers, who are less engaged and claim more occasional consumption of the category.
“Meanwhile, the improvement in consumer brand perceptions is driven by Gen Z and Millennials, who are more engaged with the category: 62% of Millennials and 57% of Gen Z have brands they care about, explaining the higher rate of brand loyalty compared to other age groups.”
What’s next? The future of no/low
No-alcohol is set to continue to drive future growth for no/low, with forecast gains across all categories, including beer/cider (predicted CAGR growth of +7% between 2024 and 2028), RTDs (+10%), wine (+5%), spirits (+7%) and alcohol adjacents (+3%). Forecast trends for low-alcohol are softer, with the exception of RTDs, where low-alcohol products are predicted to grow at a CAGR of +17% over the same timescale.
While volume growth for no-alcohol is envisaged across all top 10 markets, there are strong regional contrasts, with Brazil, Canada, the US and the UK all likely to see higher growth in the near future (CAGRs of between +7% and +18% to 2028). However, growth is predicted to be more gradual in Spain, South Africa and Germany.
Smaller markets such as Canada and Australia offer attractive growth prospects, but the largest-scale opportunities sit in Brazil and the US – although the two markets have strongly contrasting characters.
“While Brazil and the US have a similar demographic distribution of no-alcohol drinkers, with similar frequency and intensity of consumption, the sources of expected future growth are diverse,” explains Susie Goldspink. “The US has high participation rates across a broader array of no-alcohol categories; their development will continue, particularly among younger consumers, who have a wider repertoire of no-alcohol drinks.”
By contrast, growth in Brazil will come almost exclusively from no-alcohol beer, thanks to the category’s dominant market position, the presence of large international players and high recruitment levels.
National Cocktail Day is the perfect excuse to shake, stir, and sip your way through some iconic cocktails that you can totally create on your own. Whether you go for a tried-and-true classic or an exciting variation, it’s pretty much guaranteed to be a great time. Salud!
Vaishali Mehta, Co-Founder, Swa Artisanal Syrups At Swa, “We’ve always believed that the best cocktails start with real ingredients. This National Cocktail Day, we’re celebrating the bold, vibrant flavours that make Indian drinks unique – whether it’s the heat of Bird’s Eye chilli, the richness of jaggery, or the tang of tamarind. Our syrups are all about keeping it natural, using ingredients the way they’re meant to be enjoyed – without shortcuts or artificial flavours. Here’s to cocktails that taste like the real thing, because they are!”
Bourbon Berry Breeze by Swa Artisanal Syrups
This smooth, fruit-forward cocktail packs depth, a touch of froth, and just the right amount of indulgence. Keep calm and berry on!
Ingredients:
60ml whisky
20ml Cabernet Sauvignon
6 black grapes
20ml Swa Summer Berries
3 drops of foaming agent
Method:
Pour all the ingredients into a shaker tin.
Fill the shaker tin with ice and give it a hard shake.
Fine strain into an old-fashioned glass over a block of ice.
Garnish with black grapes and a sprinkle of pistachio shavings.
Jade Goddess by Six Brothers Mahura
Rupi Chinoy, Director of South Seas Distilleries: Six Brothers Mahura’s sweet, fruity, earthy, spicy complexity, a smooth and crisp finish makes it a dream base for cocktails. Its unique flavour profile, which tastes like no other spirit in the world, blends beautifully with both bold and subtle ingredients, giving mixologists the freedom to craft everything from refreshing highballs to spicy picantes and rich espresso martinis. Six Brothers Mahura is a spirit with infinite possibilities and can be enjoyed neat, on the rocks, or in cocktails. With Six Brothers Mahura, the world now has a new category of spirit originating from India, ready to shine on the global cocktail scene.
A cocktail as enchanting as its name, the Jade Goddess is built around the versatile character of Six Brothers Mahura—India’s global spirit. Crisp cucumber juice brings a cool freshness, balanced by a fiery hint of Tabasco and the bright, herbal notes of cilantro. A squeeze of lime and a touch of sugar syrup round it out, creating a perfectly balanced and elegant sip.
Ingredients:
60ml Fresh cucumber juice
60ml Six Brothers Mahura
15ml sugar syrup
10ml lime juice
1 wedge of lime
4/5 drops of tabasco
3-4 fresh sprigs of cilantro
Garnish: Fresh cucumber slice roll and saffron
Glass: Old Fashioned or Poco Grande
Method:
In a mixing can add fresh cilantro and muddle.
Fill the mixing can with ice and add all other ingredients, then shake well.
Double strain the mix over a large cube of ice.
Garnish with a cucumber slice roll and saffron.
The Queen’s Martini by Monarch Legacy Edition
Regal and refined, the Queen’s Martini is a luxurious twist on the classic. It blends the smooth richness of Monarch Legacy Edition, the world’s first 100% pure grape brandy made with the finest French and Indian grape spirits, with the golden sweetness of French apricot marmalade. A splash of French orange liqueur and a touch of lime juice add a bright, citrusy balance. Shaken to perfection and served in a chilled martini glass, it’s finished with a crisp biscotti garnish. The layered notes of vanilla, spice, and dried fruits of Monarch makes for the perfect versatile base.
Ingredients:
45 ml of Monarch Legacy Edition
1 bar spoon of French apricot marmalade
15 ml of French orange liqueur
15 ml of lime juice
Garnish: Biscotti
Glass: Martini glass
Method:
Add Monarch, French apricot marmalade, orange liqueur, and lime juice into a shaker with ice.
Shake vigorously to ensure the marmalade mixes well.
Strain into a chilled martini glass.
Garnish with some biscotti.
Sanaya Dahanukar, Marketing Manager, Tilaknagar Industries Ltd.: Brandy has long been associated with slow sipping and old-world charm, but it’s the spirit everyone keeps overlooking in conversations around cocktails. There is so much untapped potential for brandy, and with luxury spirits making their way into India’s mixology world, we released Monarch Legacy Edition. Our aim with Monarch is to change the perception of brandy and showcase its immense untapped potential – as a spirit of boundless versatility. With its rich complexity and depth, brandy has a fantastic range of flavours that work beautifully when sipped neat and in cocktails. Whether adding a deeper note to a sidecar, bringing depth to a brandy sour, or elevating an aperitif spritz, Monarch is redefining how brandy is perceived, taking its rightful place at the forefront of modern mixology.
Blooming Breeze by Davana Vermouth Indica
A light and elegant cocktail, Blooming Breeze captures the essence of spring. Made with India’s first homegrown vermouth brand, this includes Davana Bianco for an herbal depth, blending harmoniously with the floral sweetness of elderflower and the crisp tartness of fresh green apple juice. A touch of lime brightens the flavours, and a silky foam finish creates a beautifully smooth texture.
Ingredients:
Davana Bianco – 60ml
Elderflower Syrup – 15ml
Lime Juice – 10ml
Fresh Green Apple Juice – 60ml
Magic Foam – 2 drops
Green Apple Fan – for garnish
Method:
In a shaker, combine Davana Bianco, elderflower syrup, lime juice, fresh green apple juice, and two drops of Magic Foam. Add ice and shake vigorously to create a smooth, foamy texture. Double strain into a glass to achieve a clean and refined pour. Garnish with a green apple fan and enjoy!
Chethan M V, Brand Ambassador, Davana Vermouth Indica: Vermouth has long been a staple in cocktails, yet in India, it’s remained an underrated ingredient—until now. With the launch of Davana Vermouth Indica, the country finally has its own homegrown vermouth, marking a new chapter for the category. As India’s cocktail culture evolves, vermouth continues to be the perfect base for classics like Negronis and Martinis, with Davana Vermouth being a great addition to Highballs and Spritzers. It offers a playground for experimentation, as bartenders embrace its Indian botanical profile, creating innovative cocktails that highlight its depth and versatility. The possibilities are endless, and we’re just getting started on this new era of vermouth in India.
Marigold Smash by Godawan Artisanal Indian Single Malt
A bold and vibrant cocktail that celebrates the love for mangoes and Indian Single Malts! Crafted with Godawan 02 Fruit & Spice, this drink showcases the whisky’s exquisite balance of dried fruit sweetness and warm spice, blending with the tropical notes of mango juice blend. The touch of spice and citrus bring in a fiery contrast.
Ingredients:
Godawan 02 Fruit & Spice – 50ml
Mango Juice – 40ml
Fresh Lime Juice – 15ml
Jalapeño/Chili – to taste
Soda – to top up (optional)
Spice Salt Mix – for the glass rim
Method:
Add a spiced salt rim to your glass and keep aside. In a shaker, combine Godawan 02 Fruit & Spice, mango juice, lime juice, and chili or jalapeño. Add ice and shake well to blend the flavours before straining into your glass. Add a splash of soda if you prefer!
Elderflawed by D’YAVOL
Elderflawed by D’YAVOL is a bold and refreshing vodka-based cocktail, perfect for summer indulgence. Crafted with the smooth elegance of D’YAVOL Single Estate Vodka, zesty clear lime juice, and the delicate floral sweetness of elderflower syrup, this drink is topped with crisp tonic water for a perfectly balanced sip. Ready to elevate your cocktail game? Let’s mix things up!
Ingredients:
D’YAVOL Single Estate Vodka – 45 ml
Clear lime juice – 15 ml
Elderflower syrup – 15 ml
Tonic water – 120 ml
Method:
In a Japanese High Ball glass, pour in D’YAVOL Single Estate Vodka, clear lime juice, Elderflower syrup and finish with tonic water. Top with a garnish of baby’s breath, and this refreshing cocktail is ready.
Leti Blagoeva, Co-Founder, SLAB Ventures: Cocktails today are more than just drinks—they’re an expression of artistry and taste. Mixologists are redefining the craft, but at the heart of every great cocktail is the spirit itself. The right spirit doesn’t just complement a cocktail; it elevates it, adding depth, character, and a level of refinement that transforms every sip into an experience.
Irish Coffee by Tulleeho
This Cocktail Day, here’s some trivia on a much-loved classic: the Irish Coffee. Cocktail legend has it that one Joseph Sheridan, a chef at Foynes Port in Limerick County, Ireland, added a generous dash of Irish whiskey to regular coffee to warm up passengers on their way over to America, and in that moment of brilliance, the classic Irish Coffee was born. And here’s how you can make your own:
Ingredients:
Irish whiskey – 60 ml
Black coffee – 1 cup
Hot Brown sugar – 1 tbsp
Sweetened whipped cream – to top
Instant coffee/cocoa powder – to garnish
Method:
Pour the coffee into the cup, add the whiskey and brown sugar and stir to dissolve.
Float the whipped cream on top, sprinkle with a little instant coffee/cocoa powder and serve immediately.
Vikram Achanta, Founder & CEO of Tulleeho and Co-Founder of 30BestBarsIndia and India Bartender Week: While innovative cocktails have dominated the scene, the resurgence of the classic cocktail is unmistakably on the horizon. This year, bars that master the fundamentals—perfecting balance, technique, and quality ingredients—will stand out. It’s no longer about excessive elements or theatrics; the real craft lies in nailing the essentials. A milestone like National Cocktail Day serves as the perfect reminder that timeless, well-executed drinks will always have their coveted spot at the bar.
Pistoloma – A Paloma by Maya Pistola Agavepura
A refreshing and zesty cocktail that’s effortlessly easy to make! The Pistola Paloma highlights the smooth vibrance of Pistola Joven, perfectly balanced with the tangy sweetness of grapefruit and a hint of saline for depth. Light, citrusy, and sparkling—this is your go-to cocktail for a laid-back yet flavourful sip!
Ingredients:
60 ml – Pistola Joven
45 ml – Grapefruit Juice
15 ml – Lime Juice
15 ml – Agave Nectar
5 ml – Saline
Method:
Fill a glass with ice.
Add the ingredients listed above.
Top up with Grapefruit Soda and garnish with a Grapefruit wedge.
Kimberly Pereira, Chief Operating Officer, Maya Pistola Agavepura (Pistola): If there’s one sure sign that a spirit is on the rise, it’s how quickly it integrates into cocktail culture and catches the attention of top mixologists. Agave’s ascent has been driven almost entirely by its incredible versatility in cocktails—whether in bold, structured classics or contemporary creations. Our Reposado is a standout favourite behind the bar, delivering depth and character that shine in cocktails. With summer approaching, the Picante, Paloma, and Margarita are go-to warm-weather staples – these drinks are easygoing, refreshing, and perfect for the season. But there’s even more to explore, this National Cocktail Day—swap in agave for whisky in a classic cocktail, and you’ll unlock an entirely new dimension of flavour.
SUMMER SHANDY by Geist Brewing Co.
Light, citrusy, and oh-so-refreshing, Geist Brewing Co.’s Summer Shandy is the ultimate easygoing drink. A vibrant mix of Belgian-style Geist Witty Wit and zesty lime soda, this cocktail delivers the perfect balance of tangy-sweet refreshment. Whether you’re lounging outdoors or just unwinding, this effortless beer-cocktail is the perfect sip for the warm sunny days.
Ingredients:
100 ml – Geist Witty Wit
30 ml – Lime Juice
60 ml – Sprite
Method:
Fill a highball glass with ice, add Geist Witty Wit and lime juice, then top with Sprite.
In 1987 itself, actor Danny Denzongpa had quietly started Yuksom Breweries
Long list of International actors, singers, sports personalities own liquor brands
India is yet to see a woman celebrity owning a liquor brand
On April 10, actor and businessman, Ajay Devgn joined the bandwagon of celebrities, part owning liquor brands with the launch of ‘The GlenJourneys Pioneer Edition’, a premium 21-year-old Highland single malt scotch whisky. Devgn has partnered with luxury spirits house Cartel Bros in this venture. He is not the first, nor is he going to be the last to venture into owning liquor brands, even as premiumisation is becoming the norm and connoisseurs are increasingly becoming aspirational and are looking at experiences, brand identity and quality. This trend began in the West with several celebrities associated with high-end brands and is catching up here.
Long before any of them really got into owning liquor brands or even before premiumisation had set in, our own Danny Denzongpa, the villain and character actor in Bollywood, had founded the Yuksom breweries in his hometown – Sikkim. Actor Tsering Phintso alias Danny Denzongpa’s, Yuksom Breweries Limited was established in 1987. Subsequently, in 2005 and 2009, Yuksom set up its second greenfield project in Odisha and acquired third brewery, Rhino Agencies in Assam. The three breweries together have a production capacity of over 680,000 HL per annum.
Yuksom Breweries has its market in Sikkim, West Bengal, Assam and Arunachal Pradesh. The brands include Hit (Super Strong Beer); He-Man 9000 (Super Strong Beer, bottle and can); Dansberg 16000, brewed at Denzong Breweries and sold in Odisha and also internationally (Super Premium Beer); Dansberg Blue (Premium Lager); Denzong 9000 (Strong Beer); Dansberg Red (Special Strong Beer); Dansberg Strong (Premium Strong Beer); He-Man 9000 Gold (Ultra Super Strong Beer); Himalayan Blue (Premium Lager Beer) exported to US and Australia and Himalayan Snowman (Super Premium Beer) sold in US.
Shah Rukh Khan and son Aryan Khan’s D’Yavol Inception making waves
Shah Rukh Khan (SRK), the highly popular Bollywood actor and his son Aryan Khan jumped into the fray in 2023 with the launch of D’Yavol Inception, a 100% pure malt Scotch whisky. Originating from Scotland, this whisky is carefully crafted as a medley of eight selected single malts hailing from the Speyside, Highland, Lowland, and Islay regions.
His son recently launched fashion and lifestyle brand D’yavol X in partnership with the Belgian drink and brewing company Anheuser-Busch InBev (AB InBev) in the Indian market.
D’Yavol which means ‘Devil’ in Russian has already captured the imagination of whisky drinkers in Karnataka, Maharashtra, West Bengal, Haryana, Delhi, Uttar Pradesh, Telangana, and Goa. The price ranges from ₹6,000 in Haryana to ₹9,950 in Karnataka. It has bagged several awards including the ‘Best Overall Scotch’ as well as the ‘Best of Class’ Blended Malt Scotch Whisky at the 2024 New York World Spirits Competition (NYWSC) for its flagship whisky – Inception.
D’Yavol co-founder Shah Rukh Khan said “INCEPTION’s award at the New York World Spirits Competition is a testament to the belief that the finest things in life are crafted with care and passion.”
Sanjay Dutt ‘s The Glenwalk has amazing sales
Another actor who has invested in alcobev startup Cartel & Bros is Sanjay Dutt and The Glenwalk Scotch whisky is quite popular having notched up impressive sales of 1.4 million bottles in FY 2024-25. Riding on his popularity, the company hopes to touch 4.2 million bottles in FY2025-26. Launched in December 2024, the brand is said to have generated over ₹15 crores in just 45 days, selling over 300,000 bottles in Maharashtra alone.
Cartel & Bros is a partnership of Manesh Sani and Mokksh Sani of Living Liquidz, one of the largest liquor retail chains in India; Jittin S. Merani of Drinq Bar Academy; and Rohan Nihalani of Morgan Beverages. “Unlike other Scotch whiskies in India, where the alcohol comes at a higher ABV from Scotland and is then bottled in India with Indian water, The Glenwalk is made and bottled in Scotland with Scottish water. This guarantees an authentic taste of Scotch,” said Jittin S. Merani.
Cartel & Bros are totally in sync with market trends and know how celebrities with their fan-following can influence them into becoming potential consumers. They are playing with the psyche of the fans and are roping in celebrities as the latter can build brands at accelerated pace. We have seen that happen with The Glenwalk. Now, Cartel and Bros has brought on board Ajay Devgn for ‘The GlenJourneys’, but we are yet to see any female celebrity in the alcobev sector, but the guess is, it won’t be too long a wait as India has seen a number of young women entrepreneurs launching gin, tequila and other categories with success.
Ranveer Singh equity partner in ABDMaestro
Last year, another superstar Ranveer Singh became an equity partner in Allied Blenders and Distillers Maestro, in a new business venture to offer a portfolio of premium brands. “I am delighted to partner with Allied Blenders and Distillers’ unique initiative. This venture is not just about creating and offering premium and luxury spirits, but equally about realising the aspirations of the Indian consumer. We’re blending world-class products, sourcing and craftsmanship with the rich, vibrant flavours of India, creating experiences that speak to people,” said Ranveer Singh, business and creative partner.
“At ABD Maestro, we believe in the power of innovation. This new venture, with a major impact personality like Ranveer Singh, represents our commitment to bring together simply the best. With him as our business partner and a creative mentor, we are confident that our luxury products will resonate with consumers,” said Alok Gupta, Managing Director, Allied Blenders and Distillers Limited.
Rana Daggubati’s Loca Loka
Actor Rana Daggubati owns an international tequila brand Loca Loka (Loca in Spanish means crazy and Loka in Sanskrit means world), using 100% pure highland agave sourced from the highlands of Jalisco, Mexico. In collaboration with music composer Anirudh Ravichander, Loca Loka is imagined in India, authentically produced in Mexico. The duo has blended & bottled the cultures, colours, art, tastes, and emotions of the two nations with vibrant energy.
At the launch last year, Daggubati said, “Both Indian and Mexican cultures boast rich histories, vibrant music and art, and much more. With Loca Loka, we look forward to bringing the essence of these cultures together and sharing them with longtime lovers of tequila, as well as those who are beginning their tequila journey. The entrepreneurial opportunity to innovate within the spirits industry while honouring and merging Indian and Mexican traditions is an adventure, I actively wanted to be a part of instead of just being a brand ambassador. There are so many possibilities with this venture and the introduction of Loca Loka is just the start.”
Celebrity Pull Factor
There is more than one reason why companies are bringing celebrities on board. Besides, their pull factor, making the brands more noticeable and reaching a wider audience, celebrities, unlike earlier days, are weary of advertising, even surrogate advertising. In India, the Central Consumer Protection Authority (CCPA) has escalated its efforts to clamp down on the indirect promotion of alcohol and tobacco. Celebrities and social media influencers who engage in such promotional activities could now face penalties of up to ₹50 lakh, according to new CCPA guidelines.
From advertising to investing, celebrities across the globe have made a decisive impact on businesses as they help in reaching a broader audience; improve brand credibility; go beyond boundaries; and make brands stand out from competitors.
Dwayne Johnson, Beyonce, Michael Jordan…. List of celebrities owning spirit brands is unending
Celebrities in India have just taken the first step, while internationally the list of celebrities from the field of cinema, music, sports etc, is quite exhaustive. They include Fast and Furious actor Dwayne Johnson (owns Teremana Tequila brand ); American rapper and actor Snoop Dogg (Still G.I.N); American singer and husband of Priyanka Chopra, Nick Jonas (Villa One Tequila); actor Ryan Reynolds (Aviation American Gin); Hollywood star George Clooney and Rande Gerber (Casamigos Tequila); Singer Beyonce (SirDavis Whisky); American TV personality and influencer, Kylie Jenner (Sprinter vodka); Hollywood star Brad Pitt (The Gardener Gin); actors Matthew McConaughey and Camila McConaughey (Pantalones Organic Tequila); Basketball icon Michael Jordan (Cincoro Tequila); Music band The Rolling Stones (Crossfire Hurricane Rum); actor and singer Jennifer Lopez (Delola, RTD spritz); actor Emma Watson and her brother Alex (Renais Gin); WWE star John Cena (Thomas Ashbourne); ‘Sex and the City’ TV personality Sarah Jessica Parker (The Perfect Cosmo by SJP); Heavy metal band Metallica (Blackened Whiskey); actor Mark Wahlberg (Flecha Azul Tequila); actor Eva Longoria (Casa Del Sol Tequila); singer Mariah Carey (Black Irish cream liqueur); Jamie Foxx (BSB-Brown Sugar Bourbon); actor Kate Hudson (King St. Vodka); singer Bob Dylan (Heaven’s Door Spirits, handcrafted whiskeys); actor Channing Tatum (Born and Bred Vodka); singer Justin Timberlake (Sauza 901 Tequila); David Beckham (Haig Club) among many others.
Ambrosia Magazine 2025 Awards jury member and global spirits expert shares his take on the future of Bourbon and American whisky in India. He is an award winning whisky expert, Keeper of The Quaich and Whisky Magazine Hall of Fame Member.
For the last twenty-five years whisky has enjoyed an unprecedented global growth in popularity, profit, expansion and appreciation in the alcobev industry, and among adult beverage consumers. While Scotch whisky has definitely dominated the landscape for decades, increasing – global travel, social media and global awareness has seen the world’s whisky industry explode. Whisky drinkers are now global explorers, enjoying flavours, aromas, enthusiasm and excitement from all over.
Nowhere is that more exciting than in India, the world’s largest whisky consuming and whisky producing country. India’s own export whiskies are gaining worldwide recognition, almost daily, as they continue to receive accolades and awards at major international competitions. The excitement is in India as well, not just for locally produced products but for whisky from other countries. The popularity of whisky continues to grow among Indian consumers as they explore outside the traditional boundaries.
Bourbon, together with its sibling Tennessee whisky and with its cousin, American Rye whisky, is America’s most popular spirit and has been enjoying growth at home and abroad. Virtually every alcohol consuming culture has a whisky or two which uniquely identifies with the local ingredients, natural resources and climate. Some emulate Scotch whisky, as Scotch is iconic and renowned for its flavour and its traditions. Others celebrate their differences and use local grains and ingredients to achieve a whisky experience which reflects their origins.
Bourbon is a uniquely American spirit and, by law, regulation and international trade agreements, it is acknowledged and protected as such. To carry the label ‘Bourbon’, it must be made in the United States and distilled from at least 51% corn maize, which brings a sweet and fruity character all its own. The balance of grain, called a “mash bill” must be composed of cereal grains – generally rye or wheat – with some malted barley. Bourbon must be matured in new, charred oak containers. The production standards are very specific and while most Bourbon is produced in the state of Kentucky, it can be made in any part of the U.S.
What does the future hold for Bourbon globally and in India? The global Bourbon spirits market is experiencing strong growth, despite a current slowdown due to international tariffs and uncertainty, with projections indicating a rise from approximately $8.2 billion in 2022 to $12 billion by 2030, driven by factors like premiumisation, craft distilleries and international demand.
Here’s a more detailed look at the bourbon volume growth.
• Premiumisation:
Consumers in India and elsewhere are increasingly seeking higher-quality and premium whisky offerings, leading to growth in the high-end and super-premium categories.
• Craft Distillery Interest:
There is growth in craft distilleries and artisanal whisky production which caters to the demand for unique and distinctive spirits.
• International Demand:
Bourbon’s popularity is expanding internationally, with key export markets like Europe, Japan, and Australia showing significant recent gains.
• Popular Cocktail Culture:
The “Cocktail Revolution” continues to expand internationally. The growing popularity of Bourbon-based cocktails and the expansion of cocktail culture further fuels demand. Many classic whisky cocktails are quite adaptable to Bourbon. India is a current global hotspot for this revolution.
• Cross Demographic Appeal and Affordability:
Bourbon has two very important characteristics which make it particularly attractive. First, accessibility – there is the range of pricing from value brands, which are priced to compete with popular, less expensive spirits to ultra-premium labels which appeal to connoisseurs and collectors. The second, perhaps more important, appeal – Bourbon is transgenerational in its appeal and crosses the full range of enthusiasts of all ages, genders and economic classes. In India, this translates into a product which will appeal to younger, aspirational drinkers and explorers.
• Tourism and Distillery Visits:
With return to global travel and the unique relationship between The US and India, particularly in the tech industry where whisky enjoys exceptional popularity, there is resurgence of tourism and distillery visits, providing immersive experiences for consumers, contributes to market growth. This is particularly apparent in Kentucky and Tennessee just as it is also beginning to happen in India.
• Sustainability:
Many distilleries are embracing eco-friendly practices, aligning with consumer demand for environmentally responsible products.
Market Projections:
• Global Market Value:
The global bourbon spirits market is expected to reach $12 billion by 2030, growing at a compound annual growth rate (CAGR) of around 5.6% between 2023 and 2030.
• North America Dominance:
North America remains the dominant market for bourbon, benefitting from strong local demand and a well-established production infrastructure.
• India and Asia-Pacific Growth:
The Asia-Pacific region is projected to experience the fastest growth in the bourbon spirits market. The opportunities in India are exciting as US Bourbon currently enjoys an import duty advantage over its Scotch whisky competitors and cheaper local IMFL products, making it competitive.
• Producers such as DIAGEO, which makes the incredibly fast growing and much celebrated brand, Bulleit Frontier Whiskey Bourbon, as well as several other American whiskey brands, have a strong advantage because of their already well-established infrastructure and market presence in India as well as their familiarity with local whisky culture.
Specific Growth Figures:
• In 2022, bourbon and Tennessee whiskey volumes in the U.S. grew by 4.2% to 29.7 million 9-liter cases, with revenues increasing by 10.5% to USD 4.5 Billion.
• The global bourbon spirits market was valued at nearly US$ 8 billion in 2022 and is expected to reach US$ 15 billion by 2030.
• The global Bourbon category is predicted to grow by 5% between 2022 and 2031.
• The global bourbon spirits market was valued at $7.8 billion in 2021, and is projected to reach $12.8 billion by 2031, growing at a CAGR of 5% from 2022 to 2031.
The Bottom Line – Bourbon’s Future in India
India is excited about American whiskey. A new, younger generation of educated, globally aligned consumers is energising the whisky market in India and Asia. Currently there are number of products available in India which includes Jack Daniel’s, Jim Beam, Woodford Reserve, Maker’s Mark, Gentleman Jack and Old Forester. And with the entry of Sazerac through John Distilleries Ltd as well as scores of other US companies, the Indian market will be flooded with bourbon and Tennessee whiskeys. Bourbon enjoys a particularly competitive advantage over other imported spirit products. My prediction – a bright and sunny future for Bourbon in India.
The spirits industry continues to be male-dominated, the reasons for that are many, including the taboo attached to drinking in some societies. But with premiumisation, responsible drinking, liberal society, near gender-parity, consumerism etc. the taboo is gradually disappearing. What is heartwarming is that women have broken the glass ceiling, entering the realm of the alcobev sector in varying capacities. On March 8, International Women’s Day, Ambrosia salutes these women who have dared to shatter the man-made myths. The best part is that the women force has dared to dream, creating brands that have raised the bar, so to say, in the alcobev sector.
Hina Nagarajan at the helm
We begin at the pinnacle that is with Hina Nagarajan, who till recently was the Managing Director and CEO of Diageo India, and has now moved on to a higher position in Diageo’s Global Executive Committee. From April 1, 2025, she takes on a new role as President of Diageo Africa. This will be her second stint in Africa, where she previously served as Managing Director of Africa Emerging Markets. Over the past four years as MD & CEO of Diageo India, she led a passionate and dedicated team to achieve many milestones, delivering a strong financial performance, and navigated challenges in a highly regulated environment. Under her leadership, Diageo India’s market capitalisation crossed ₹1 trillion up from about ₹45,000 in mid-2021.
Prior to joining Diageo, Hina spent over 30 years in the FMCG industry and held several leadership positions at Reckitt, Mary Kay India and Nestlé India during her career. Her most recent position before joining Diageo was as Sr. Vice President, Regional Director of Reckitt, North Asia since mid-2015, leading the business operations across China, Hong Kong and Taiwan.
Hina, a product of Delhi University and subsequently from the renowned Indian Institute of Management, Ahmedabad, is an accomplished senior leader with a proven track record in business transformation and development in complex emerging markets. She has a unique and versatile experience of building high quality and growth businesses in the diverse power markets of India, China, SE Asia and Africa across several sectors (food & beverage, health & hygiene, nutrition, beauty, home décor).
As a top woman leader, she is a strong advocate of creating opportunities for women and contributes extensively to Inclusion & Diversity Programmes. Her recognitions in this area include: EMpower Top 100 Ethnic Minority Role Model Lists (2020, 2019); WeQual I&D Award Winner (2019); and Cranfield University Top 50 Women to Watch (2019).
Smart, Young Women Entrepreneurs Changing the Landscape
In post-Covid era, India has seen the emergence of women entrepreneurs like never before and in sectors which one never dreamt of. These smart entrepreneurs have shaken up the world of distilling. They include Varna Bhat, Founder and CEO of Blisswater Industries (makers of Rahasya Vodka); Sakshi Saigal, Co-Founder of Third Eye Distillery (Stranger & Sons Gin); Anjali Shahi and Lavanya Jayashankar, Co-Founders of Speakeasy Spirits (makers of Matinee craft gin); Kasturi Banerjee, Founder & Director of Stilldistilling Spirits India (makers of artisan rum Maka Zai); Yoginee Budhkar and Ashwini Deore, Co-Founders, Cerana Meads; Devika Bhagat, Co-Founder of AdventuristSpirits (makers of Tamras craft gin); Karishma Chandy, Co-Founder of Happenstance Beverages (Pitbull Rum); Nidhi Kedia of Nisaki Gin. The list keeps growing.
The Rahasya of Varna Bhat
Varna Bhat is a dynamic and visionary entrepreneur with over a decade’s experience in brand building, scaling, and communication across diverse industries, including beverages, fashion retail, electronics, sports leagues, and jewellery. Today, she is a serial entrepreneur having founded three companies (including Blisswater) in less than a decade of a sensational entrepreneurial journey. Her parents wanted her to be a civil servant, but she had other interests, entrepreneurship being on the top. As a Goan, something was brewing in her head and that was no secret – vodka – and in Goa it was not difficult to hit upon the right partners for distilling and bottling. Lo, born was Rahasya, a flavoured vodka which is distinctly Indian made from Indian grain with crispy notes. Varna is busy exploring overseas market.
No Stranger to Alcobev, Sakshi Saigal
It was in 2018, Sakshi Saigal, her husband Rahul Mehra and her cousin Vidur Gupta teamed up to set up Third Eye Distillery, yet again from Goa, seemingly a birthing place for young and daring entrepreneurs. Sakshi’s poison was gin, more so when she was in Barcelona, Spain doing her MBA. On returning to India, she thought Indians needed the Barcelona experience of finding gin bars with consummate ease. While she did not venture into setting up a bar, she took a leap (along with her co-founders) to ensure that craft gin was easily available in the bars of the country. Thus, was born Stranger & Sons.
In an earlier interview with Ambrosia, Sakshi had given the genesis of Third Eye Distillery. “It goes without saying that we individually are not just cocktail enthusiasts, but also had access to observe the beginnings of the Gin Revolution first hand. I was working towards my MBA in Barcelona, while Vidur was studying in the UK and Rahul had just set up his craft brewery in Mumbai. While we were tasting and drinking a variety of gins every day–whether in London’s cocktail bars or the Gin Tonics of Barcelona, we were getting well acquainted with the gin landscape. That’s when it piqued our interest as to why India wasn’t up to speed with gin although gin manufacturers all over the world looked to India when it came to sourcing botanicals and we kept encountering brands based on a vision of India that we knew very well had never been a reality. This made us question why products with these botanicals are made everywhere but here. To add to this, there wasn’t any other quality homegrown product then that was conveying the story from our perspective; so, we decided to change that and embarked into a lot of research before setting up Third Eye Distillery.”
Banker-turned-Rum producer: Kasturi Banerjee
“After 16 incredible years in the financial services industry across the UK, India, and Singapore, including a 12-year tenure with Standard Chartered Bank, I took a bold leap into the alcobev industry in 2020. I didn’t just leave banking—I traded spreadsheets for stills, and numbers for nuanced flavours. Driven by a passion for craftsmanship and innovation, I founded Stilldistilling Spirits, a start-up dedicated to crafting premium, homegrown artisanal rum that’s redefining India’s spirits landscape.”
She then took up a six-month bartending course and took up an internship in a bar in Mumbai to turn her passion into a profession. Kasturi then launched Maka Zai and MESMA rum, pioneering India’s premium rum market with distribution in five states, naval canteen, duty-free outlets, and one export market. She is a forerunner in the category through relentless advocacy and on-ground activations, including tasting sessions, trade shows, and masterclasses. “Today, I’m not just building a brand—I’m crafting experiences, challenging norms, and redefining what premium rum means in India. For me, rum isn’t just a product—it’s a narrative of India’s craft potential, and I’m here to bottle that story.”
On the growing number of women entering the alcobev industry, she says “It’s great to see a steady increase in the number of female entrepreneurs entering the beverage sector, across several roles. From restaurant ownership and beverage programme leadership to bartending and spirit founders, there’s a noticeable trend toward greater equality unfolding. Over the past 12 months, both globally and here in India, we’ve witnessed remarkable progress. Opportunities are becoming more accessible to all, and recognition is being rightfully extended regardless of gender.”
Reshaping Perceptions of Agave: Kimberly Pereira
Kimberly Pereira, Chief Operating Officer at Maya Pistola Agavepura (Pistola), has played a key role in the brand’s growth since its launch in 2021. Having spearheaded its popularity across the country, she embodies the spirit of Pistola as a torchbearer for Asia’s first premium aged 100% Agave spirit. Her passion for the brand steers her efforts in all aspects of the business, from production to distribution, as she continues to create a niche for Pistola in the world of spirits.
Kimberly’s tenure at Pistola has been marked by her ability to shape the company’s strategic direction and expansion plans. From her initial role as Sales Manager – Goa (2021-22), and Brand Ambassador (2021-23), to her current position as Chief Operating Officer, she has played a pivotal role in the brand’s evolution and establishment nationally. Her current focus lies in popularising the relatively unknown spirit to the Indian beverage market, presenting it as a refreshing, wild, and authentic alternative to global tequila culture. By reshaping perceptions of a premium, 100% agave and earning the moniker ‘Agavepura’, she is actively creating new avenues of growth through tasting experiences and educational sessions, aimed at enlightening connoisseurs and beverage enthusiasts about the diverse variants of Pistola.
Kimberly’s extensive experience in hospitality, brand management, and the services sectors has fuelled her passion for creating authentic and memorable customer experiences, a principle she holds dear in her role at Pistola. Her international travels and her love for offbeat bars, craft spirits, and unique cocktails have enriched her understanding of the global beverage landscape, further enhancing her ability to cater to the diverse tastes and preferences of the brand’s customers.
Born and raised in Kuwait, and having studied in India and abroad, she has experienced different global cultures during her extensive travels. Outside work, she enjoys hosting friends and family over a home-cooked meal, long drives, photography, or a lazy day at the beach.
Taking the family legacy forward: Sanaya Dahanukar
Sanaya Dahanukar is a dynamic marketing professional at Tilaknagar Industries Ltd. (TI), India’s leading brandy company. As the fifth-generation member of the Maharashtra-based Dahanukar family behind TI, Sanaya brings a blend of legacy and modernity to the company.
She has been an integral part of the organisation for the past two and a half years, working closely with her father, Amit Dahanukar, the Chairman and Managing Director of Tilaknagar Industries. Sanaya’s entry into the family business followed her graduation from the University of California, Berkeley, where she majored in Economics and minored in Philosophy.
Sanaya’s passion extends beyond marketing, as she has also delved into the art and science of alcohol making and blending. She successfully completed the Wine and Spirits Education Trust (WSET) Level 2 course, further deepening her expertise in the industry.
In her role, Sanaya is hands-on in all aspects of marketing, from naming and packaging to brand communication and the execution of campaigns. She is deeply involved in driving Tilaknagar’s new product development strategy, collaborating closely with the blendmaster to shape the next generation of offerings. Aimed at elevating TI’s presence in the premium and luxury segments, Sanaya plays a pivotal role in strengthening the company’s flagship brands and expanding its portfolio. Her contributions reflect her commitment to blending the company’s rich 90-year legacy with innovative strategies for the future.
Swa, Handcrafted by Women: Vaishali Mehta
Vaishali’s journey is a testament to resilience, innovation, and purpose. A proud Gujju born and raised in Kolkata, she grew up in a family where conversations about food and flavours were as central as the meals themselves. With an MBA from Symbiosis University and a successful career in advertising, she honed her skills in building brands and relationships.
Her entrepreneurial spark ignited during her stint with a startup in New York, where she was captivated by the fresh, natural ingredients used in beverages. However, the joy of accessing fresh Alphonso mangoes in the U.S. turned bittersweet upon her return to India, where artificial, preservative-laden syrups dominated the market, even in a country abundant with natural produce!
Determined to change this, she set out to create something of her own – something that would not only celebrate India’s rich ingredients, but also uplift women. Thus, Swa Artisanal Syrups was born. With a focus on natural, preservative-free syrups handcrafted by women, Swa embodies authenticity and empowerment. Vaishali’s dedication to providing skill upliftment and financial independence to marginalised women has made Swa’s production facility a thriving, women-led hub. Under her leadership, Swa has partnered with some of India’s top F&B brands and become a favourite among consumers for its unique, naturally delicious syrups.
Vaishali’s passion lies in creating products that delight customers and solve real industry problems, all while fostering an inclusive, supportive workplace. Whether it’s mixing drinks or building her team, Vaishali ensures Swa is always on the right track – speeding ahead with purpose and heart.
From Programmer to Head Brewer: Vidya Kubher’s journey
Vidya Kubher’s journey to becoming the Head Brewer at Geist Brewing Co. reflects a blend of curiosity and adventure. Initially driven by a love for craft beer as a consumer and a desire to delve deeper into the world of beer, her enthusiasm for the beverage has only grown as she has explored new styles and brewing techniques over the last 13 years.
Prior to beginning her career as a brewer in Bangalore, Vidya lived in Chennai and worked as a programmer at a mutual fund company before joining an auto ancillary business. Vidya would often drive down to Bangalore for work between 2008-2011, which is when she developed a keen interest in beer and began a personal quest to sample as many different brands and styles as she could.
Incidentally, one of these discoveries was Geist beer (which at that time was manufactured and bottled in Belgium using a reverse outsourcing model). Further, travelling to countries like Germany -particularly Munich, for its famed brewing culture – and Belgium over the course of a few years gave Vidya significant additional exposure to this particular beverage category.
Through her conversations with local brewers and other industry professionals during these trips, Vidya realised that various aspects of brewing were interesting to her and a brewing career became the logical next step. Vidya enrolled in a well-regarded and comprehensive brewing technology course: Siebel Institute’s World Brewing Academy Master Brewer Program. The dual-country course across the Siebel Institute in Chicago, USA, and the Doemens Academy in Munich, Germany gave Vidya insight into two distinct brewing cultures, which she credits for giving her a well-rounded and balanced foundation. To hone her skills and gain some hands-on experience, Vidya also spent time training at various breweries and a yeast lab in Europe before making her way back home.
She started working with Geist Brewing Co after reading about their brewery in Bangalore and intentions to set up a yeast lab. Her initial role as a brewer got her involved in Geist’s microbrewery operations at two brewpubs in the city between 2012 and 2016 before becoming responsible for overseeing beer production at the brand’s 10,000 sq. ft distribution brewery – South India’s first – once it was set up in 2017.
As Head Brewer at Geist Brewing Co., Vidya spends her time on various activities such as creating recipes, managing various aspects of brewing and the yeast lab, working on production schedules and even contributing to events. Since 2017, Vidya and her team have been responsible for brewing 40+ different craft beers.
Shaping India’s Cocktail Culture: Minakshi Singh
With 18 years in the alcobev and hospitality industry, Minakshi Singh has played a key role in shaping India’s cocktail culture. She co-founded Cocktails & Dreams Speakeasy in 2012 with Yangdup Lama, followed by Sidecar in 2018, which is recognised among the world’s best bars. Most recently, she launched The Brook, further expanding her impact on the industry.
Her career began with leading global spirits companies like Pernod Ricard, Diageo, and Tulleeho, where she gained deep expertise in beverage strategy and brand-building. Beyond hospitality, she co-founded Drinks India Company, a consulting firm focussed on elevating beverage programmes, and BHUMI, a farm-to-table initiative championing sustainability and local sourcing.
As a co-founder of India Bartender Week (IBW), Minakshi is committed to fostering a strong bartender community through mentorship, knowledge exchange, and industry collaboration, strengthening India’s standing in the global cocktail scene.
In the beginning there was Mead: Yoginee Budhkar & Ashwini Deore
Nashik-based Cerena Meads is the creation of Yoginee Budhkar and Ashwini Deore, both coming together while pursuing their doctorates at the Food Engineering & Technology Department at The Institute of Chemical Technology, Mumbai. Budhkar believes that as the target audience has shifted to include both men and women equally, at least in tier-I and tier-II cities, this change in consumers has naturally led to a change in manufacturers.
It isn’t everyday that a famous English cricketer decides to launch their own Scotch whisky – well may be not globally atleast. In India this has become a recent trend where celebrities have started jumping onto the alcobev bandwagon. Take for instance Sanjay Dutt, whose Glenwalk Whisky is doing pretty well in the market. Even SRK and his son Aryan have launched their premium Vodka in the market..
Now what makes Dram Bell special is that it comes from Kevin Pietersen – the former England Cricket Captain, who is a marquee investor in the company. I did sit down with him for a chat and you can read that conversation here.
The Dram Bell scotch whisky comes in 2 variants – the Premium and the Reserve. The Reserve comes with a 5-year age statement. But today I am reviewing the premium, priced at INR 1,750 per bottle for a 700 ml with a ABV of 40% and currently it is only available in Maharashtra with plans to launch in other states soon. Now this is positioned slightly higher than the other products in this. Why? We’ll talk about that later.
This whisky is brought to you by Ardent Alcobev Pvt. Ltd., which is a JV between Rajasthan Liquor Ltd (RLL) and Industry veterans, Debashish Shyam and Jatin Fredericks. Now you must be wondering how does KP come into the dram here? As mentioned earlier he is an investor in Ardent and naturally he is going to use his star power to promote the brand.
The whisky gets its name from a unique tradition during the Victorian time when distilleries rang a bell for the workers to come and enjoy a dram of whisky – on the house – a tradition that apparently these makers continue to the day.
What’s interesting is that Angus Dundee Distillers is the one who distils, blends and bottles Dram Bell in the Highlands Region in Scotland. Now they are a renowned name who are the makers of famous single malts like Tomintoul, etc and have been around for a longtime.
The scotch is made under the supervision of Ian Forteath, Dram Bell’s Master Blender with the blend using a combination of aged malt and grain Scotch whiskies, matured in first and second-fill American bourbon oak casks and the makers say that this results in a refined and complex flavour profile. Now what does first and second fill cask mean? It means that a cask that has previously been used to age sherry, port, bourbon, or other aged wines or spirits, and is now being used to age another whisky for the first time. And this process tends to add a distinctive flavour.
Packaging
The mono carton packaging is very Scottish in terms of the red/maroon colours with all the information – the key one being that it is exclusively made in Scotland.
It comes with a neck tie that has info from KP and the bottle is very familiar, since it is bottled by Angus Dundee it is slightly familiar to Tomintoul single malt. I like the ingredients where is states on the bottle – scotch whisky, water and natural colour, which means it has purely got its colour from the barrels and maturation process – making it authentic.
Nosing and Tasting
At first whiff you can get the aromas of sweetness, hint of chocolatey, toffee/caramel sort of finish. Its is surely fruity and also a hint of fennel may be? In terms of taste – it is sure sweet with hints of apple, spice and caramel finish. On the throat the finish is short but smooth and there is no burn, which hints that it has even matured well.
Conclusion
So how is Kevin Peterson Dram Bell scotch whisky? Well for a price of Rs. 1750 it is competing with some very good names in the category. Like Teachers Highland Cream, Grants, 100 Pipers Deluxe etc. And with the prospect of it being more affordable in other states (when it launches), this makes it a pretty good proposition.
In the recent past, the stock market has crashed massively with the BSE Sensex going below 77,000 and the NSE Nifty50 also saw a sharp decline. Most broader market indices have been in the red. At the time of writing on February 13, the Sensex and Nifty were trading higher bringing relief for investors, following a six-day decline. The rise has been attributed to the meeting of the Indian Prime Minister Narendra Modi with the US President Donald Trump and the appreciation of the rupee against the dollar.
How have the liquor stocks been performing in this backdrop. It is reported that a few liquor stocks are outperforming consumer staples, even though there is slowdown in consumption. Brokerage firms are betting on some liquor stocks, the notable ones being Radico Khaitan and United Spirits. Some brokerage firms have estimated an upside potential of up to 19%, while some others have given six stocks a growth potential of 7% to 54%, something to cheer.
This is despite the demand environment remaining muted in Q4 FY24 due to inflation. In the previous quarter, liquor companies have had higher sales, thanks to the festive season, Cricket World Cup and wedding season.
United Spirits, a good bet
Though United Spirits, with famous brands such as Johnnie Walker, Black & White, Black Dog, Signature, Royal Challenge, McDowell’s No.1, Smirnoff and many more, had subdued sales in Q4 FY24, it is now focussed on premiumisation, in line with global trend of upgrading to better brands.
For the fourth quarter of FY24, the company recorded consolidated net sales of ₹2,666.00 crore, down from ₹2,989.30 crore in the December quarter and ₹2,864.70 crore in the September quarter. For the nine months ending December of the current financial year, the company notched up net sales of ₹18,995.50 crore, compared to ₹7,879.90 crore in FY22, ₹6,946.60 crore in FY21, and ₹5,664.80 crore in FY20. PAT for the nine months of the current year stood at ₹927.60 crore, compared to ₹847.70 crore in FY22.
United Spirits stock is trading at ₹1394.50 (down 3%) with the 52week low being ₹1075 and the high being ₹1700. If an individual had invested ₹1 lakh on February 12, 2020, it would now be worth ₹2.02 lakhs.
Radico Khaitan Riding High on Premiumisation
The next company to watch is Radico Khaitan, manufacturers of Rampur Indian Single Malt Whisky, Magic Moments, Dazzle Vodka, 8PM whisky and more. The company, one of the largest manufacturers of Indian Made Foreign Liquor (IMFL), which has 30 plus bottling units, over 75,000 retail outlets, reported an increase of 27.05% in its consolidated net profit to ₹95.48 crore in the third quarter ended December 2024. The company had posted a consolidated net profit of ₹75.15 crore in the October-December quarter a year ago, according to a BSE filing from Radico Khaitan.
Its revenue from operations went up 8% to ₹4,440.90 crore during the quarter under review. The figure was ₹4,111.23 crore in the corresponding quarter of the previous fiscal. In the December quarter, Radico Khaitan’s total IMFL volume was at 8.36 million cases, up 15.3% year-on-year. The Chairman & Managing Director Lalit Khaitan said, “Despite challenges in overall consumption growth, the spirits industry in India has experienced strong momentum, particularly driven by premium brands. In this context, we have delivered an impressive operational performance in Q3 FY25.”
Radico Khaitan is driving a premiumisation strategy which has benefitted the company’s financials. The premium products category is growing at over 20%. Rampur India single-malt whisky is gaining popularity by the day, all of which are driving EBITDA margins to 17-18% and improving the cash flow. The company expects these positives to result in a sharp fall in its debt levels by FY26.
If an individual had invested ₹100 in Radico Khaitan in 2021, it would now be fetching ₹242.81. The stock is trading on February 13, 2025 at ₹2,119 (down by ₹118 for the day).
United Breweries 17% gain in a year
United Breweries, subsidiary of Heineken N.V and makers of Heineken, Kingfisher Premium, Zingaro, Kalyani Black Label, London Pilsner etc., had gained 3.9% in trade following Heineken N.V reported its 2024 full-year results. The market capitalisation of the company stood at ₹54,561.32 crore. The 52-week high of the stock was at ₹2,299.4 per share and the 52-week low of the stock was at ₹1,645.8 per share.
UB is a market leader and its brand Kingfisher grew in volume in mid-single-digit, while Kingfisher Ultra and Heineken Silver volumes grew in the mid-thirties, gaining segment market share. UB shares have gained 17% against Sensex’s rise of 7.3% in the past one year.
Sula Vineyards Robust Growth
India’s largest wine producer, Sula Vineyards, has reported robust growth in its premium wine portfolio and wine tourism segment for the third quarter (Q3) and nine months (9M) of FY25, despite a challenging market environment. The company, known for its expansive range of wines and innovative wine tourism initiatives, announced its financial results, showcasing resilience and strategic adaptability.
In its latest performance update, Sula posted its highest-ever 9M net revenue of ₹489.2 crore, marking a 1.7% year-on-year (YoY) growth. This growth was largely driven by the company’s premium and elite wine brands, which saw a 5.6% YoY increase in Q3. The share of these higher-end labels in the company’s portfolio reached an all-time high of 80.5% in Q3, up from 77% last year, reflecting Sula’s strategic focus on catering to India’s evolving taste for luxury and quality.
Wine tourism, a key differentiator for Sula, also shone brightly, recording a remarkable 11.6% YoY growth in Q3 revenue. This was attributed to a vibrant festive and wedding season, coupled with higher guest spending, improved occupancy rates (81% compared to 76% in the previous year), and an increase in Average Room Rates (ARR).
However, the company faced significant headwinds in Q3, impacting profitability. The reduction in WIPS credits resulted in a direct EBITDA impact of ₹4.7 crore for the quarter, contributing to a 26.3% decline in EBITDA to ₹53.9 crore. Profit After Tax (PAT) also fell by 34.7% YoY to ₹28.1 crore, reflecting the pressures on margins.
Sula Vineyards share price is ₹317.55 as of February 13, having a 52 Week high of ₹639.95 while 52 week low is ₹308.10. Some brokerage firms are suggesting investors to hold on.
Tilaknagar Industries confident
Tilaknagar Industries Ltd., primarily engaged in the manufacture and sale of IMFL and extra-neutral alcohol, has brands such as Courrier Napoleon Brandy-Green, Mansion House Whiskey, Lumumba, Apple Fizz, Madira Rum, Brandy Smash, Warm Punch, etc.
Tilaknagar Industries for nine months FY25 had a net revenue from operations at ₹1,028 crore v/s ₹1,035 crore the previous period. The EBITDA improved by 28.6% to ₹176 crore v/s ₹137 crore; adjusted for the subsidy income. Volumes grew 2.1% to 84.9 million cases, while the net service revenue stood at ₹1,227 per case.
However, the company’s share price had hit 20% lower circuit at the time of writing, following the Bombay High Court’s dismissal of its petition in a trademark dispute involving the Mansion House brand. The company is going on an appeal on the Court order. The share price on February 13 was ₹261, the 52 week high been ₹457 and the low been ₹182.05, with a lot of promise. The alcobev market in India has been growing gradually over the years, thanks to the rising disposable income, urbanisation and retail innovations, all of which are making liquor stocks a good bet, despite the industry been highly regulated and prohibition in place in some states. The alcobev sector is dynamic, attracting investors as demand for alcobev products sees no decline. India’s alcohol industry is projected to reach sales of US$ 112,338.9 million by 2034, indeed a bet worth taking.
Flavoured rum is redefining India’s spirits industry, appealing to modern drinkers with its versatility and unique profiles. As new innovations emerge, the segment continues to grow, transforming traditions and opening new markets
India’s fast-expanding $52.4 billion alcobev sector now contributes approximately 2% to the nation’s GDP. This achievement, largely attributed to the past two decades of remarkable growth, reflects an industry that continues to adapt to evolving consumer preferences. With the market forecasted to expand by nearly 7% in the coming years, experts believe the country is only beginning to tap into its enormous alcobev potential.
Within the broader industry lies the rum category, which, despite its longstanding presence, is now experiencing significant transformation. Currently valued at just under $1 billion, the segment is projected to exceed $1.4 billion by 2029, driven by consistent annual growth of 2% to 4%. This momentum is further amplified by innovative players introducing flavoured rum varieties, enhancing the drink with unique tastes and vibrant appeal.
For industry stakeholders, the objective is to build on these advancements to catalyse further growth across the entire alcobev ecosystem. Flavoured rum, in particular, has become a regular feature in bars, nightclubs, and ready-to-drink formats, catering to consumers who prefer enjoying rum at home.
Exploring the growth of flavoured rum in India
Vicky Chand, Managing Director of Radiant Manufacturers North East
India’s rum industry is an emerging force within the larger alcobev landscape. According to Vicky Chand, Managing Director of Radiant Manufacturers North East, flavoured rum in the country is produced in two distinct ways: one adhering to the global standard of using a sugarcane-based spirit as the foundation, and the other employing alternative blending materials. Chand highlights that these approaches are chosen by distillers based on style and preference.
Raju Vaziraney, Advising President of IMFL, India Glycols Ltd.
Radiant’s award-winning product, Lost Treasure Coffee Rum, is gaining popularity with its unique blend of grain, cane, and malt spirits infused with cold brew coffee. This combination delivers three distinct yet harmonious profiles that connect with flavoured rum enthusiasts. Explaining the growing appeal of flavoured rum, Raju Vaziraney, Advising President of IMFL, India Glycols Ltd., credits it to the adventurous nature of young consumers.
“Young Indian consumers are dynamic and aspirational. They actively seek new recipes and flavours to share experiences with their peers. This curiosity sparked the popularity of flavoured vodka over a decade ago, followed by gin, and now it’s rum’s turn,” Vaziraney explains. “Flavoured spirits are accessible and versatile, allowing consumers to enjoy them without the complexity of crafting cocktails. This is especially appealing to those unfamiliar with mixology.”
John Royerr, Founder of Ochre Spirits
The perception of rum as a “winter drink” has also progressed, with new varieties dispelling the notion of seasonality. Flavoured rum has broadened the drink’s appeal, making it a choice for all seasons. John Royerr, Founder of Ochre Spirits, notes that consumers are increasingly discerning.
“Drinkers now value smoother, more flavourful spirits. Artisanal rums, often crafted in small batches, deliver a premium experience distinct from mass-market brands. This shift is reshaping traditions and creating space for innovative offerings,” Royerr adds.
He also points to India’s growing cocktail culture, which has fuelled demand for flavoured rums. These spirits add variety and depth to home bars and social occasions, appealing to consumers seeking a sophisticated drinking experience.
For instance, Bacardi Mango Chili combines the beloved flavour of mango with a spicy kick, demonstrating how brands are creatively leveraging local tastes. This product is now widely available across several states, from Pondicherry to Uttarakhand. Ashish Jha, Brand Lead at BACARDÍ India, highlights the strategy behind such launches. “Understanding Indian consumers’ preferences is essential. Mango is a beloved flavour, while chili adds a zestful edge. This blend is in line with local tastes and offers something fresh to the market,” he says.
Assessing the opportunities
The burgeoning flavoured rum segment presents significant opportunities. While traditional rums are often viewed as occasional beverages, flavoured varieties cater to younger audiences unafraid to experiment. However, the premium nature of some flavoured rums necessitates a focussed market approach.
For Chand’s Lost Treasure Coffee Rum, the current strategy involves targetting the Northeast, a region with a growing appetite for distinctive rums. “We use cone spirit, a scarce ingredient, which limits our initial reach. By concentrating locally, we aim to establish our brand and later diversify into categories like white rum,” Chand shares.
Vaziraney’s Zumba Spiced Rum is similarly carving out its niche. “Younger consumers prefer new flavours, while traditionalists stick to classic blends. We’re catering to adventurous drinkers, aiming for nationwide presence and eventual international expansion,” he remarks.
Tarun Samvedi, Director of F&B at The Resort, Mumbai
Tarun Samvedi, Director of F&B at The Resort, Mumbai, observes this evolution. “Our venues often attract guests looking for distinctive experiences, including flavoured rum. Signature drinks like tropical punches and spiced mojitos highlight the versatility and visual appeal of these options. For instance, the tropical punch is ideal for summer-themed gatherings, while the spiced mojito offers a warm, aromatic touch perfect for cooler evenings or celebrations. Patrons who may not usually enjoy the intensity of traditional rum are drawn to the lighter, more refreshing character of flavoured options,” he notes.
Discussing his preferred brands, he adds, “Bacardi stands out for its diverse range of flavours, which work beautifully in various cocktails, from tropical punches to classic daiquiris. Captain Morgan delivers a rich complexity with its spiced and flavoured offerings, making it a favourite for mojitos and hot toddies. Malibu is also a staple, known for its signature coconut rum, a perfect choice for tropical or beach-inspired drinks.”
Apurva Bhatia, Beverage Manager at The St. Regis Goa Resort
Apurva Bhatia, Beverage Manager at The St. Regis Goa Resort, highlights the importance of ice and presentation. “Crushed ice enhances the chill and adds a slushy texture to tropical cocktails, while clear ice blocks offer stunning aesthetics for showcasing rum’s vibrant hues. Two of my most requested flavoured rum cocktails are Susegado Daiquiri – a blend of coconut rum, homemade jackfruit, palm sugar, vetiver cordial, house citrus, topped with jackfruit marshmallow – and Spiced Island Julip, which combines spiced rum, spearmint, house citrus (grapefruit, lime, orange), brown syrup, and homemade ginger beer. Personally, I lean toward Diplomatico Mantuano for sipping and Ron Matusalem for mixed beverages,” Bhatia elaborates.
Expanding consumer preferences
A notable trend driving the growth of flavoured rum is the mounting interest in health-conscious drinking. Consumers are seeking low-calorie, naturally flavoured options that align with their wellness goals. This shift has prompted many brands to explore organic ingredients, ensuring their offerings cater to the sprouting demands of mindful drinkers. This approach has broadened the appeal of flavoured rum, making it a viable choice for those who prioritise balance without compromising on taste.
Additionally, the appeal of flavoured rum extends to culinary applications. Mixologists and chefs alike are incorporating these rums into innovative dishes and desserts, further strengthening their place in contemporary dining experiences. For example, rum-infused cakes and flambéed dishes featuring tropical rum varieties are gaining traction in high-end restaurants and home kitchens alike.
The versatility of flavoured rum has also led to its adoption in events and social gatherings. Wedding planners are now including rum-based cocktails as part of curated drink menus, adding an element of uniqueness to the celebrations. These custom drinks, often inspired by regional flavours, bring a personal touch to festive occasions and elevate the guest experience.
Flavoured rum is further finding its way into experiential marketing campaigns, where brands create immersive experiences for their customers. Pop-up events, themed tastings, and collaborations with lifestyle influencers are becoming common methods to engage consumers. By offering an interactive platform, brands can forge stronger connections with their audience while educating them about the possibilities of flavoured rum.
Pricing, target markets, and upcoming plans
Speaking of pricing, Royerr explains, “Our Nutty Berry Rum is priced competitively at ₹1450 for a 750 ml bottle. Despite the intricate crafting process and premium ingredients, we have ensured accessibility for our customers, balancing quality with affordability.” Adding to the discussion, Vaziraney stresses, “Zumba Spiced Rum caters to younger, adventurous consumers who seek distinct flavours. Our spiced rum has successfully launched in UP and Uttarakhand, with approval for distribution through paramilitary forces nationwide. We’re now preparing to expand into new domestic markets this winter and explore international opportunities in the near future. Despite its semi-premium positioning, we have ensured that pricing remains competitive to attract a broader audience while offering an elevated experience.”
Bringing a regional perspective, Chand shares insights on their market strategy, “Lost Treasure Coffee Rum is designed for discerning palates in the Northeast. Although the scarcity of cane spirit limits distribution, this focus has allowed us to establish a strong foothold locally.”
On consumer response, Royerr observes, “Flavoured and artisanal spirits are transcending geographical boundaries. From bustling metros to smaller towns, there is growing enthusiasm for premium flavoured rums, reflecting their universal appeal.” Chand echoes this sentiment, adding, “In Assam, we’ve noticed that well-travelled consumers often take our spirits to larger cities like Mumbai and Delhi, mirroring the region’s growing expertise in crafting high-quality rums. This organic promotion has been invaluable in building our brand.”
Expanding on innovations, Royerr elaborates, “At Ochre Spirits, we meticulously source ingredients like cherries, oranges, and grapefruits from across the country, complemented by global-quality nuts for depth. Through maceration and distillation techniques, we ensure smooth, natural flavours. This dedication is central to our mission to introduce agave spirits soon.”
Vaziraney adds to the innovation dialogue, “Our journey with Zumba White Rum infused with lemon citrus flavours has been promising. As we solidify our presence, we plan to introduce additional flavours and limited editions, keeping the momentum alive through ongoing consumer research.”
Chand also hints at exciting developments, “We’re exploring barrel aging with coffee beans sourced from diverse regions of India. These limited editions will further elevate our offerings, creating a unique identity in the flavoured rum segment.”
The road ahead
Flavoured rum is poised for continued growth as more and more consumers appreciate spirits for their taste and character rather than solely for their potency. Bhatia emphasises the distinct profile offered by flavoured rums. “These rums provide sweet, fruity, or spicy notes, broadening their appeal to those who may not enjoy traditional blends,” he notes. As this segment grows, the expectation is that more brands will enter the market, each striving to stand out through innovation and quality.
Differentiation is key, according to Chand. His “Think Global, Act Local” philosophy ensures a balance between international standards and local sensibilities. This approach creates a “glocal” brand that resonates with diverse audiences. Moreover, the presentation and marketing of flavoured rums are adapting to meet shifting consumer demands. Stylish, eye-catching bottles and eco-friendly packaging are becoming essential components that captivate the modern buyer. This attention to design and environmental consciousness aids brands in establishing distinction in a highly competitive arena.
The no- and low-alcohol drinks market is experiencing a transformative period of growth, driven by evolving consumer behaviours and the momentum of no-alcohol. Across 10 key markets, the combined no/low-alcohol market is expected to expand by +4% volume CAGR through 2028, with no-alcohol driving the majority of this growth, at +7% volume CAGR, while low-alcohol volumes remain broadly static. The no-alcohol category is expected to deliver incremental growth of US$4bn+ by 2028, according to the latest findings from IWSR Global Drinks Industry Data.
IWSR stated that ‘No- and Low-Alcohol Strategic Study 2024’ shows that the no-alcohol segment recruits more new consumers than its low-alcohol counterpart, with an increase of 61 million buyers versus 38 million for low-alcohol (2024 vs 2022) in the 10 key markets (Australia, Brazil, Canada, France, Germany, Japan, Spain, South Africa, UK, US).
New recruits entering the category are skewing younger than the core buyer demographic across markets, and demonstrate higher frequency and intensity of consumption. In line with global trends, alcohol purchases among no/low buyers are decreasing, particularly in the beer and wine categories. Across the 10 key markets, per capita consumption in litres of pure alcohol is at 80% of its level in 2000.
As the no/low category develops and more products come to market, other drivers besides alcohol moderation are becoming increasingly important in increasing consumption frequency, particularly in emerging no-alcohol categories. Factors such as taste, availability and brand are increasing in importance in categories outside of no-alcohol beer.
Susie Goldspink, Head of No- and Low-Alcohol Insights at IWSR, notes: “As the no-alcohol category matures, consumers want more than just an absence of alcohol. They want products that deliver on taste, complexity, and overall drinking experience. This evolution is pushing the category further, prompting brands to innovate and raise the bar in terms of quality and variety.”
No-alcohol will continue to drive future growth
Royalty Non Alcoholic Ginger
Strong growth across no-alcohol categories has continued throughout 2024, with RTDs expected to have the fastest growth rate through to 2028, off a lower base (+10% volume CAGR, 2024-2028). Beer will grow at 7% volume CAGR, and will continue to lead future no-alcohol growth in absolute volume terms.
No-alcohol’s share of TBA across the 10 key markets will increase to over 3% by 2028, with its share of the US TBA market doubling in that time. Brazil, Canada and the US will see higher growth in the no-alcohol segment in the near future, whereas growth is predicted to be more gradual in Spain, South Africa and Germany.
The US and Brazil emerge as key growth markets
No-alcohol growth in the US (+18% volume CAGR 2024-2028) and Brazil (+10%) is expected to come from the recruitment of new consumers, increased frequency of consumption and increased incidence in both markets. Growth in the US will come from a wider array of no-alcohol subcategories, while in Brazil, growth will come almost entirely from beer. Smaller markets such as Canada and Australia, also offer attractive opportunities with relatively high growth rates (7.5% and 5% respectively) off a lower base.
No-alcohol consumption frequency driven by Gen Z and Millennial cohorts
Markets with a younger legal drinking age (LDA) consumer base for no-alcohol, such as Brazil, the US and South Africa, continue to show heavier consumption per occasion, while markets with an older consumer base, such as Japan and Spain, report fewer drinks per occasion.
Gen Z who have recently reached legal drinking age are more likely to substitute non-alcoholic drinks, especially soda and energy drinks, while older age groups are more likely to substitute alcohol, especially beer/cider.
Moderation attitudes vary by age cohort
Of the 10 key markets, the US has the largest proportion of Occasional moderators. Along with the UK, it’s a market in which more buyers have participated in alcohol-free challenges. Younger buyers are more likely to adopt an Occasional moderation strategy, limiting alcohol consumption during defined periods or participating in alcohol-free challenges such as Sober October or Dry January (albeit from a small base). Occasional moderators are more likely to choose no-alcohol beverages based on social influence and training for sports.
Overall, markets skew non-loyal to brands, while younger buyers show more loyalty
Markets such as Spain, UK and Japan tend to be less brand-loyal. In Spain where there is a wide range of available brands, buyers are more likely to choose a different brand in the same beverage category. Meanwhile in South Africa, US and Brazil, consumers are more likely to stay within their preferred brand.
Brand loyalty also varies by age cohort. Frequent drinkers and younger buyers, who are more engaged with the no/low category, are more likely to be driven by brand and sensory characteristics. Up to 57% of Millennials are driven by brands they are familiar with, compared to only 45% of Boomers, who are less engaged and claim more occasional consumption of the category.
“Younger consumers are more likely to be moderating alcohol, but they also drink less alcohol to begin with. These consumers tend to participate in a wider repertoire of no/low categories, and to be more brand-loyal,” notes Goldspink. “Older consumers are less likely to be moderating but more likely not to drink alcohol at all, and their preferences tend to be skewed to no/low beer and alcohol brand extensions.”
Availability remains the key barrier
Availability is the biggest reason preventing people from drinking no/low more frequently in emerging no/low markets such as Brazil, South Africa, and the US. It is a barrier for fewer no/low buyers in more established markets such as Spain, France, Japan and Germany. Greater product availability in the on-trade and via e-commerce is helping to enable category growth.
Pricing is not a main barrier to purchase for consumers, but pricing can enable growth. In the UK and Spain – more developed no-alcohol spirits markets – pricing becomes more aligned with full-strength offerings as the category gains traction.
Innovation trends
NPD investment continues to focus on functional attributes. The brand Free AF, for example, offers no-alcohol beverages that feature Afterglow, a patented 100% natural, gluten-free and vegetarian botanical extract that is said to mimic the warming sensation of alcohol. Meanwhile, Parch Spirits and Cocktails has launched a line of no-alcohol agave cocktails containing desert botanicals and adaptogens such as ashwagandha, L-theanine and ginseng.
Products that do not have added functionalities and are not direct analogues of alcohol categories are also on the rise. Examples include sparkling teas, hop waters, and vinegar-based switchels.
The alcobev sector flourished in 2024, balancing growth with challenges. Premiumisation, innovation, and sustainability stood out as key drivers of success and future opportunities.
India’s alcobev industry has grown to become one of the fastest-developing sectors in the country, showcasing its transformation from tradition to modernity. Over the past few decades, this sector has emerged as a dynamic force, fuelled by changing consumer preferences, increased disposable incomes, and a rising affinity for premium and artisanal beverages.
Per capita alcohol consumption in India has risen significantly, growing from 1.3 litres in 2005 to approximately 3.1 litres in 2022, reflecting the country’s evolving consumer base and expanding market. In 2024, the alcobev sector reached a valuation of $55 billion, driven by a compound annual growth rate (CAGR) of more than 6%. Analysts project that by 2025, the sector will see further growth, with an expected CAGR of 8-10%.
This growth trajectory has been supported by increased urbanisation, a young population eager to explore global trends, and a shift toward mindful indulgence. However, the industry faced its share of challenges, including escalating production costs, supply chain inefficiencies, and regulatory complexities. To better understand the highs and lows of 2024, key industry players provided their perspectives on consumer trends, innovations, and the future outlook.
Consumer Preferences Shape the Market
The year was largely defined by the shift in consumer preferences, with buyers driving the industry toward greater innovation and authenticity. Modern consumers demand products that resonate with their values and provide unique experiences, prompting brands to innovate across production, marketing, and packaging.
Vikram Damodaran, Chief Innovation Officer at Diageo India
Vikram Damodaran, Chief Innovation Officer at Diageo India, attributed much of the year’s success to this change. “Today’s consumers are looking for more than just a drink; they seek experiences rooted in quality, authenticity, and sustainability. We have embraced this change by leveraging our heritage, incorporating locally sourced ingredients, and celebrating artisanal techniques. This approach has not only strengthened our connection with audiences, but has also earned us over 70 national and international awards,” he explained.
Tarun Bhargava, Proost’s Co-Founder and CEO
Proost’s Co-Founder and CEO, Tarun Bhargava, shared how their brand remained focussed on balancing quality with environmental responsibility. “While trends like IPAs and craft beers dominated the market, we stayed true to our core identity, producing beer with consistently unique flavours. Consumers appreciate our mature, well-crafted beers free of off-notes. Also, we’ve adopted practices such as reusable packaging to align with the expectations of eco-conscious buyers,” he said.
Shekhar Swarup, Joint Managing Director at Globus Spirits Ltd.
Shekhar Swarup, Joint Managing Director at Globus Spirits Limited, stressed that sustainability and authenticity extend beyond production. “We’ve implemented advanced water management systems and effluent treatment technologies to significantly reduce our environmental impact. Each bottle tells a story of authenticity, showcasing top-quality ingredients, time-honoured distillation methods, and artisanal techniques. This ensures that sustainability and authenticity are central to both our products and operations,” Swarup shared.
Premiumisation Gains Momentum
The move toward premium offerings was another defining trend of 2024, with younger consumers showing an increased preference for high-quality, craft, and luxury beverages. This trend highlights a growing demand for exclusivity, innovation, and elevated drinking experiences.
Rupi Chinoy, Director of South Seas Distilleries
Rupi Chinoy, Director of South Seas Distilleries, spoke about the success of their Crazy Cock Single Malt. “Crazy Cock is a journey. The name reflects the founder’s bold vision, resilience, and passion for creating something extraordinary. Our mascot, the cock, symbolises a new dawn for South Seas Distilleries and the Indian single malt category. This spirit represents decades of dedication and meticulous craftsmanship,” Chinoy explained.
Adding to their accomplishments, Rupi highlighted the launch of Six Brothers Mahura (Mahua), a unique spirit firmly rooted in Indian heritage. “Our Six Brothers Mahura, crafted from 100% Mahura flowers native exclusively to India, revives a legacy long overshadowed during colonial times. As the country’s first commercial distillers of Mahura, we see it as our mission to bring this category to global prominence. Mahura has the potential to become India’s ambassador on the international stage, standing shoulder to shoulder with spirits like Tequila from Mexico and Cognac from France,” she shared.
What distinguishes Six Brothers Mahura is its unparalleled authenticity. “This is a spirit no other country can replicate. Distilled in the same copper pot stills as Crazy Cock Single Malt and platinum-filtered for an exceptionally smooth finish, Mahura is versatile…ideal for sipping neat, on ice, or as a cocktail base. Its reception in the bar scene has been phenomenal, with establishments like Bandra Born hosting the world’s first dedicated Mahura bar, exclusively serving Six Brothers cocktails that have quickly become a sensation,” Chinoy elaborated.
Globus Spirits took advantage of the premiumisation wave by introducing DŌAAB India Craft Whisky. The first edition, Six Blind Men and the Elephant, was designed to appeal to discerning drinkers who value creativity and tradition. This product showcased the growing appetite for unique offerings that bridge the gap between heritage and modernity.
Kimberly Pereira, Chief Operating Officer of Maya Pistola Agavepura
The agave-based spirits segment also gained traction in 2024, with many referring to it as the “Year of Agave”. Kimberly Pereira, Chief Operating Officer of Maya Pistola Agavepura, highlighted the category’s growth. “Agavepura is a 100% pure agave spirit that stands apart from tequila and mezcal. It reflects our homegrown roots while appealing to the global palate. As cocktail culture evolves and celebrity endorsements grow, agave-based menus are becoming more prominent in bars across India. We are proud to lead this movement, fostering greater appreciation for authentic, well-distilled agave spirits,” Pereira said.
Leti Blagoeva, Co-Founder SLAB Ventures
SLAB Ventures tapped into the premium spirits market with a lineup that has garnered global recognition. Co-Founder Leti Blagoeva detailed their offerings, saying, “Our Single Estate Vodka is made in Poland, the birthplace of vodka, exclusively from winter wheat and filtered through rare black pearls, ensuring unparalleled smoothness. Meanwhile, our whiskies, INCEPTION and VORTEX, are crafted in Scotland and have received gold medals at several prestigious international competitions. D’YAVOL INCEPTION was even named the ‘Best Overall Scotch’ at the New York World Spirits Competition.
“Looking ahead, we are excited about expanding our range of spirits. In 2025, we plan to launch an Anejo Tequila crafted in Jalisco, Mexico, in keeping with our commitment to authenticity. Moreover, we are broadening our global reach; D’YAVOL will soon be available in the UK and the US. For us, it’s still the beginning, and there’s much more to come from the brand in the coming years,” Blagoeva commented.
The Experiential Turn
The year 2024 also marked the rise of experiential marketing, as brands sought to create deeper connections with consumers by offering immersive experiences. These efforts went beyond traditional marketing, emphasising storytelling, creativity, and meaningful engagement.
Swarup enlightened how Globus Spirits leveraged this trend. “With Six Blind Men and the Elephant, we offered an experiential journey. This limited-edition release allowed us to involve with consumers who value exclusivity and creativity, encouraging a stronger bond with our audience,” he said.
Similarly, SLAB Ventures leaned into experiential marketing through its D’YAVOL AfterDark platform. Blagoeva described the initiative, saying, “Consumers today look for more than good products; they want to engage with the brand’s story. D’YAVOL AfterDark combines exclusive artists, signature cocktails, and a vibrant nightlife atmosphere. This initiative has reverberated not only in India, but also in international markets like the UAE and Australia.”
Varun Jain, Founder and CEO of Smoke Lab
Varun Jain, Founder and CEO of Smoke Lab, explained how their premium events brought the essence of Smoke Lab Vodka to life. “We curated a series of events that embodied our brand ethos, from art-infused cocktail evenings to sensory experiences like Smoke Lab Nights, where guests explored our vodka variants paired with music, visuals, and gourmet cuisine. Collaborations with leading mixologists, chefs, and lifestyle brands helped us to deliver unique experiences,” he stated.
He also highlighted partnerships with sustainable fashion and design brands to reflect Smoke Lab Vodka’s commitment to modern luxury and environmental responsibility. “To enhance exclusivity, we introduced limited-edition bottles featuring bespoke packaging inspired by contemporary art and design. These bottles were accompanied by curated tasting notes and recipes, encouraging consumers to celebrate with elegance and creativity,” Jain added.
Vikram Achanta, Founder & CEO of Tulleeho
Vikram Achanta, Founder & CEO of Tulleeho and Co-Founder of 30BestBarsIndia and India Bartender Week, shared his perspective on the growing importance of experiential drinking. “Experiential events have become a central aspect of consumer engagement, offering meaningful opportunities to connect with the beverage community. This year, Tulleeho participated in marquee events like ProWine, Bar Convent Berlin (BCB), and exclusive masterclasses highlighting Sake, among others,” he noted.
Achanta also underlined the growing popularity of travel-inspired events, with consumers seeking pop-ups and bar takeovers by world-renowned establishments. “The recent takeover by Handshake Speakeasy, crowned the world’s #1 bar in 2024, in Jaipur is a prime example. We anticipate immersive drinking experiences gaining even more momentum in 2025. To prepare for this, we are exploring new opportunities, including events with Tulleeho Tequila Club,” he added.
Challenges and Adaptation
Despite the successes, the alcobev industry faced significant hurdles. Mounting raw material costs, supply chain disruptions, and regulatory changes created obstacles that required companies to remain agile and innovative.
Bhargava outlined these challenges, saying, “We faced price pressures due to intensifying costs, logistical delays in obtaining permits, and changing excise policies. Adapting to these circumstances demanded a proactive approach and collaboration across teams to ensure smooth operations.”
Amit Dahanukar, Chairman and Managing Director of Tilaknagar Industries Ltd
Adding his perspective, Amit Dahanukar, Chairman and Managing Director of Tilaknagar Industries Ltd., reflected on the complexities of managing these challenges while launching a new premium offering. “As leaders in the brandy category, we recognised the need to elevate its perception. This led to the launch of Monarch Legacy Edition, our first luxury brandy, in November 2024, aimed at redefining the category and spotlighting the depth and complexity of brandy. However, navigating volatile commodity prices, particularly ENA and packaging materials, was a major obstacle. We overcame this by strengthening our asset-light model, ensuring robust cash flows, and focussing on premiumisation to improve margins. Agility and staying attuned to consumer needs allowed us to turn challenges into opportunities,” he mentioned.
Nevertheless, the industry’s resilience shone through as brands implemented strategic solutions to navigate these difficulties. Investments in technology and sustainable practices helped mitigate challenges, ensuring continued growth.
Urban and Rural Synergies
As the alcobev sector looks ahead, balancing urban sophistication with rural potential has become a critical focus. While metropolitan regions continue to demand premium products, rural areas present untouched opportunities for growth through tailored offerings and localised strategies.
Bhargava described Proost’s approach to addressing this divide. “In cities like Delhi and Gurgaon, we are concentrating on launching lagers that cater to refined tastes. For rural markets, the weight is on deeper penetration and affordable products that resonate with local preferences,” he shared.
Simba Beer and ZigZag Vodka, co-founded by Ishwaraj Singh Bhatia, are also pursuing a dual-market strategy. “Rural and urban audiences require distinct approaches. By combining innovation with eco-conscious practices, we’re catering to the needs of both markets effectively. Plans are underway to introduce new flavours and experiences that further immerse consumers in our vibrant world,” Bhatia noted.
Future Outlook
Looking ahead to 2025, the alcobev industry is poised for further growth, with estimates suggesting a valuation of $60 billion and annual sales exceeding 1.2 billion cases. The focus on innovation, sustainability, and health-conscious options is expected to drive this expansion.
Jain shared his company’s plans for the upcoming year. “We are introducing vodka flavours inspired by regional and global culinary influences, launching limited-edition artisanal vodkas aimed at connoisseurs who value exclusivity, and enhancing our presence in emerging markets like Europe, Australia, Asia, and Latin America. We will also strengthen our reach in established regions such as the U.S. and the Middle East by forming partnerships with premium distributors,” he said.
Ishwaraj Singh Bhatia, Co-founder and COO, Simba Beer and ZigZag Vodka.
Bhatia accentuated the importance of aligning with evolving trends. “We foresee 2025 as a year of experiential consumption, eco-friendly practices, and personalised premium offerings. At ZigZag, we will focus on creating immersive brand experiences, implementing sustainable methods, and collaborating with mixologists to craft innovative, trend-driven products that resonate with today’s consumers,” he conveyed.
Damodaran pointed to two critical trends expected to shape the future of the alcobev industry. “Affluent consumers are seeking bespoke, exclusive experiences, while younger demographics are driving the demand for low- and no-alcohol options,” he observed.
Damodaran also talked about plans for Indian craft spirits. “We are closing 2024 on a high note with Godawan’s entry into the UK market. In 2025, we aim to build on this momentum through The Good Craft Co.,” he added.
Tilaknagar Industries Ltd. has ambitious goals for the year, particularly in the brandy segment. “In 2025, our aim is to increase brandy’s ‘share of voice’ in the market,” stated Dahanukar. “Following the launch of our luxury brandy and whisky portfolio, we plan to drive further marketing investments. Monarch, in particular, has already seen strong pre-order interest from export markets in Asia and the Middle East, and we intend to deepen our reach in southern India. Alongside this, we are preparing to expand our portfolio across both local and international markets,” he informed.
As the industry evolves, driving change and nurturing creativity will remain essential for long-term success.
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