India: Whisky Market 2024

Whisky Market Size in India

The Indian whisky market rose markedly to $X in 2022, surging by 10% against the previous year. Over the period under review, the total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +9.0% against 2019 indices. Whisky consumption peaked in 2022 and is expected to retain growth in the immediate term.

Whisky Production in India

In value terms, whisky production totaled $X in 2022 estimated in export price. Over the period under review, the total production indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -0.1% against 2020 indices. The pace of growth appeared the most rapid in 2013 with an increase of 41% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; afterwards, it flattened through to 2022.

Whisky Exports

Exports from India

After two years of growth, overseas shipments of whisky decreased by -2.6% to X litres in 2022. Overall, total exports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +6.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +8.5% against 2018 indices. The growth pace was the most rapid in 2018 with an increase of 38% against the previous year. Over the period under review, the exports reached the maximum at X litres in 2021, and then fell in the following year.

In value terms, whisky exports amounted to $X in 2022. In general, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 16%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X litres) was the main destination for whisky exports from India, with a 42% share of total exports. Moreover, whisky exports to the United Arab Emirates exceeded the volume sent to the second major destination, Haiti (X litres), fivefold. The third position in this ranking was held by Ghana (X litres), with a 6.1% share.

From 2012 to 2022, the average annual growth rate of volume to the United Arab Emirates amounted to +9.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Haiti (+54.4% per year) and Ghana (+15.5% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for whisky exports from India, comprising 39% of total exports. The second position in the ranking was held by Haiti ($X), with a 7% share of total exports. It was followed by Ghana, with a 4.3% share.

From 2012 to 2022, the average annual growth rate of value to the United Arab Emirates totaled +12.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Haiti (+29.0% per year) and Ghana (+1.5% per year).

Export Prices by Country

In 2022, the average whisky export price amounted to $X per litre, surging by 4% against the previous year. In general, the export price, however, continues to indicate a drastic downturn. The most prominent rate of growth was recorded in 2019 when the average export price increased by 9.5% against the previous year. Over the period under review, the average export prices hit record highs at $X per litre in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per litre), while the average price for exports to Benin ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+2.3%), while the prices for the other major destinations experienced mixed trend patterns.

Whisky Imports

Imports into India

In 2022, approx. X litres of whisky were imported into India; increasing by 70% compared with 2021 figures. In general, imports enjoyed a significant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, whisky imports soared to $X in 2022. Overall, imports saw resilient growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, the UK (X litres) constituted the largest supplier of whisky to India, accounting for a 84% share of total imports. Moreover, whisky imports from the UK exceeded the figures recorded by the second-largest supplier, Ireland (X litres), more than tenfold. The United Arab Emirates (X litres) ranked third in terms of total imports with a 3.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the UK stood at +22.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Ireland (+71.9% per year) and the United Arab Emirates (+3.6% per year).

In value terms, the UK ($X) constituted the largest supplier of whisky to India, comprising 69% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with an 11% share of total imports. It was followed by Singapore, with an 8.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the UK totaled +14.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+12.0% per year) and Singapore (+44.1% per year).

Import Prices by Country

In 2022, the average whisky import price amounted to $X per litre, picking up by 16% against the previous year. In general, the import price, however, showed a noticeable descent. The pace of growth appeared the most rapid in 2014 when the average import price increased by 39% against the previous year. As a result, import price attained the peak level of $X per litre. From 2015 to 2022, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per litre), while the price for Ireland ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+8.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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