America’s famous liquor company Brown-Forman, which manufactures Jack Daniel’s, is preparing to expand the scope of its premium liquor brands in India. According to a senior company official, many new premium brands will be launched in India in the next two to three years. The company is also planning to launch tequila brands like El Jimador and Herradura as well as Benriach whiskey in India. The company aims to make India one of the major international markets in the coming time.
India’s premium liquor market is growing rapidly
Due to rapidly increasing income and changing lifestyle in India, the demand for premium liquor is continuously increasing. Now more people are ready to buy expensive and international brands. IWSR, an organization that monitors the drinks market, estimates that by the year 2032, India could become the world’s largest spirits market in terms of volume. India can also leave China behind in this matter. According to the report, every year about 1.5 to 2 crore new customers can join the liquor market in India.
Preparation to increase investment in India
According to Gaurav Sabharwal, Managing Director, Brown-Forman India, earlier in India, people had the desire to buy premium brands, but they did not have easy availability or sufficient income. Now the situation has changed and with the increase in people’s income, their spending capacity has also increased. The company currently sells about 10 brands in India and plans to add three to four new brands in the coming time. Apart from this, the company is also selling brands like Gin Mare, Woodford Reserve and Glendronach in the Indian market.
Challenge of rules and regulations
Although India’s liquor market is growing rapidly, companies here have to face many challenges. High taxes, strict rules on advertising and different policies of different states make it difficult for companies to operate. Despite this, companies are making strategies to increase their brand portfolio and investment in view of the increasing demand in India.