Report Overview

India Single Malt Scotch Market - Industry Trends & Forecast Report, 2029

India single malt scotch market size is projected to grow at a CAGR of 15.04% during the forecast period between 2023 and 2029. Major growth drivers for the India single malt scotch market include the growing demand for premium and high-quality spirits. Quality and craftsmanship play a significant role, with producers focusing on traditional methods and high-quality ingredients to create distinctive and flavorful single malts. These brands have gained global recognition and awards, attracting a diverse consumer base. Changing consumer preferences, especially among an increasingly affluent and sophisticated segment, have led to a demand for premium and high-quality spirits. The diverse flavor profiles of Indian single malts, influenced by local ingredients and climates, appeal to a wide range of whisky enthusiasts. The domestic market is expanding, and Indian brands are actively pursuing international markets, capitalizing on the global trend of exploring whiskies from non-traditional sources. The Indian diaspora and the cocktail culture have also contributed to their growth, as have distillery tourism and favorable regulations. The Indian single malt scotch market continues to evolve, presenting exciting opportunities and challenges in the world of premium spirits.

India Single Malt Scotch Market – Overview

Single malt scotch market refers to the market segment dedicated to the production, distribution, and consumption of single malt Scotch whisky. Single malt Scotch is a specific type of whisky made in Scotland that adheres to stringent regulations, including being distilled at a single distillery from 100% malted barley and aged in oak barrels for a minimum of three years within Scotland. This market encompasses the various brands and expressions of single malt Scotch whisky, their producers, distributors, retailers, and consumers, both domestically and internationally, reflecting the unique and diverse offerings within this distinctive whisky category.

India Single Malt Scotch Market

Growth Drivers

High Disposable Income

Rising disposable incomes in India have ignited a thriving market for single malt scotch whisky. With a population approaching 1.5 billion and increased upward mobility, India's total alcoholic beverage consumption is projected to exceed 6 billion liters by 2024. The market's robust growth, with the Indian whisky market expected to reach almost USD 18.4 billion in 2023, is largely influenced by premiumization and a shift towards higher-end products, driven by consumers with rising incomes. As the landscape evolves, whisky makers are innovating and experimenting with new flavors and varieties, setting the stage for exciting developments and a dynamic future in the Indian whisky scene.

Restraints

Increasing Competition

Competition in the India single malt scotch market serves as a restraining force on its growth. While the market shows significant potential, with rising disposable incomes and a growing preference for premium products, the presence of numerous domestic and international players has intensified competition. As more distilleries and brands enter the market, the competition for market share becomes fierce. This rivalry can lead to pricing pressures, increased marketing expenses, and the need for continuous product innovation to stand out. While competition can benefit consumers with diverse offerings, it poses challenges for market players in maintaining profitability and achieving sustained growth.

Impact of COVID-19 on India Single Malt Scotch Market

COVID-19 pandemic had a mixed impact on the India single malt scotch market. Lockdowns, restrictions, and economic uncertainties led to disruptions in the supply chain and hindered consumer spending. Sales, especially in bars and restaurants, experienced a significant downturn as people refrained from social gatherings. However, the pandemic also spurred a shift in consumer behavior, with increased at-home consumption. This, along with a growing interest in premium products, led to a resurgence in demand for Single Malt Scotch. As the situation improved, the market witnessed a rebound, and a trend towards premiumization continued to shape the industry, reflecting evolving consumer preferences

India Single Malt Scotch Market

Segmental Coverage

India Single Malt Scotch Market – By Quality

By quality, the India single malt scotch market is divided into Premium, High-End Premium, and Super Premium segments. The premium segment holds the highest share in the India single malt scotch market by quality. It can be primarily due to rising disposable incomes, increasing demand for high-quality homegrown brands, and the exceptional quality of Indian single malts like Amrut, Paul John, and Diageo's Godawan. This growing affluence among Indian consumers has led to a willingness to spend on premium products, making the premium segment the largest in the market. As India's middle and upper-income segments expand, the trend towards premiumization is likely to continue, further strengthening the position of premium single malts in the market.

India Single Malt Scotch Market – By Distribution Channel

By distribution channel, the India single malt scotch market is divided into Supermarkets & Hypermarkets, Online Stores, Restaurants & Bars, and Liquor Stores segments. The supermarkets & hypermarkets segment holds the highest share in the India single malt scotch market by distribution channel. It is primarily due to its extensive reach and consumer convenience. These retail giants provide a one-stop shopping experience, allowing customers to purchase single malt scotch alongside their regular grocery needs. The wide product availability, competitive pricing, and the ability to attract a diverse customer base contribute to their prominence. Also, the organized and reliable nature of supermarkets and hypermarkets appeals to consumers seeking authenticity and quality in their single malt scotch purchases, making it the preferred channel for many buyers.

India Single Malt Scotch Market – By Region

Regionally, the India single malt scotch market is segmented as North India, South India, East India, and West India. South India region dominates the India single malt scotch market. It can be attributed to favorable aging conditions, a rich tradition of whisky production, and renowned distilleries like Amrut and Paul John. The region's warm and humid climate accelerates whisky maturation, enhancing flavors. These distilleries have gained global acclaim for their high-quality single malts. Moreover, the rising middle-class population in South India with increased disposable incomes has driven demand for premium single malt scotch, solidifying the region's dominance.

Competitive Landscape

Major players operating in the India single malt scotch market include John Distilleries, Amrut Distilleries, Mohan Meakin Limited, Radico Khaitan Ltd, Piccadily Distilleries, Kamet Single Malt Whisky, DEVANS MODERN BREWERIES LIMITED, Godawan, and Pernod Ricard. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In October 2023 - 'Indri whisky' from India achieved a remarkable feat, winning the 'Best in Show, Double Gold' award at the 'Whiskies of the World Awards 2023,' a prestigious blind-tasting competition. This recognition has elevated Indian whisky to global acclaim, beating over 100 international whiskey varieties. Launched in 2021 by Piccadilly Distilleries, 'Indri' has rapidly garnered 14 international awards in just two years, establishing India's position as a significant single malt producer on the world stage. The accolade reflects the rising stature of Indian whisky, driven by changing lifestyles and urbanization, with the Indian whisky market expected to reach 375.1 million cases by 2028, according to EMR forecasts.

• In August 2023 - Indian single malt whisky brands have made significant strides, competing with established Scotch whiskies. Over the past decade, Indian brands like Amrut, Paul John, and Diageo's Godawan have gained recognition on the global stage, challenging traditional Scotch whiskies in the premium segment. The Indian single malt category, particularly malt whiskies, has witnessed remarkable growth, with sales increasing sixfold in less than a decade, reaching 300,000 cases annually. Indian brands are attracting international acclaim, reflecting changing preferences for fine whiskies from nontraditional sources. This development poses potential challenges to Scotch whisky's market share, both in India and other global markets.

• In June 2023 - SLAB Ventures Netherlands, owned by Aryan Khan, along with AB InBev India, introduced a premium blended malt scotch, D'yavol Inception, catering to the luxury market. Part of the D'yavol's Global Luxury Collective established in December 2022, the scotch is a culmination of eight single malts from different Scottish regions, offering a unique blend with 47.1% alcohol by volume. It initially launched in Maharashtra, Goa, and Karnataka, with plans for further expansion. This venture reflects the growing demand for luxury and imported spirits in India's expanding alcoholic beverages market. A 750ml bottle of D'yavol Inception is priced between INR 9,000 and INR 9,800.

Scope of the Report

By Quality

• Premium

• High-End Premium

• Super Premium

By Distribution Channel

• Supermarkets & Hypermarkets

• Online Stores

• Restaurants & Bars

• Liquor Stores

By Region

• North India

• South India

• East India

• West India

1. Research Framework
   1. Research Objective
   2. Quality Overview
   3. Market Segmentation
2. Executive Summary
3.  India Single Malt Scotch Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Growing appetite of consumers to take homegrown brands
         2. Rising Disposable Income
      2. Restraints
         1. Competition
         2. Health Concerns
      3. Opportunities
         1. Evolving product and process standards that ensure product quality uniformity and consistency
         2. Market growth in the Indian alcoholic beverage market
      4. Challenges
         1. Counterfeit Products
         2. Affordability
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4.  India Single Malt Scotch Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share and Forecast
      1. By Quality
         1. Premium
         2. High-End Premium
         3. Super Premium
      2. By Distribution Channel
         1. Supermarkets & Hypermarkets
         2. Online Stores
         3. Restaurants & Bars
         4. Liquor Stores
         5. Others
      3. By Region
         1. North India
         2. South India
         3. East India
         4. West India
5. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. India Single Malt Scotch Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of Covid-19 on India Single Malt Scotch Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. John Distilleries
   2. Amrut Distilleries
   3. Mohan Meakin Limited
   4. Radico Khaitan Ltd
   5. Piccadily Distilleries
   6. Kamet Single Malt Whisky
   7. DEVANS MODERN BREWERIES LIMITED
   8. Godawan
   9. Pernod Ricard
   10. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
   1.  Qualitative Research
      1.  Primary & Secondary Research
   2.  Quantitative Research
   3.  Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
   4.  Breakdown of Primary Research Respondents, By Region
   5.  Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

List of Figures

Figure 1       India Single Malt Scotch Segmentation

Figure 2       India Single Malt Scotch Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       India Single Malt Scotch Market Size, By Value (USD Million), 2019–2029

Figure 5       India Single Malt Scotch Market Share, By Quality, By Value, 2019–2029

Figure 6       India Single Malt Scotch Market Share, By Distribution Channel, By Value, 2019–2029

Figure 7       India Single Malt Scotch Market Share, By Region, By Value, 2019–2029

List of Tables

Table 1        India Single Malt Scotch Market Size, By Value (USD Million), 2019–2029

Table 2 India Single Malt Scotch Market Size, By Quality, By Value, 2019–2029

Table 3 India Single Malt Scotch Market Size, By Distribution Channel, By Value, 2019–2029

Table 4        India Single Malt Scotch Market Size, By Region, By Value, 2019–2029

Table 5        John Distilleries Company Overview

Table 6        John Distilleries Financial Overview

Table 7        Amrut Distilleries Company Overview

Table 8        Amrut Distilleries Financial Overview

Table 9        Mohan Meakin Limited Company Overview

Table 10      Mohan Meakin Limited Financial Overview

Table 11      Radico Khaitan Ltd Company Overview

Table 12      Radico Khaitan Ltd Financial Overview

Table 13      Piccadily Distilleries Company Overview

Table 14      Piccadily Distilleries Financial Overview

Table 15      Kamet Single Malt Whisky Company Overview

Table 16      Kamet Single Malt Whisky Financial Overview

Table 17      DEVANS MODERN BREWERIES LIMITED Company Overview

Table 18      DEVANS MODERN BREWERIES LIMITED Financial Overview

Table 19      Godawan Company Overview

Table 20      Godawan Financial Overview

Table 21      Pernod Ricard Company Overview

Table 22      Pernod Ricard Financial Overview