Liquor exports are on a high, led by a 26 percent rise in whiskey shipments in the first half of 2024, complementing the strong performance of Indian-made smartphones and electronics.
A Moneycontrol analysis of commerce ministry data shows that India shipped spirits worth $78.5 million in the first six months of 2024. Blended whiskey, which accounts for half of the total whiskey exports, jumped 37 percent, and exporters are now aiming to grow the market for Indian-made single malt. Premium whiskey exports almost doubled to $6.3 million in the six months to June 30 from a year earlier.
“First of all more Indian single malt whisky brands have been launched and are being marketed more assertively by companies. Collective noise is always more noticeable,” said Vinod Giri, director-general of Brewers Association of India and an industry expert. He noted that the growth is likely to continue over the next few years, given the low base.
The growth rate in the whiskey segment has almost doubled in 2024 from the first six months of 2023, when exports expanded 12 percent. “This pace is expected to continue for some time given the low base,” Giri said.
India’s whiskey exports in the first six months of the year have hovered on the $50-55 million mark for over a decade now. “Indian single malts are being acknowledged the world over. There is much greater awareness of Indian single malts. Thus, they are finding new markets,” Giri said.
Indian whiskeys are bagging awards in global competitions as well. Giri noted that this has helped India diversify and find markets across the globe.
The UAE, Netherlands and Ghana were the largest importers of Indian whiskey in the first six months of the year, while exports to the US surged 63.2 percent to $3.04 million.
“America is turning out to be a promising market for high-end Indian whiskeys. Traditionally, middle east and Africa were major export markets. They were largely value products. America is a big market for high-end value markets,” Giri pointed out.
Domestic demand has also gone up significantly in this period. Liquor revenues from excise duty now account for a larger share of the state’s own tax revenues.
Whiskey imports were up 23.8 percent to $106.3 million in the first six months of 2024.
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