He added that the recent lockdown has allowed consumers to explore their interest in their drinks in more detail, and there is a much-awaited push into the category.
The COVID-19 pandemic and home consumption has accelerated premiumization in the alcoholic beverage (alcobe) segment and companies are moving to capitalize on the ready-to-drink (RTD) segment with launches.
According to the Indian Council for Research on International, India is one of the fastest growing alcoholic beverage markets globally with an estimated market size of $52.5 billion in 2020 and the market is expected to grow at a CAGR of 6.8% between 2020 and 2023. Is. Economic Relations (ICRIER).
Vinod Giri, Director General, Confederation of Indian Alcoholic Beverage Companies (India), the representative body of Indian alcoholic beverage companies, said that the premium launch in the RTD segment is a healthy sign of market growth.
“We are seeing a slew of innovations in the Indian alcoholic beverages market. We had earlier seen the rise of Indian Craft Gin and now brands are launching with diverse offerings in the RTD segment. Consumers are experimenting with experiences beyond the pure functional benefit of alcohol, which, in addition to adding new consumers to the alcohol category, accelerates social acceptance of alcoholic beverages as a general consumer product,” he said.
American whiskey company Jack Daniels has recently launched its RTD brand Jack & Cola in India. According to the company, Jack & Cola is often cited as the world’s most popular branded bar cole and with convenience being the main driver, the RTD format is growing at an extraordinary rate globally and for Brown-Forman. was the fastest growing brand. last financial year.
Siddharth Wadia, General Manager – India, Middle East & North Africa, Brown-Forman Worldwide LLC, said that Jack & Cola RTD was introduced by the company after considerable consumer research, in which he encouraged consumer trends related to accelerated growth . Cocktail culture expanded the consumer repertoire to try new formats and whiskey-based drinks.
“With the alcohol-based RTD format growing rapidly, we believe this is the right time to bring it here for the consumers. Jack Daniels’ RTDs enable affordability and make the trademark more accessible by making it relevant to new opportunities where full-strength whiskey may not be the most relevant,” Wadia said.
Amar Sinha, Chief Operating Officer, Radico Khaitan He said that RTD Beverage products provide a hassle free and on-the-go drinking experience to the consumers. Brewery company Radico is set to enter the category this summer with a vodka-based RTD in multiple flavors.
“RTD beverages have been in the market for a few years now and continue to gain popularity in India. The spread of cocktail culture gave rise to the concept of RTD. The ease and innovative taste of drinking straight out of the pack make them day-drinkers and youth. Most of the younger generation usually takes the first sip of alcohol in the form of RTD or cocktail. Also, since the alcohol content in RTD is less as compared to other spirits, it is an ideal drink for the day Is.”
He added that the recent lockdown has allowed consumers to explore their interest in their drinks in more detail, and there is a much-awaited push into the category.