NEWS
REPORT: INDIAN WHISKY WILL BE FASTEST GROWING AS GLOBAL SALES OF SPIRITS TRUMP WINES
By Siulan Law Mathews DipWSET
16-7-2024
Credit: Dylan de Jonge/Unsplash
Indian whisky is predicted to be the fastest growing spirit category between 2022 and 2027, growing by 50 million cases, as global consumption of spirits overtakes that of wines.
According to a report by World Spirits Alliance, more cases of spirits such as vodka and whisky than of wine are set to be sold globally, as consumers’ drinking preferences shift.
Citing data from Oxford Economics and alcohol market research firm IWSR, the report said 2.67 billion cases of spirits were sold in 2022, almost as many as the 2.8 billion cases of wine sold that year.
"Should the current trends in both categories continue, spirits volumes will soon surpass those of wine," said the report.
The report predicted that Indian whisky is set to be the fastest growing spirits category between 2022 and 2027, growing by 50 million cases, while tequila, rum and gin all expected to rise between 10 and 20 million cases.
Cognac and Armagnac are set to be the slowest growing among all spirit categories.
A shift towards drinking fewer and more expensive drinks, and the growing popularity of cocktails have seen demand of spirits growing faster than wine.
The wine industry is facing a global supply glut amid sluggish demand which has hit a 27-year low.
(the writer can be contacted at: info@thewinechronicle.com)
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