NAFED to contribute and promote ‘International Year of the Millet’ 2023 on global scale
Indian RTD segment is growing at a CAGR of 10.3%
As the third largest alcoholic beverage market, India represents one of the most compelling spirits opportunities in the world. Within this, the alcoholic ready to drink (RTD) segment is experiencing high growth, and is expected to grow at a CAGR of 10.3% between 2021 and 2026. It’s popularity can be attributed to the convenience it offers, and it being a lower-strength alternative to spirits that is being driven by consumer desire for healthier alternatives, but is stymied by low availability, finds a Benori Knowledge report and survey with users.
In a survey with more than 1000 alcohol consumers, Benori Knowledge, a new-age provider of custom research and analytics solutions, finds that the RTD category has sparked mass appeal, with 78% of survey respondents reporting having consumed the pre-mixed beverages.
However, survey respondents cite the challenges of low availability – 65% and limited variety – 35% in their ability to get their hands on these beverages.
Unlike the usual consumer buying behaviour in India, price is given the least amount of consideration when purchasing RTDs. Benori’s research finds that brand image, taste and flavour and the percentage of alcohol (5% or less is preferred) are the key factors that influence and drive purchase in this category.
The report also highlights the most popular brands in this category. Bacardi emerges as the most popular brand in preference, consumption and enjoys high awareness, followed by Magic Moments Electra and Bombay Sapphire Gin & Tonic.
image credit- shutterstock