IMFL manufacturer Radico Khaitan Limited has launched cocktail mixes under the umbrella of the Magic Moments. Its Magic Moments Vodka Cocktails with a vodka base with 4.8% alcohol will be sold in cans.The company said it will make three variants, cosmopolitan, cola, and mojito. For now, the products will be sold in Karnataka followed by Goa, Maharashtra, and Daman & Diu in the coming months.Amar Sinha, chief operating officer of the company said, “The inclination of our consumers towards the ready-to-drink products and cocktail culture in the on-trade market gave us an insight into the changing consumer preferences.
With this launch, we are also filling up the gap in the low-alcoholic-beverage category where vodka-based cocktails were lacking. We are bringing the traditional ingredients for cocktails back.“ He added quoted Grand View Research, In 2021, the global ready-to-drink cocktails market stood at approx. ₹6400 crore, and it’s expected to grow at about 13.4% CAGR between 2022-2030.People who do not consume liquor are also enthusiastic about trying this new alcobev variant in the market.
Although, India’s ready-to-drink alcoholic beverage market is still in its nascent stages with a few companies starting to produce in this category.Sinha said that the launch was timed to the festive season when social gathering, events, festivals, and wedding season result in higher consumption. “Since the COVID outbreak did not let customers indulge in festivities for the last two years, this festive season looks very promising. We think there could not have been any better time to introduce these,” he added.
The company is focused on premiumization with brands like Royal Ranthambore Heritage Collection Whisky and Magic Moments Dazzle.According to economic policy think tank Indian Council for Research on International Economic Relations, India is one of the fastest-growing alcoholic beverages markets globally, with an estimated market size of $52.5 billion in 2020. This market is expected to grow at a CAGR of 6.8% between 2020 and 2023.