Lower-than-expected demand in key markets dents global alcohol sales
Mumbai: The global liquor industry faced a surprising setback in 2024, as people drank less than expected — especially in major markets like India and China. This unexpected dip left global alcohol sales “high and dry,” with overall volumes falling by 1%, according to a report by leading alcohol market researcher IWSR.
Across the world’s top 20 liquor-consuming countries, sales missed growth targets by 1-2%, which translates to a shortfall of over 300 million nine-litre cases. The U.S., China, India, and parts of Europe all reported lower-than-expected numbers.
India, which had been seen as a key growth engine due to its large, young population and growing demand for premium alcohol, also underperformed. While India fared better than some other markets, it still didn’t meet industry expectations.
“The Indian market was expected to balance out some of the global slowdown,” said Emily Neill, COO of Research & Operations at IWSR. “Despite showing promise with positive demographics, premiumisation trends, and a more adventurous consumer base, the market didn’t grow as much as anticipated.”
For now, the global liquor industry is left rethinking its strategies as it deals with this unexpected hangover.
