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India’s non-alcoholic drinks sector to reach RS1,472 billion by 2030
New research has revealed that the market share of India’s non-alcoholic beverages are expected to grow to RS1,472 billion by 2030 with a CAGR of 8.7%.
The analysis, detailed in local reports, was initially conducted by the Indian Council for Research on International Economic Relations (ICRIER), and highlighted how the category has grown from around RS671 billion in 2019 with predicted growth set to follow in the coming years.
The ICRIER report titled ‘Contribution of the Non-Alcoholic Beverage Sector to Indian Economic Growth and Atmanirbhar Bharat’ showed how carbonated drinks were the most popular among Indians, followed by bottled water and fruit drinks and juices.
Additionally, the report also indicated that the non-alcoholic drinks sector shows enormous potential for developing job opportunities across India. The data revealed that, for every crore of output produced in the non-alcoholic beverage industry, 8.9 more jobs could be created – supporting the local economy.
The statistics showed that, despite India having abundant raw material and labour, its drinks industry would still need the right policies to grow further and unlock its full potential.
Commenting on the report, Suman Bery, vice chairman of the National Institute for Transforning India (NITI Aayog) said, “The non-alcoholic beverage sector is a significant and promising industry that holds immense potential. The non-alcoholic beverages are a crucial component contributing towards the country’s economic growth and will further evolve with policy and fiscal support from Government of India. However, this can only happen if the government and industry work hand in hand to further encourage innovation, work towards enhancing farmers’ income, and ensure reduction of wastage in supply chain.”
Consumer affairs secretary Sudhanshu Pandey, added: “The non-alcoholic beverage sector has a crucial role to play in driving overall India’s economic growth and making the country ‘Aatmanirbhar’ (self-reliant).