Non-alcoholic beverage market likely to hit Rs 1.47 lakh cr by 2030: ICRIER report

| | New Delhi:
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Non-alcoholic beverage market likely to hit Rs 1.47 lakh cr by 2030: ICRIER report

Saturday, 28 May 2022 | PTI | New Delhi:

India has the potential to become a non-alcoholic beverage hub and the country’s non-alcoholic beverage market is expected to touch a market size of Rs 1.47 lakh crore by 2030, says a report.

According to the report by economic policy think tank ICRIER, “the size of the market was estimated at Rs 671 billion (Rs 67,100 crore) in 2019, which is projected to reach around Rs 1,472.33 billion (Rs 1,47,233 crore) in 2030, in the realistic scenario.”

 “India has the potential to become a non-alcoholic beverage hub, given its endowments of raw materials, labour and policy support for encouraging food processing in the country,” the report said.

Bottled water and carbonated soft drinks still account for the bulk of the non-alcoholic beverages sector, the report said, adding that the market for juices, energy drinks, tea, milk and coffee-based beverages and organic drinks is expanding. In India, domestic consumption and exports are low, compared to ASEAN countries and there is enough space to grow for the non-alcoholic beverage industry.

“India’s per capita sales volume was just 21.36 litres in 2018, and exports were worth USD 29.89 million in 2020. There is scope for increasing both domestic sales volume and diversifying products and export markets. For example, India can develop and export organic fruit-based drinks,” it said.The study found that the non-alcoholic beverage sector contributes significantly to the Indian economy in terms of value addition and job creation.

 “The total job creation from this sector is estimated to be 6.91 lakh which includes employment creation both in the upstream and downstream operations,” the study said.

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