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TABLE OF CONTENTS
1. Indian Made Foreign Liquor (IMFL) Industry Market Introduction
2. IMFL Government Licensing and Regulations
3. IMFL Market Size, FY’2005-FY’2010
4. IMFL Market Segmentation, FY’2010 – FY’2015
4.1. Indian Whisky Market Size, FY’2005-FY’2010
4.2. Indian Brandy Market Size, FY’2005-FY’2010
4.3. Indian Rum Market Size, FY’2005-FY’2010
4.4. Indian Vodka Market Size, FY’2005-FY’2010
4.5. Indian Gin Market Size, FY’2005-FY’2010
5. IMFL Industry Trends and Developments
6. IMFL Market Competitive Landscape
7. IMFL Company Profiles
7.1. United Spirits Ltd (USL)
Company Overview
Business Strategies
Financial performance
7.2. Pernod Ricard (India)
Company Overview
Business Strategies
7.3. Radico Khaitan
Company overview
Business Strategy
Financial Performance
7.4. Allied Blenders & Distillers (ABD)
Company Overview
Business Strategies
Financial Performance
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8. IMFL Market Future Outlook
8.1. Cause and Effect Relationship between dependent and independent factors prevailing in IMFL Industry
8.2. IMFL Industry Projections, FY’2011 – FY’2015
8.2.1. Whisky Industry Projections, FY’2011 – FY’2015
8.2.2. Brandy Industry Projections, FY’2011 – FY’2015
8.2.3. Rum Industry Projections, FY’2011 – FY’2015
8.2.4. Vodka Industry Projections, FY’2011 – FY’2015
8.2.5. Gin Industry Projections, FY’2011 – FY’2015
9. India Macro Economic Indicators: Current and Projections
9.1. Population of 20 years and above, 2005-2015
9.2. Consumer Expenditure on Food, Beverage and Tobacco, 2007-2015
10. Appendix
10.1. Market Definition
10.2. Abbreviations
10.3. Research Methodology
Data Collection Methods
Approach
Variables (Dependent and Independent)
Multi Factor Based Sensitivity Model
Scenario Analysis
Final Conclusion
10.4. Disclaimer
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LIST OF FIGURES
Figure 1: IMFL Market Consumption in Million Cases and Consumption per Capita in Litres, FY’2005-FY’2010
Figure 2: IMFL Market Segmentation by Product on the basis of Consumption in Percentage, FY’2005-FY’2010
Figure 3: Whisky Market Consumption in Million Cases and Consumption per Capita in Litres, FY’2005-FY’2010
Figure 4: Indian Whisky Market Share of Major Brands, in Percentage, FY’2011
Figure 5: Brandy Market Consumption in Million Cases and Consumption per Capita in Litres, FY’2005-FY’2010
Figure 6: Brandy Consumption Market Segmentation by Location in Percentage, FY’2010
Figure 7: Indian Brandy Market Share of Major Brands, in Percentage, FY’2010
Figure 8: Rum Market Consumption in Million Cases and Consumption per Capita in Litres, FY’2005-FY’2010
Figure 9: Indian Vodka Market Consumption in Million Cases and Consumption per Capita in Milliliters, FY’2005-FY’2010
Figure 10: Indian Gin Market Consumption in Million Cases and Consumption per Capita in Milliliters, FY’2005-FY’2010
Figure 11: IMFL Companies’ Market Share in Percentage, FY’2010
Figure 12: United Spirits Ltd’s Sales in Million Cases, FY’2006 –FY’2011
Figure 13: Radico Khaitan’s Sales in Volume in Million Cases and in Value in USD Million, FY’2009- FY’2011
Figure 14: Allied Blenders & Distillers’ IMFL Sales in Million Cases, FY’2007 –FY’2011
Figure 15: IMFL Industry Projections in terms of Consumption in Million Cases, FY’2011-FY’2015
Figure 16: IMFL Industry Projections in terms of Consumption per Capita in Litres, FY’2011-FY’2015
Figure 17: Whisky Industry Projections in terms of Consumption in Million Cases, FY’2011-FY’2015
Figure 18: Whisky Industry Projections in terms of Consumption per Capita in Litres, FY’2011-FY’2015
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Figure 19: Brandy Industry Projections in terms of Consumption in Million Cases, FY’2011-FY’2015
Figure 20: Brandy Industry Projections in terms of Consumption per Capita in Litres, FY’2011-FY’2015
Figure 21: Rum Industry Projections in terms of Consumption in Million Cases, FY’2011-FY’2015
Figure 22: Rum Industry Projections in terms of Consumption per Capita in Litres, FY’2011-FY’2015
Figure 23: Vodka Industry Projections in terms of Consumption in Million Cases, FY’2011-FY’2015
Figure 24: Vodka Industry Projections in terms of Consumption per Capita in Milliliters, FY’2011-FY’2015
Figure 25: Gin Industry Projections in terms of Consumption in Million Cases, FY’2011-FY’2015
Figure 26: Gin Industry Projections in terms of Consumption per Capita in Milliliters, FY’2011-FY’2015
Figure 27: Population of 20 years and above in Million, 2005-2015
Figure 28: Consumer Expenditure on Food, Beverage and Tobacco in USD Million, 2007-2015
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LIST OF TABLES
Table 1: Indian Governments’ Alcoholic Beverages and IMFL Regulations Present Scenario and Impact
Table 2: Indian Whisky Market Sales of Major Brands, in Million Cases, FY’2011
Table 3: IMFL Companies’ Sales in Million Cases, FY’2010
Table 4: USL Key Brands Sales for Whisky Segment in Million Cases, CY’2006-CY’2010
Table 5: USL Key Brands Sales for Brandy Segment in Million Cases, CY’2006-CY’2010
Table 6: USL Key Brands Sales for Rum Segment in Million Cases, CY’2006-CY’2010
Table 7: USL Key Brands Sales for Gin Segment in Million Cases, CY’2006-CY’2010
Table 8: USL Key Brands Sales for Vodka Segment in Million Cases, CY’2006-CY’2010
Table 9: USL’s Key Brands and their Performance Indicators
Table 10: Pernod Ricard’s Key Brands and their Performance Indicators
Table 11: Radico Khaitan’s Key Brands and their Performance Indicators
Table 12: Allied Blenders & Distillers’ Key Brands and Performance Indicators
Table 13: Cause and Effect Relationship Analysis between Industry Factors and Expected IMFL industry Prospects
Table 14: IMFL Industry Projections in terms of Consumption in Million Cases, FY’2011-FY’2015
Table 15: Whisky Industry Projections in terms of Consumption in Million Cases, FY’2011-FY’2015
Table 16: Brandy Industry Projections in terms of Consumption in Million Cases, FY’2011-FY’2015
Table 17: Rum Industry Projections in terms of Consumption in Million Cases, FY’2011-FY’2015
Table 18: Vodka Industry Projections in terms of Consumption in Million Cases, FY’2011-FY’2015
Table 19: Correlation Matrix
Table 20: Regression Coefficients Output
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IMFL MARKET SIZE, FY’2005-FY’2010
IMFL segment registered a consumption of more than ~ million cases in FY’2010 from a consumption level of around 135 million cases in FY’2005. This industry has maintained a steady growth of around 10%. The market grew by ~% in FY’2010 from the consumption volume of around ~ million cases in FY’2009.
The major drivers for this growth are increasing population, personal disposable income and rising social acceptance for consumption of liquor.
This industry is likely to overtake the country liquor segment in the long run but there is also a high probability of being toppled by the beer industry.
Figure: IMFL Market Consumption in Million Cases and Consumption per Capita in Litres, FY’2005-FY’2010
Source, AM Mindpower Solutions
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IMFL Consumption Consumption per Capita
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IMFL MARKET SEGMENTATION, FY’2010 – FY’2015
IMFL market is mainly comprised of five types of spirits, Whisky, Rum, Brandy, Gin and Vodka. This industry can also be divided into Brown Spirits and White Spirits, where whisky, rum and brandy are generally categorized under brown spirits while vodka and gin are classified under white spirits. Brown spirits accounted for more than ~ % of the total IMFL consumed in FY’2010.
Figure: IMFL Market Segmentation by Product on the basis of Consumption in Percentage, FY’2005-FY’2010
Source: AM Mindpower Solutions
INDIAN WHISKY MARKET
Indian whisky market is a concentrated market with top 6 brands accountable for ~% of the whole whisky consumed in India during financial year 2011. Bagpiper is the most consumed whisky in the Indian whisky market with a market share of ~% and sales of ~ million cases in FY’2011. This is closely followed by Officer’s choice which has a market share of ~% with sales of ~ million cases. The third spot is bagged by USL’s McDowell’s no.1 whisky which has a market share of ~%. Royal stag and original choice are in close competition having
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Gin Vodka Brandy Rum Whisky
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market share of ~% and ~% and consumption of ~ and ~ million cases respectively. Old tavern is another major selling whisky with consumption in volume of ~ million cases.
Figure: Indian Whisky Market Share of Major Brands, in Percentage, FY’2011
Source: AM Mindpower Solutions
IMFL MARKET COMPETITIVE LANDSCAPE
IMFL industry is a concentrated market with top 5 companies commanding a market share of over ~% in FY’2010. United Spirits Ltd. (USL) is the leading company holding a market share of ~% and registering sales of ~ million cases in FY’2010, followed by Pernod Ricard which has a market share of ~% and sales of ~ million cases. There is a close competition between Radico Khaitan and Allied Blenders & Distillers (ABD) holding ~% and ~% of market share respectively. United Spirits Ltd. ABD’ sales of ~ million cases heavily relied on the sales of its flagship brand “Officer’s Choice”, which alone sold ~ million cases in FY’2010.
Table: IMFL Companies’ Sales in Million Cases, FY’2010
Company FY’2010 Sales (Million Cases)
United Spirits Ltd.
Pernod Ricard
FY'2011
Bagpiper whisky
Officer's choice whisky
McDowell's no.1 whisky
Royal Stag
Original Choice
Old Tavern
Imperial Blue whisky
others
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Radico Khaitan
Allied Blenders & Distillers
John Distilleries
Tilaknagar Industries Ltd
Others
Source: Company Reports, AM Mindpower Solutions
IMFL COMPANY PROFILES
UNITED SPIRITS LTD (USL)
FINANCIAL PERFORMANCE
Table: USL Key Brands Sales for Whisky Segment in Million Cases, CY’2006-CY’2010
Key Brands 2006 2007 2008 2009 2010
Bagpiper Whisky
McDowell's No.1 Whisky
Old Tavern Whisky
Haywards Fine Whisky
Director's Special Whisky
DSP Black Whisky
McDowell's Green Label Whisky
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Gold Riband Whisky
Signature Rare Whisky
Royal Challenge Whisky
Black Dog Scotch Whisky
McDowell's No.1 Platinum Whisky
Source: Company Reports
Table: USL Key Brands Sales for Brandy Segment in Million Cases, CY’2006-CY’2010
Key Brands 2006 2007 2008 2009 2010
McDowell's No.1 Brandy
Honey Bee Brandy
John Ex Shaw Brandy
Golconda Brandy
Source: Company Reports
Table: USL Key Brands Sales for Vodka Segment in Million Cases, CY’2006-CY’2009
Key Brands 2006 2007 2008 2009 2010
White Mischief Vodka
Premium Romanov
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Vodka
Source: Company Reports
Table: USL’s Key Brands and their Performance Indicators
Key Brands Performance Indicators
Bagpiper
McDowell’s No.1 (Brandy)
McDowell’s No.1 Celebration Rum
Royal Challenge Whisky
McDowell’s No.1 (Whisky)
White Mischief
Source: Company reports, AM Mindpower Solutions
VODKA INDUSTRY PROJECTIONS, FY’2011 – FY’2015
Vodka, owing to the extensive use in making cocktails is gaining popularity. Going by the historical growth rate, the industry is set to attain consumption of ~ million cases in FY’2011 with per capita consumption of ~ milliliters. Vodka industry is expected to record consumption of ~ million cases in FY’2015 at a CAGR of ~ %.
Figure: Vodka Industry Projections in terms of Consumption in Million Cases, FY’2011-FY’2015
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Source: AM Mindpower Solutions
Table: Vodka Industry Projections in terms of Consumption in Million Cases, FY’2011-FY’2015
Year Vodka Consumption (in Million Cases)
Conservative Case Base Case Aggressive Case
FY'2011
FY'2012
FY'2013
FY'2014
FY'2015
Source: AM Mindpower Solutions
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Figure: Vodka Industry Projections in terms of Consumption per Capita in Milliliters, FY’2011-FY’2015
Source: AM Mindpower Solutions
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