The wine market volume in India showed significant growth from 2014 to 2023, rising from 2.0 to 4.0 thousand metric tons. This growth was especially notable in 2015 (50%) and 2018 (33.33%). However, the market experienced a contraction in 2020 (down 17%) due to likely disruptions. Despite this, it rebounded robustly in 2021 with a growth rate of 20.48%. The market stabilized at 4.0 thousand metric tons by 2023, showing no significant year-on-year change.
Forecast data suggests a modest growth rate. From 2024 onward, the wine market is projected to reach 4.59 thousand metric tons by 2028, with a compound annual growth rate (CAGR) over the next five years at approximately 1.94%, resulting in a forecasted growth rate of 10.07% by 2028.
Future trends to watch for include potential shifts in consumer preferences towards premium and organic wines, the impact of regulatory changes, and the effects of economic conditions on disposable income and spending on luxury goods like wine. Additionally, trends in wine tourism and the influence of digital marketing could further drive market expansion.
