Imported wines are gaining popularity in India, the world’s largest scotch whisky market by volume. This is fueled by rising disposable incomes and the increased accessibility of high-quality wines, giving rise to a new class of wine connoisseurs.
The latest data from the commerce ministry reveals a significant increase in wine imports during this fiscal year, indicating a rise in awareness and refined preferences in the world’s fastest-growing major economy.
In the current fiscal year, from April to October, India’s wine imports totaled $170.48 million, a significant increase from the $35.03 million recorded for the entire financial year ending in March 2023. This marks a substantial growth compared to the $19.61 million in wine imports during the fiscal year 2020 and $23.85 million in the financial year 2022.
“Multiple things are working out in favour of wines, and the market sentiments are very positive,” said Vishal Kadakia, founder of Wine Park, an importer and distributor of wines for 17 years.
“Several new players are entering the wine business. We are seeing a jump in our business, and there is a lot of interest in good quality wines. Restaurants and hotels have also been expanding their wine lists, and we see the emergence of more wine influencers,” he said.
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ProWine, considered the premier global wine event that brings together buyers and sellers, took place at the Jio World Centre in Mumbai last November for the third year in a row.
Anil Chandhok, CEO and president of Chenab Impex, a leading importer of fine wines, said that his company has experienced substantial growth in product variety and distribution. Over the past two to three years, both the portfolio and sales have nearly doubled.
“We are continuously looking to expand our portfolio and over the past year, we have added a range of world class, iconic Italian wines including the Argentiera Bolgheri Superiore, Speri Amarone, San Felice Brunello di Montalcino and Parusso Barolo. These are benchmark producers from their regions. Niche wines are also forming the basis for creative cocktails,” he added.
Meanwhile, in the midst of the economic slowdown in Europe, overseas wine exporters are actively seeking new markets, as highlighted by Amit Agarwal, board director and CEO of Hema Connoisseur Collections.
“In the last two years, export prices of wines have dropped and people have started selling at lower prices. China has dropped Australian wines and Australia has been looking at other markets. The demand for sparkling wines from Spain and Italy has gone up in India. The hospitality industry has grown substantially in India and all these factors have led to a notable growth in wine consumption in the country,” he added.
Chandhok at Chenab Impex mentioned that his company has broadened its selection of ‘accessible’ yet ‘award-winning’ wines, incorporating offerings from producers like Paul Mas, Fournier, Donna Laura, and Protos.
“There was a time when consumers only knew a red and a white wine, but they have slowly graduated to understanding concepts like new versus old world and grape varietals,” he added.
According to Agarwal at Hema, Indians used to ‘save for a rainy day,’ but that practice doesn’t seem to be as prevalent now.
“Post the Covid-19 pandemic, consumers realised they could die any day and started spending more. They want to enjoy better things in life.”
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