Whalesbook
Indian spirits consumption grew 3.3% year-on-year in Q3, rebounding from a prior decline. However, sequential growth slowed due to higher taxes and weaker demand for mass-market products. Premium brands are performing strongly as affluent consumers trade up, while value-conscious drinkers cut back. State-level excise duty hikes, particularly in Maharashtra, are impacting volumes and prices, with industry expecting a few more months for the market to adjust.