The global alcoholic beverages market was estimated to be at USD1.58 trillion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of around 3.5 per cent between 2020 and 2023. India is one of the fastest growing alcoholic beverages markets globally, with an estimated market size of USD52.5 billion in 2020 and the market is expected to grow at a CAGR of 6.8 per cent between 2020 and 2023. According to the Ministry of Food Processing Industries, production of alcoholic beverages in the country increased by about 23.8 per cent during the period between 2015-16 and 2018-19. The alcoholic beverages industry contributes to around 1.5 million jobs in
India and generated around USD48.8 billion in sales revenue in 2019.