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Premium spirits volumes grew 10.2% a year in 2022-2025 vs 1.1% for the cheapest liquor, ISWAI report says
Our read
Premiumisation continues to outpace the overall 3.7% market, and Indian-made super-premium and malt labels keep gaining on imports, which stay a niche near their 2.7% share.
For operators
Tilt shelf space and range toward premium and super-premium Indian-made spirits, where volumes grew about 34% a year, since the lowest-priced tier managed only 1.1% a year in 2022-2025.
Watch
The next ISWAI update showing whether premium volume growth holds near 10.2% a year
The report,
Premium spirits volumes in India grew at a compound annual rate of 10.2% between 2022 and 2025, against 1.1% for the lowest-priced category, according to an ISWAI report. Indian malt whiskies grew about 39% annually and overtook Scotch malts in 2024.
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Reported figures
From the report. Source details below
| Overall spirits volume annual growth: | 3.7% |
|---|---|
| Imported spirits market share 2025: | 2.7% |
Why it matters for the brand
Premium spirits volumes compounded at 10.2% in 2022-2025 against 3.7% for the whole category, so growth is coming from mix and favors premium-weighted portfolios over those reliant on the cheapest tier at 1.1%.
The counter-case
The case against this reading — not reported by the source.
The headline compares the two ends of the price ladder, which flatters the premiumisation story. The 10.2% premium CAGR is a three-year, volume-only figure that starts in 2022, when on-premise drinking was still recovering from COVID. The 34% and 39% growth rates for super-premium Indian spirits and Indian malts probably come from very small bases, so a few brands and a few states can produce them. Calling Indian malts 'ahead of Scotch' in 2024 depends on how the category is defined, and it may reflect Scotch bottled in India or tier reclassification rather than a real shift in taste. The 1.1% for the lowest tier may reflect state excise changes, price-band redefinitions, or drinkers moving to illicit or country liquor, not a trade-up. Imported spirits grew about 8%, slower than premium overall, and still held only 2.7% share, which undercuts any 'aspirational import' angle. The report comes from an industry body, which has an interest in a bullish premium narrative. The stated 3.7% overall growth also implies that mass and mid tiers still carry most of the volume, so the premium effect on total industry economics is smaller than the headline suggests.
The source
Published
First seen