India: Beam Suntory targets $1 bln in annual revenues in India by 2030
Alcoholic beverages company Beam Suntory on August 4 said it plans to hit $1 billion in annual revenues in India by 2030, LiveMint reported.
As part of the target, the company said it has strengthened its portfolio in northern India with five premium spirits including India-made whisky Oaksmith, Japanese whiskies The Yamazaki and Hibiki, Japanese gin Roku, as well as Toki Whisky that will now be sold across Uttar Pradesh, Haryana, Chandigarh, Rajasthan, Punjab and Delhi
These spirits were launched in pilot markets in 2019.
“The launch of Oaksmith in North India is key to Beam Suntory’s growth strategy in India. The brand has already sold upwards of 300,000 cases since its launch in India. Along with the introduction of The Yamazaki, Hibiki, Toki and Roku across North India, this world-renowned portfolio reinforces the company’s commitment to lead the growth and premiumization of the Indian spirit's market," the company said in a statement.
Beam Suntory, headquartered in Chicago, Illinois, is a subsidiary of Suntory Holdings Limited of Japan. Globally it competes with British liquor major Diageo Plc and French spirts company Pernod Ricard.
Indians are trading up to more premium spirits prompting companies to launch more pricey brands and expand their global portfolios in India.
"The growing premiumization of the Indian market and the appreciation for finely crafted spirits make this an exciting time to expand the launch of these brand in India," said Neeraj Kumar, Managing Director of Beam Suntory India. Indians today are exposed to global trends, said Kumar. This prompted the company to launch Oaksmith, created by Suntory's chief blender Shinji Fukuyo.
Beam Suntory will grow the opportunity for premium quality spirits across northern states, Kumar said.
Beam Suntory was formed after Japan’s Suntory Holdings Ltd. acquired Beam Inc. in a $16 billion transaction in 2014, giving it a combined portfolio of brands including Beam’s Jim Beam, Maker’s Mark and Knob Creek bourbons, Teacher’s and Laphroaig Scotch whiskies, and Suntory’s Japanese whiskies Yamazaki, Hakushu, Hibiki, and Kakubin, Bowmore Scotch whisky and Midori liqueur, among others.
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