the target would make India Suntory's third-largest market after the US and Japan, overtaking Europe including the UK. Sales in India totaled approximately US$150 million last year, meaning the 2030 goal represents a roughly sevenfold increase.
Suntory's approach combines locally produced whisky with imported premium brands, differing from competitors that have focused heavily on premiumization through expensive single malts or imported labels.
The bulk of volume growth is expected to come from the mass and mid-premium Indian Made Foreign Liquor (IMFL) segments, driven by the company's locally produced Oaksmith whisky brand, which is on track to sell around two million cases this year. Higher-priced segments favored by urban consumers will be served primarily through higher-margin imported brands, including Jim Beam bourbon and Japanese whiskies Hibiki and Toki.
India is the world's largest whisky market by volume, and Suntory's expanded push is expected to heighten competition, particularly with market leaders Diageo and Pernod Ricard. Unlike rivals that have pursued building Indian single malt brands from scratch, Suntory plans instead to focus on growing demand for its existing global portfolio.
To meet additional capacity needs, Suntory said it will pursue joint manufacturing partnerships rather than large-scale acquisitions. The company noted that India's states each maintain their own complex and varying alcohol regulations, and while it has extensive experience in the market, it is building dedicated regulatory and commercial teams to help navigate those challenges.
