India Becomes Key Market for Pernod Ricard: Growth Engine and Premiumization Focus

India has become the largest market by volume and the second-largest by value for French spirits maker Pernod Ricard. The firm, known for brands like Chivas Regal and Glenlivet, reported a 6.1% growth in net sales in FY24. Pernod Ricard is also boosting exports and investing in a new distillery in Nagpur.

India has emerged as the most crucial market by volume and the second-largest by value for French spirits giant Pernod Ricard, which boasts brands such as Absolute, Chivas Regal, and Glenlivet, said its India MD Jean Touboul.

Reporting a 6.1 per cent growth in net sales for FY24, India is now termed a "growth engine" for the firm. Furthermore, Pernod Ricard's IMFL portfolio, including Royal Stag and Blenders Pride, is also seeing increased exports. Ireland whiskey Jameson and Scotch whiskey Glenlivet have also found a second-largest market in India, driven by the premiumization trend.

The company is investing 200 million euros to build its largest Asian distillery in Nagpur, Maharashtra, aimed to boost exports. Pernod Ricard aims to achieve double-digit growth, shifting its strategy from sheer volume to premiumization, and expects a favorable outcome from the UK-India Free Trade Agreement for Scotch whiskey exports.

(With inputs from agencies.)