MFL manufacturer Radico Khaitan Limited has launched Cocktail Mix under the umbrella of Magic Moments. Its Magic Moments vodka cocktail will be sold in cans with a vodka base of 4.8% alcohol. The company said it will make three variants, the Cosmopolitan, Cola and Mojito. For now, the products will be sold in Karnataka, followed by Goa, Maharashtra and Daman and Diu in the coming months.
Amar Sinha, Chief Operating Officer of the company said, “Our consumers are inclined towards ready-to-drink products. And the cocktail culture in the on-trade market gave us an insight into changing consumer preferences. With this launch, we are also bridging the gap in the low-alcohol-beverage segment, which was lacking in vodka-based cocktails. We’re bringing back traditional ingredients for cocktails. In 2021, the global ready-to-drink cocktail market was almost at standstill, he said, quoting Grand View Research. 6400 crores, and is expected to grow at a CAGR of around 13.4% between 2022-2030. Those who do not consume alcohol are also excited to try this new Alcobev variant in the market. However, India’s ready-to-drink alcoholic beverages market is still in its infancy and some companies have started manufacturing in this category.
Sinha said the launch was done for the festive season when it was the season of social gatherings, events, festivals and weddings. resulting in higher consumption. “Since the outbreak of COVID has prevented customers from attending the festivities for the past two years, this festive season looks very promising. We feel there couldn’t have been a better time to present them. The company is focusing on premiumization with brands like Royal Ranthambore Heritage Collection Whiskey and Magic Moments Dazzle. According to economic policy think tank Indian Council for Research on International Economic Relations, India is one of the fastest growing alcoholic beverage markets globally, with an estimated market size of $52.5 billion in 2020. This market is expected to grow at a CAGR of 6.8% between 2020 and 2023.