New Delhi, Oct. 7 -- India's alcoholic beverage market is poised for continued growth over the next few years, but what consumers choose to drink could matter as much as how much they consume, Sanjit Padhi, chief executive of the International Spirits and Wines Association of India (ISWAI), said in an interview with Mint. Rising incomes and premiumization are projected to drive up market value, though a shift toward lower-value categories like beer could pull in the opposite direction, he added. Realizing these value gains will also depend on navigating rigid state-level pricing controls, which continue to restrict companies from adjusting retail prices freely.

Domestic manufacturers face other headwinds-ranging from tighter label scruti...