India, March 13 -- Beer is the most-consumed alcoholic drink in India. About 3 billion litres of beer was consumed in India in 2023, which was the 13th highest in the world, according to Japanese beer company Kirin Holdings. But on per capita consumption, India was ranked 101, averaging about 2.1 litres of beer per person per year. In those two numbers lies the paradox that liquor multinationals face.

As the world's most-populous nation, India is a significant market, and growing in width and depth. But its spread of disposable income is thin, which, coupled with social attitudes, end up diluting growth. There's a third number: 100-150%. That's the import duty imposed by India on foreign beer (100%) and all other alcoholic beverages (150...