New Delhi, Nov 28 (PTI) Artisanal flavoured spirits firm Ochre Spirits on Thursday said it is planning to capture a market share of over 10 per cent in the premium flavoured spirits segment and aims to achieve Rs 100 crore turnover over the next four years.
As per a Grand View Research report, the craft spirits market in India is expected to grow at a CAGR of 35.6 per cent between 2024 and 2030, a company statement said.
According to the statement, a new breed of young brands is drawing inspiration from India's rich heritage and disrupting the craft and artisanal spirits' space.
Driven by a passion for innovation and a vision to disrupt the traditional spirits sector, Ochre Spirits was launched in 2023.
This venture introduces a groundbreaking portfolio of flavour-rich, artisanal spirits designed to redefine consumer expectations and enhance the drinking experience.
"Ochre Spirits has set for itself an ambitious target of becoming an Rs 100 crore brand in the next 4 years. The company is also expanding its product portfolio with some of the most diverse and rare flavours in the industry," it stated.
Ochre Spirits has also launched one of the industry's first craft spirit brands "Tasting Room" in Goa, and will soon expand to Bangalore, Pondicherry, Mumbai, and Gurgaon.
Ochre Spirits has synced its plan to make a mark in this segment. The brand is looking to earn the attention of the increasingly maturing and evolving spirits preferences of the global masses, it explained.
There is a significant preference for craft spirits, which are not mass-produced in India and in the global market, which is not limited to the elite, and the startup aims to ride the wave, it noted.
Ochre Spirits Founder John Royerr said, "With clear future roadmaps laid out, we are eying to capture more than 10 per cent in the premium flavoured spirits segment and 5 to 7 per cent of the craft spirits market within the next 4 years".
The company launched its first two products -- Berry flavoured rum and a Peach and Cherry flavoured vodka -- and is in the process of launching two flavoured Gin and a Citrus flavoured rum in the second quarter of FY 2024.
It is also in the process of strategically developing a well-rounded product portfolio to cater to the evolving preferences of the Indian market.
In its initial phase, the company plans to bottle and distribute selected variants of its craft spirits across retail outlets and institutions in Goa, Karnataka, Kerala, and Puducherry.
This expansion aims to widen its customer base by presenting unique, premium alternatives to conventional brands.
Additionally, the company is setting its sights on exporting to the Middle East, tapping into new markets, and introducing its distinctive flavours to a global audience, it stated.