After successful entry in markets like New Delhi and Puducherry,Bangalore-based Myra Vineyards looks to enter two new markets of Rajastan and West Bengal along with tier-II cities of Maharashtra by the end of this financial year as it plans to ramp up sales and production. With this expansion, Myra is now eying bigger share of Indian wine market.
Ajay Shetty, founder and managing director, Myra Vineyards said, "The Indian wine market is growing hugely in terms of both production and consumption and has the potential to become a significant player across the globe. My target is to double the sales and production in the next fiscal year. We have done around 85,000 bottles this fiscal year, going by the current numbers, I expect it to touch anywhere between 75 per cent to 80 per cent of growth in terms of bottles in the next fiscal year."
In FY 15, the company has launched two categories, Reserve at super-premium segment and Two-Headed Bird (THB), at the entry level segment.
According to Shetty, at present, the growth of wine industry in India is between 13 to 15 per cent annually, and company plans to capitalise on this increasing demand. Myra Vineyards is currently available in Maharashtra, Goa, Delhi and Pudducherry. It has also exported over 100 cases to Hongkong.
He added, "Along with core markets, we are now focusing on tier-II cities like Kolhapur, Nagpur, Nashik, Amaravati where wine consumption is relatively low. For this, we have specially introduced our brand Two-Headed Bird (THB), at the entry level segment. We have done around 85,000 bottles this fiscal year, going by the current numbers, I expect it to touch anywhere between 75 per cent to 80 per cent of growth in terms of bottles in the next fiscal year."
The grapes are currently grown by contract farmers in Nashik and near Bangalore, but Shetty has already acquired over 100 acres of land on the outskirts of Bangalore to set up his own vineyard. It is cultivating the grapes in 25 acres of land in the first phase of farming. They currently produce about 14000 cases a year. In Maharashtra, Myra is sourcing grapes from three farmers and two wineries in Nashik region and making around 10, 000 cases every year. From Maharashtra, it supplies wine to Delhi NCR and Goa region. Till date 7,000 cases have have been sold and the company is expecting to double this to14,000 cases across all categories by the end of this financial year.
With 65 wineries, the Indian wine market is growing at 13 per cent annually with the revenues of Rs 800 crore. India is exporting wines to 22 countries. Wineries produce about 20 lakh cases every year and another three lakh cases are are imported every year.
