Liquor mimicked the overall consumer discretionary segment, where sales of products such as apparel, footwear and beauty slowed in India in 2023 after two years of pandemic-induced runway growth. The spirits segment had also seen a record surge in the prices of raw materials such as extra neutral alcohol, glass and packaging material a year ago, which have softened now. Grain prices, however, have surged over the past two quarters, squeezing margins.