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New Delhi, <keyword id="19896940" type="General" weightage="20" keywordseo="walmart" source="keywords">Walmart</keyword> has sourced goods worth over USD 30 billion from the <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>n market in the last two decades for its global operations, a company official said on Tuesday. Now the Bentonville-headquartered firm has a goal to triple its sourcing of goods from India up to worth USD 10 billion per year by 2027, said Walmart Inc Executive Vice President, <keyword id="20569496" type="General" weightage="20" keywordseo="sourcing-andrea-albright" source="keywords">Sourcing Andrea Albright</keyword>. Walmart is encouraging MSMEs (Micro, Small and Medium Enterprises) and entrepreneurs with proper training and believes that there is a tremendous opportunity to continue to contribute to India's growing economy, she said. The company has been doing business in India for the last 25 years, Albright said. "We have already sourced more than USD 30 billion in products from India," she said speaking at the Walmart Growth Summit here. The company is building an ecosystem and taking a people-led approach to connect its work across the country. "Investing in high growth markets like India helps us strengthen our relationships with established suppliers, but also developing relationships with new ones to build long-term surety and diversity and global supply," she added. Under its Walmart Vriddhi initiative, which is designed to support MSMEs in modernising, expanding, and reaching their domestic ambitions, the company has trained 50,000 people so far, Albright added. "That is an amazing achievement. We have hit this goal early," she said, adding, "Our focus is to recruit and train new suppliers to fulfil our purchase orders around the world. These orders often lead to the creation of new jobs. It also allows our suppliers to invest back in their local communities." Walmart CEO Doug <keyword id="20569497" type="General" weightage="20" keywordseo="mcmillon" source="keywords">McMillon</keyword> and Walmart International President and CEO Kathryn McLay in their joint video address to the forum said India is a country with tremendous potential. It is ready to help the Indian MSMEs, which have a wonderful entrepreneurial spirit, to achieve their goals. "The ecosystem and infrastructure are part of what is so attractive about doing business in India. That's why in 2020, we announced our goal to source USD 10 billion exports annually from India by 2027," said McMillon, adding, "Other than the US, India is the only market where we have set a sourcing objective. And that is because we see so much opportunity." Kathryn McLay said Walmart is "committed to helping grow India's economy which is on track to hit USD 4 trillion this year". The growth summit will help Walmart in providing global market access to Indian manufacturers. "Because here you have unique products that are in demand with our customers around the world. Some of the products I use every day are made in India by suppliers that we have long relationships with," she said. McMillon mentioned about sourcing cruiser bicycles from India by entering into a partnership with Hero Ecotech. Similarly, products from Mrs Bector's Food and towels from Welspun has also become popular. Walmart's Senior Vice President, Supplier Development and Sourcing, <keyword id="20569498" type="General" weightage="20" keywordseo="jason-fremstad" source="keywords">Jason Fremstad</keyword> said Walmart has now a well-established base of suppliers here. The export opportunity is massive from here and over 100 merchants and sourcing experts from around the world will meet new suppliers here. "What we are aiming to do this week is to continue finding new suppliers to source in categories -- home, apparels, foods, health and wellness, toys .... this week is focused on expanding those opportunities and finding new suppliers that we can export in an effort to achieve the goal that we have set out for sourcing USD 10 billion by the end of 2027," he said.

Walmart sourced goods worth over $30 billion from India in last two decades

<ul class="summary-list"><li><a href="https://www.businessinsider.com/category/walmart">Walmart</a> is adding more local <a href="https://www.businessinsider.com/category/craft-beer">craft beers</a> and high-end wines and spirits to its stores as shoppers demand more premium alcohol options, according to Jason Fremstad, VP of adult beverages for Walmart US stores.</li><li>The products that Walmart is leaning more into include <a href="https://www.businessinsider.com/category/hard-seltzer">hard seltzers</a>, hazy India pale ales (IPAs), low-calorie IPAs, seasonal <a href="https://www.businessinsider.com/category/beer">beers</a>, canned <a href="https://www.businessinsider.com/category/wine">wine</a>, and premium brands of wine and spirits, such as Buffalo Trace, Decoy, Justin, and <a href="https://www.businessinsider.com/category/veuve-clicquot">Veuve Clicquot</a>.</li><li>In one recent experiment, Walmart bought a single barrel of Buffalo Trace <a href="https://www.businessinsider.com/category/bourbon">bourbon</a> for one of its stores. The store sold out of bottles from the barrel in six days.</li><li>Fremstad said he's watching drinking trends closely, and betting on a surge in <a href="https://www.businessinsider.com/category/tequila">tequila</a> popularity. "I think the one spirit that nobody talks enough about is the growth of tequila," he said. </li><li><a href="http://newsletter.businessinsider.com/join/4np/drivethru">Sign up for Business Insider's retail newsletter, The Drive-Thru.</a></li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>Walmart is overhauling its adult beverage aisles to bring in more hyper-local craft beers and high-end wines and spirits.The company is making the changes because Walmart shoppers are demanding more premium alcohol options, according to Jason Fremstad, VP of adult beverages for Walmart US stores. "There's been a significant shift in our assortment this year to make sure that we are not just taking care of our customers with all the core offerings they expect, but really getting into that premium and innovative assortment that we're really not known for at this point," he said.Walmart's "core offerings" include domestic brands such as <a href="https://www.businessinsider.com/category/bud-light">Bud Light</a>, <a href="https://www.businessinsider.com/category/miller-light">Miller Light</a>, and <a href="https://www.businessinsider.com/category/coors-light">Coors Light</a>, he said.The products that Walmart has started leaning more into include hard seltzers, hazy India pale ales (IPAs), low-calorie IPAs, seasonal beers, canned wine, and more premium brands of wine and spirits, such as Buffalo Trace, Decoy, Justin, and Veuve Clicquot.<h2>Walmart bought a single barrel of bourbon and it sold out in six days</h2>In one recent experiment, Walmart bought a single barrel of Buffalo Trace <a href="https://www.businessinsider.com/category/bourbon">bourbon</a> for one of its stores. The store sold out of bottles from the barrel in six days. (Bourbon that is bottled from a single barrel is considered more premium than bourbon that is mixed together from multiple barrels)."We got great feedback from customers, so that's something that we'll continue to do more of," Fremstad said of the single-barrel offering.The company has also been working to add more craft beers to its stores, in part through "well over" 100 meetings with local and national craft suppliers and brewers, he said. "We actually localize our assortment down to the store level," Fremstad said. From consumer research, Walmart has learned the importance of carrying beers from shoppers' neighborhood breweries in its stores."The further that your store is from a craft brewery, the less important [their beers] are to our customers," he said. Customers appear to be responding positively to the beer-selection changes."What we define as local is what literally is driving our craft business," he said.<h2>Betting on a surge in tequila growth</h2>Walmart's beverage-aisle overhaul started in the spring and will continue well into next year. In the meantime, Fremstad and his team are closely watching what Americans are drinking, and trying to distinguish between trends that might be short-lived and those that have staying power."I would say the growth of hard seltzers has caught us all by surprise," Fremstad said, referring to the surging popularity of hard-seltzer brands such as White Claw, Truly, Bon &amp; Viv, and more."The growth that has come over the last few years in hard seltzer is phenomenal," he added.Fremstad said he expects hard-seltzer sales to remain strong, due to a "a large customer base that really wants to enjoy an adult beverage that's low on calories and low on carbs, but is not light beer."Other spirits he expects to see continued growth in include sparkling wines, ros<a href="https://www.google.com/aclk?sa=l&amp;ai=DChcSEwi30Km98cHmAhUFGAwKHQ1KDiIYABAAGgJxYg&amp;sig=AOD64_0mSvh0uGGZ3tK4fSoHVBvaIdZyaA&amp;q=&amp;ved=2ahUKEwiK-6G98cHmAhWFiOAKHZlvBXAQ0Qx6BAgSEAE&amp;adurl="></a>é<a href="https://www.google.com/aclk?sa=l&amp;ai=DChcSEwi30Km98cHmAhUFGAwKHQ1KDiIYABAAGgJxYg&amp;sig=AOD64_0mSvh0uGGZ3tK4fSoHVBvaIdZyaA&amp;q=&amp;ved=2ahUKEwiK-6G98cHmAhWFiOAKHZlvBXAQ0Qx6BAgSEAE&amp;adurl="></a>, and bourbon."Sparkling wine continues to grow, and then from a spirit standpoint, I don't see bourbon slowing down," he said.Fremstad is also betting on a surge in popularity for tequila. "I think the one spirit that nobody talks enough about is the growth of tequila," he said. "I mean tequila is growing incredibly fast - and really the premium tequila, not your college tequila."<a href="https://www.businessinsider.com/intelligence/future-of-retail?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=walmart&amp;itm_campaign=future-of-retail-2"></a>

Walmart wants you to buy more alcohol from its stores, so it's adding more high-end options like Veuve Clicquot and Buffalo Trace

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Walmart sourced goods worth over $30 billion from India in last two decades

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Walmart wants you to buy more alcohol from its stores, so it's adding more high-end options like Veuve Clicquot and Buffalo Trace

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