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Gin Market Analysis

ID: MRFR//6478-HCR | 90 Pages | Author: Snehal Singh| June 2024

Market Analysis
Craft distillery trends, changing consumer preferences, and a resurgence of interest in seasoned spirits and d├ęcor are some of the factors driving the current dynamic changes in the gin industry. Traditionally linked to conventional concoctions such as gin and alcohol, gin has had a renaissance in terms of style, propelled by an increasing recognition of its adaptability and an explosion of new goods. The changing preferences of customers, especially the younger generation, who are becoming less and less drawn to the variety of botanicals and flavors that gin provides, are a significant component driving the market's strength. The dynamics of the gin market are significantly shaped by craft and artisanal distilleries.
Small-batch gin directors have proliferated as a result of the growth of artisan spirits; these producers create distinctive blends using botanical names. Customers that value authenticity, quality, and a link to the manufacturing process will find resonance in this trend. In addition, the artisan movement has encouraged the exploration of novel and amazing botanicals, broadening the range of flavor profiles offered in the gin industry and satisfying customers' bold palates. Another important factor influencing the dynamics of the gin industry is premiumization. Customers are prepared to pay a premium for distinctive and superior gins that surpass the immolations that are the norm. Superior botanicals, unique distillation techniques, and beautiful packaging are often highlighted in premium gins, resulting in a more upscale and opulent drinking experience.
Because of this, both well-known companies and more recent competitors are focusing on creating gin expressions with decorations in order to attract sophisticated customers who value a more upscale drinking experience. Flavored gins have emerged as a prominent trend in the market, drawing in customers looking for unique and distinctive flavors. Producers are experimenting with a variety of tastes for their gin, ranging from the classic citrus and berry to more unusual choices including floral, herbal, or spicy undertones. This variety of flavors adds to the market's vitality by making it more appealing to a larger audience and promoting experimentation with mix development. Retailers typically sell seasoned gins as ephemeral spirits that may be savoured on their own or as a foundation for inventive mixologies.
Due to the worldwide nature of the gin business, various creative and indigenous preferences might have an impact. Original botanicals and traditional product styles are being used by distillers worldwide to create gins that capture the essence of their distinct locations. This feature of globalization stirs up the market and diversifies it, giving customers a variety of options that highlight the international history of gin. The gin market's competitive landscape is characterized by a wide range of smaller, artisanal companies in addition to well-known brands. Marketing and branding strategies usually focus on the story behind the gin, emphasizing the distillery's history, distinctive botanicals, and production methods.
Collaboration, distillers, mixologists, and influencers promote innovation and originality in the market, which makes it livelier. In addition, consumer involvement and education are crucial to the dynamics of the gin industry. With increasing product knowledge and botanical biographies of various gins, customers may make well-informed decisions based on their personal tastes. An increasingly astute customer base that values the authenticity and artificer of the gin they choose to sip has resulted from this development.

Covered Aspects:

Report Attribute/Metric Details

Global Gin Market Overview

Gin Market Size was valued at USD 9468.5 million in 2021. The gin market industry is projected to grow from USD 9895.5 Million in 2024 to USD 13475.4 million by 2030, exhibiting a compound annual growth rate (CAGR) of 4.51% during the forecast period (2024 - 2030). Demand for premium ready-to-drink and luxury spirits has increased as consumer buying power and awareness have increased the key market drivers enhancing the market growth.

Gin Market1

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Gin Market Trends

  • Growing disposable income to boost market growth

The industry's expansion is aided by increased disposable income, expanding populations in established and developing nations, rising millennial alcohol consumption, and rising demand for alcoholic beverages. Additionally, it is projected that shifting customer preferences for premium liquor varieties will increase demand for premium brands. Large populations are migrating to bigger cities where they are exposed to a wider variety of alcoholic beverage goods, thus assisting industry expansion. Meanwhile, the sector is growing due to expanding urbanization, lavish consumption, and rising social acceptance. Gin is prized for its natural flavor and earthy appeal, and most on-trade counters use a sizable amount of gin to create premium cocktails. The market for alcoholic drinks is evolving as more distilleries enter the beverage industry due to a rise in alcohol usage among young people and millennials.

Comparatively speaking, the younger generation has more sophisticated palates and is continuously hunting for distinctive, premium alcoholic beverages. Alcoholic beverages that contain natural components perform better, and customers are becoming increasingly interested in these goods. As a result, natural flavors are becoming increasingly popular to boost the beverage's innate appeal. Because it has a natural flavor and gives a drink an earthy charm, gin is popular. Most on-trade counters utilize a sizable amount of gin to create premium beverages. Consumers, especially millennials, are experimenting with gin and other alcoholic beverages at social gatherings and festive events. For instance, 37% of bartenders worldwide selected gin as the best spirit among premium cocktails and other alcoholic beverages in the Bacardi Cultural Insights Network poll from 2020.

Customers can choose from a variety of alcoholic beverages available on the market, such as beer, wine, and spirits, among which gin is quickly gaining recognition on a scale. In the Bacardi Cultural Insights Network 2020 survey, 37% of bartenders ranked gin as the top spirit that immunizes cocktails and other alcoholic beverages globally. Therefore, such factors have enhanced the gin market CAGR globally in recent years.

Figure 1: Gin consumption at and outside home Gin consumption at and outside homeSource: Secondary Research, Primary Research, MRFR Database and Analyst Review

However, rising in number of distillers is another factor driving the growth of the gin market revenue.

Gin Market Segment Insights

Gin Type Insights

The gin market segmentation0, based on type, includes London dry, Plymouth, old tom, and others. The Plymouth segment held the majority share in 2021, contributing around ~35% concerning the gin market revenue. London Dry Gin is a widely consumed beverage worldwide because it offers consumers superior flavor and refreshment. London Dry Gin uses a fruit with a strong juniper flavor for its characteristic flavor. It also has a lot of undertones of crisp citrus. This is why adding a lemon twist to a martini brings out its citrus notes. With a depth of natural ingredients, Plymouth Gin's smooth and rich flavor offers consumers a distinctive experience.

Gin Distribution Channel Insights

Based on distribution channels, the gin market segmentation includes supermarkets, hypermarkets, specialty stores, and others. The Supermarkets and Hypermarkets segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is because of trends toward quick westernization and the growth of contemporary pubs and restaurants in developing nations. Hence, rising applications of implants for gin positively impact the market growth.

Figure 2: Gin Market, by Distribution Channel, 2021 & 2030 (USD Million)Gin Market, by Distribution Channel, 2021 & 2030Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Gin Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Europe's gin market accounted for USD 4336.5 million in 2021 and is expected to exhibit a significant CAGR growth during the study period. The demand for din is rising in various locations, which effectively fuels the growth of the gin industry.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: GIN MARKET SHARE BY REGION 2021 (%)GIN MARKET SHARE BY REGION 2021Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

North America gin market accounts for the second-largest market share. The growing number of millennials in the area is anticipated to fuel the gin market. The gin sector is also driven by the region's urbanization, changing lifestyles, and disposable income. Because of the security clearance procedures established by regulatory organizations, the number of manufacturers in the United States has increased quickly. Gin distribution, sale, and production are all tightly regulated in the US. Due to the regulatory framework, several industries have consolidated at different levels. Further, the UK gin market held the largest market share, and the Canada gin market was the fastest-growing market in the European region.

The Asia-Pacific Gin Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to the rising urbanization and rise in disposable income's effects on the number of potential consumers. According to data published by the IMF and World Bank, Asian consumers have been consistently spending more money overall on alcohol and tobacco products, which has been fueling market expansion. By 2025, overall spending will likely equal over USD 425 billion. Further, in response to changes in patron preferences, pubs and bars specialize in the unique cocktail party lounge. Most wealthy consumers prefer vodka and gin-based cocktails like the Asian Pear Mule, Whisky Mac, Japanese Highball, Singapore Sling, and Soju Watermelon Cocktail. Moreover, China gin market held the largest market share, and the Indian gin market was the fastest-growing market in the Asia-Pacific region.

Gin Key Market Players & Competitive Insights

Major market players are investing a lot of money in R&D to expand their product offerings, which will spur further growth for the gin industry. Participants in the market are also undertaking various strategic initiatives to expand their footprint. Significant market developments include new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Gin industry rivals must provide affordable goods to grow and thrive in a more cutthroat and competitively heated market environment.

One of the primary business strategies manufacturers adopt in the gin industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In recent years, gin industry has provided some of the most significant benefits. Major gin market players such as Bombay Sapphire, Diageo India, and others are working on expanding the market demand by investing in research and development activities.

The Bombay Spirits Company, a division of Bacardi, produces Bombay Sapphire gin in Laverstoke Mill in the English village of Laverstoke in the county of Hampshire. In April 2022, A gin with a Mediterranean lemon flavor called Citron Presse was introduced by Bombay Sapphire, a brand owned by Bacardi. The business intends to launch new items in several important nations, including Australia, Spain, and Ireland. Germany, Austria, Belgium, Portugal, Switzerland, France, Denmark, and Andorra.

Also, the largest beverage and alcoholic beverage firm in the nation, Diageo India, has an exceptional portfolio of premium brands. In march 2022, Diageo India invested in Nao Spirits, a maker of "Greater Than" and "Hapusa," two premium Indian handmade gins. Diageo India hopes to extend its participation in India's fast-growing premium gin industry with this investment.

Key Companies in the gin market includes

  • Bacardi Limited (Bermuda)

  • The East India Company Ltd (U.K.)

  • William Grant & Sons Ltd (U.K.)

  • Ginebra San Miguel Inc. (Philippines)

  • The Poshmakers Ltd (U.K.)

  • Forest Dry Gin (Belgium)

  • West End Drinks Ltd (U.K.)

  • Boudier Gabriel Ets SA (France)

  • Diageo plc (U.K.)

  • Pernod Ricard S.A. (France)

  • Suntory Holdings Limited (Japan)

  • The Sustainable Spirit Co. (U.K.)

  • Davide Campari-Milano S.p.A. (Italy)

  • The Black Bottle Distillery (U.K.)

  • Langtons Gin Ltd (U.K.) among others

Gin Industry Developments

March 2022: With the sea-inspired Neptunia, William Grant & Sons is introducing a new interpretation of its Hendrick's gin brand. A combination of Scottish coastal botanicals with a "bright citrus" flavor was used to create the extension. Hendrick's categorizes the expression as an experimental gin, which will only be offered globally through on- and off-premise channels for a brief period.

April 2021: Several ready-to-drink (RTD) beverages were introduced by Pernod Ricard S.A. in the U.K. market. Beefeater London Dry Gin & Tonic, Beefeater Blood Orange & Tonic, and Beefeater Pink Strawberry Gin & Tonic are some recently released RTDs that use Beefeater gin.

Gin Market Segmentation

Gin Type Outlook

  • London Dry

  • Plymouth

  • Old Tom

  • Others

Gin Distribution Channel Outlook

  • Supermarkets and Hypermarkets

  • Specialty Stores

  • Others

Gin Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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