Gin Market

Gin Market Size, Growth, Forecast (2023-2028)

The Global Gin Market size was expected to be valued at $14.83 billion in 2022 and is projected to reach $19.17 billion by 2028, growing at a CAGR of 5.9% during the forecast period 2023 - 2028.

Market Overview:

Gin is nothing but distilled alcoholic drink that is extracted from juniper berries. Monks and alchemists created gin in Southern France, Flanders and the Netherlands. Gin gives aqua vita from grape and grain distillates. Gin is now made in various ways using a variety of herbal components, resulting in a variety of styles and brands. After juniper, botanical/herbal, spice, floral, fruit flavors, or a combination of these, are commonly used to flavor gin. It's usually blended with tonic water before drinking. Gin is also frequently used as a foundation spirit in producing flavored, gin-based liqueurs, such as sloe gin, which is traditionally made by adding fruit, flavorings, and sugar.

Recent Developments in Gin Industry:

• For the very first time, Gordon has entered into baked goods world with the launch of a bubblegum-hued triumph based on its premium pink gin.
• Finsbury Food Group announced that its link with drink business Diageo has expanded. As a result, a layered pink and white sponge with raspberry jam is being introduced in supermarkets.

REPORT COVERAGE:

Global Gin Market Key Trends:

Acquiring customers to pay higher prices for a brand remains a major driving factor and growing the alcoholic beverages market. The surge in popularity of mixed beverages and tailored cocktails has fueled demand for premium cocktails. Artificial colorants and flavors are being phased out of pre-mixed and fresh cocktail recipes to taste quality ingredients with a natural appeal. Gin is appreciated for its natural flavors and earthy appeal in beverages. Most on-trade counters use a significant amount of gin in premium drinks, contributing significantly to the worldwide gin market's growth.

Manufacturers' increased focus on the gin business has prompted the emergence of craft gin and e-commerce in developing markets. In addition, the emergence of modern on-trade channels in these nations and an increase in disposable income boosts gin-based cocktail consumption and contribute to the global rise of the gin market.

However, owing to increased consumer awareness about their health and food and beverage intake, a paradigm shift in the customer's way of life has been observed in recent years. The rise in the incidence of adverse health effects from alcohol usage significantly limits the global market. Adults in the United States decided to minimize their alcohol usage, according to the IWSR Drinks Market Analysis study 2020.

Gin Market Segmentation Analysis:

By Type:

• London Dry Gin
• Old Tom Gin
• Plymouth Gin
• Others

Based on the type of gin market, the segment is divided into London dry gin, old tom gin, Plymouth gin, and others. Due to its extensive availability and more robust flavor and refreshment options to customers, London dry gin gained the lead in terms of market share in 2020.

On the other hand, the Plymouth segment is expected to increase at the fastest rate throughout the projected period. Plymouth gin's smooth and rich flavor provides customers with a one-of-a-kind experience thanks to its richness of natural ingredients.

By Price Points:

• Standard
• Premium
• Luxury

Based on the price of the gin market, the segment is divided into standard, premium, luxury. In 2020, the premium gin segment accounted for the largest share of the global market and was yet to continue its dominancy during the forecast period. Premium refers to a price that is higher than the gin's nominal or ordinary price and provides consumers with a premium appeal and a personalized manner of cocktail preparation.

By Distribution Channel:

• On-trade
• Off-trade

The segment is divided into supermarkets/hypermarkets, specialty stores, and others based on the distribution channel. Due to fast westernization tendencies and the growth of contemporary pubs and restaurants in developing nations, the on-trade platform is functioning well in the market. However, due to the advent of the COVID-19 pandemic and market shutdown, on-trade channel sales have dropped sharply, resulting in an increase in revenue for online retailers.

Gin Market Geographical Segmentation Analysis:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

Europe is one of the most important consumers, accounting for more than half of the global gin market in 2020, owing to the increasing consumer awareness about their health and food and beverage intake. As a result, the Asia Pacific region would soon hold a CAGR of 5.4%, followed by North America. The Middle East and Africa pay their way to have a significant CAGR, respectively.

COVID-19 Analysis on Gin Market:

As per terms of confirmed cases and reported deaths as of May 2021, the United States, India, Brazil, Russia, Spain, France, the United Kingdom, Turkey, and Italy are the worst impacted countries. Due to lockdowns, travel bans, and commercial shutdowns, the COVID-19 is hurting economies and multiple industries in various countries. Shutting numerous manufacturing plants and factories has had a severe influence on global supply chains, affecting manufacturing, delivery schedules, and sales of commodities in the worldwide market.

The food and beverage industry is also suffering significant losses due to the Covid-19 outbreak, which is having a negative influence on the global economy. The transportation infrastructure has been severely interrupted, as has the supply of raw materials. The transportation infrastructure has been severely interrupted, as has the collection of raw materials. The disruptive value chain has had a detrimental impact on raw material supply, affecting the gin market's growth. However, because customers are buying more foods and beverages through online merchants, demand for gin is expected to climb globally as economies prepare to restore their operations. In addition, some retail businesses are now selling alcohol online, which will assist the sector in expanding. Limiting direct contact with delivery people and guests, reinforcing and disseminating proper hygiene procedures, executing comprehensive sanitation, and eliminating employee touch during shift changes are some of the safety precautions used by the companies.

Key Players in the Market:

Major Key Players in the Global Gin Market are

• Bacardi Limited
• Diageo plc
• Pernod Ricard S.A.
• Ginebra San Miguel Inc.
• Suntory Holdings Limited
• William Grant & Sons Ltd
• The Sustainable Spirit Co.
• Boudier Gabriel Ets SA
• Davide Campari-Milano S.p.A.
• Others