Gin Market

Global Gin Market Size (2024 To 2032)

The size of the global gin market is expected to be worth USD 16.63 billion in 2024 and grow at a CAGR of 5.90% from 2024 to 2032 to achieve USD 26.31 billion by 2032.

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.

MARKET DRIVERS

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.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Gin Market Analysis By Type

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.

Global Gin Market Analysis By Price Points

 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.

Global Gin Market Analysis By 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.

REGIONAL ANALYSIS

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.

KEY PLAYERS IN THE GLOBAL GIN 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. and Others.

RECENT HAPPENINGS IN THE MARKET

• 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.

DETAILED SEGMENTATION OF THE GLOBAL GIN MARKET INCLUDED IN THIS REPORT

This research report on the global gin market has been segmented and sub-segmented based on type, price points, distribution channel, and region.

By Type

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

By Price Points

• Standard
• Premium
• Luxury

By Distribution Channel

• Supermarkets And Hypermarkets
• Specialty Stores
• Others

By Region

• North America
• Europe
• The Asia Pacific
• Latin America
• The Middle East and Africa