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The Global Gin Market size is projected to increase by USD 7.36 billion with an estimated CAGR of 7.69% between 2023 and 2028. Gin is a distilled spirit that is primarily flavored with juniper berries. The market has experienced significant growth in recent years, with an increasing number of consumers enjoying gin-based cocktails and distillery. Europe leads the market in terms of revenue and lavish consumption. Stringent regulations vary across countries, like Norway's alcohol sale time restrictions. Major markets include the UK, Spain, Netherlands, and Germany, with the UK's market ranking second globally. Premiumization trends drive demand, expecting significant growth due to flavor innovations and the youngster's consumption with the regional preference.
The market shows an accelerated CAGR during the forecast period.
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The gin market is experiencing a renaissance, driven by the allure of luxury spirits and the trend of urbanization. Distilleries are capitalizing on this shift, crafting gins with an earthy appeal and natural flavor. Brands like Seagram's Gin are leading the charge, offering innovative products like the Soju Watermelon Cocktail that resonate with modern consumers. This resurgence is particularly evident among millennials who seek unique and sophisticated beverage experiences. Bartenders are also embracing gin's versatility, creating inspired cocktails that highlight its botanical complexity. As the demand for luxury spirits grows in urban settings, gin continues to solidify its position as a staple in the global beverage landscape.
The market is characterized by a vibrant gin culture with a growing number of gin enthusiasts and gin connoisseurs seeking unique gin varieties and gin recipes. The rise of gin bars and gin tasting in bigger cities has contributed to the popularity of gin cocktails and mixology. Moreover, advancements in gin distillation and gin production techniques have led to an array of high-quality gin products. With increasing social acceptance and a large population of consumers interest, the gin industry continues to thrive as a prominent player in the alcoholic beverage market.
Millennials prioritize quality over price, driving the demand for premium spirit and high-quality options in the market. Since 2000, premium gin brands have seen significant sales growth, projected to further expand their market share. Consumers are increasingly conscious of the negative effects of low-quality alcohol, prompting the preference for high-quality beverages. The popularity of gin consumption, particularly among youth like college students, contributes to its growing consumption globally, with North America and Europe leading in consumption. This trend is expected to fuel the growth of the market amid rising disposable income and urbanization during the forecast period.
Premiumization in the industry is the primary trend shaping market growth. The demand for premium alcoholic beverages products has increased across Western European countries like the UK, Germany, Belgium, Spain, and France. Premiumization in the industry has also raised the spirits market in countries like India, Australia, the Philippines, Canada, Uganda, and the Netherlands.
For instance, UK-based gin and tonic water distilling company FEVER-TREE has emerged as a key player in the premium market in the country, by using natural ingredients like quinine as a botanical in its gin and tonic products. Thus, the premiumization trend in the industry is expected to positively affect the growth of the market during the forecast period.
Stringent regulations on alcoholic products is a challenge that affects market growth. Strict rules pertaining to alcohol sales and consumption in different countries are posing a serious challenge to the growth of the market. For example, US states are classified as open or closed states in terms of alcoholic drinks production and distribution. Seventeen states in the US are closed states and have alcohol distribution systems that are owned, controlled, and operated by the state governments.
Furthermore, ban on advertisements for tequila in some APAC countries, such as India, where alcohol brands can neither sponsor an event nor publish advertisements through print media or television. Hence, stringent regulations on alcoholic products are expected to impede the growth of the market during the forecast period.
In the ever-evolving landscape of craft spirits, the market is continuously expanding, offering a wide array of options for gin enthusiasts and connoisseurs alike. Further enhancing its appeal, the market is segmented based on distribution channels and through rigorous product analysis. From traditional gin bar to modern mixology hubs, recipes and culture, the consumers have access to an extensive selection of flavors, brands, and varieties, making the market a dynamic and diverse industry segment.
The most common offline distribution channels of gin include individual retailers, supermarkets, and hypermarkets. Such distribution channels permit the consumer to choose from a larger variety of gins as they have reserved sections for different brands. In addition, offline channels have cost advantages as they do not have to bear the additional cost of seating people. Moreover, people who are fond of collecting and gin tasting numerous brands choose to buy from offline distribution channels. Thus, such factors are anticipated to drive the growth of the offline segment, which in turn will boost the growth of the market during the forecast period.
The market share growth by the standard segment will be significant during the forecast period. Standard gin is relatively cheap compared with premium gin products and is very popular in the Philippines, India, the US, and Spain. Some of the best-known brands of standard are Tanqueray, Monkey 47, GORDON'S, Beefeater, Bombay Sapphire, and Hendrick's Gin. Also, standard is available broadly across the world due to its easy accessibility, low cost, and availability of distribution channels.
The standard segment was valued at USD 5.45 billion in 2018.
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On-trade distribution is a popular form of distribution channel for standard. The growth of gin bar, pubs, and restaurants is raising the sales of gin through on-trade distribution channels. The favor among millennials is also increasing sales through on-trade distribution channels. The growing number of bars and pubs is propelling the growth of the on-trade segment. Thus, such factors are expected to fuel the growth of the segment, thereby driving the market during the forecast period.
Europe is estimated to contribute 42% to the growth of the global market during the forecast period
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Technavio’s analysts have elaborately explained the regional gin trend and drivers that shape the market during the forecast period. The UK, Spain, the Netherlands, Germany, Belgium, Russia, and France are the major markets in the region. The market products is relatively concentrated in Europe as the top two countries, namely, the UK and Spain, account for more than 60% of the revenue from the entire region.
In addition, Diageo, William Grant and Sons, Pernod Ricard, SUNTORY HOLDINGS, Bacardi, and Remy Cointreau are the main players in the market in the region. The rising demand for premium and super-premium gin products, the mushrooming of supermarkets, hypermarkets, and convenience stores, and growing disposable income in Eastern European countries will boost the growth of the market in the region during the forecast period
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Consumers are increasingly drawn to mixed drinks and handcrafted cocktails, particularly those made with premium cocktails featuring distinctive attributes like ruby color and red rose petals. The market is also witnessing a growing interest in unique ingredients such as black carrots and pre-mixed cocktail recipes alongside fresh cocktail recipes.
Artificial colorants are being replaced by high-quality ingredients to cater to the preferences of women, particularly younger women, who are increasingly influencing alcohol consumption trends. On-trade counters and distilleries are innovating with the infusion with natural flavors, offering an earthy appeal that resonates with contemporary consumers. The market landscape is evolving with the emergence of contemporary on-trade channels and the popularity of cocktail parties fueled by rapid urbanization and Westernization. Asian youth consumers are embracing drinking habits centered around Gin and related spirits, driving expenditure on alcohol and tobacco products at pubs and bars.
Vodka and Gin-based cocktails are gaining traction in the market, alongside the demand for premium ready-to-drink and luxury spirits. As consumer buying power grows, the industry is witnessing expansion across established and developing nations, catering to shifting customer preferences for premium liquor varieties. With a focus on natural flavor, continues to dominate the market, with London Dry Gin leading the way with its superior flavor and refreshment. Variants like Plymouth Gin offer a smooth and rich flavor that appeals to contemporary pub-goers. The party culture is driving the expansion of the alcoholic beverage industry, especially with expanding populations and large populations embracing alcohol consumption. With a majority share in the market, the juniper flavor of gin remains a timeless favorite, often paired with crisp citrus or a refreshing lemon twist in classic cocktails like the Martini. This trend is evident in the rise of contemporary pubs, catering to changing lifestyles and attracting potential consumers seeking unique drinking experiences. As the market continues to evolve, there's a growing demand for innovative gin offerings, appeal to a diverse range of implants and consumer preferences.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.69% |
Market growth 2024-2028 |
USD 7.36 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.51 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 42% |
Key countries |
US, India, UK, Spain, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Asahi Group Holdings Ltd., Bacardi Ltd., Brown Forman Corp., Campari Group, Diageo Plc, Heaven Hill Sales Co., Pernod Ricard SA, Quintessential Brands Group, Remy Cointreau SA, San Miguel Corp., Suntory Holdings Ltd., Thai Beverage Public Co. Ltd., William Grant and Sons Ltd, Berry Bros and Rudd Ltd., Durham Distillery, Herno Gin AB, Hotaling and Co LLC, LT Group Inc., Manchester Gin, and Mast Jagermeister SE |
Market dynamics |
Parent market analysis, Market Forecasting , Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our market growth analysis report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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