Global Gin Market Report 2023: Forecast Market Size, Growth Rate And Key Drivers
11 Jul, 2023
The global gin market size is expected to grow from $13.08 billion in 2022 to $13.72 billion in 2023 at a compound annual growth rate (CAGR) of 4.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global gin market size is expected to reach $16.24 billion in 2027 at a CAGR of 4.3%.
Global Gin Market Key Driver
The rising demand for alcoholic beverages is likely to drive the expansion of the gin industry in the coming years. A fermented spirit, such as wine, lager, or whisky, that contains alcohol, or ethyl alcohol (CH3CH2OH), as an intoxicating agent is referred to as an alcoholic beverage. Consuming alcohol reduces the risk of getting heart disease as well as the development and maintenance of high blood pressure. Gin is a distilled alcoholic drink that opens up a wide range of possibilities to respond to the growing need for alcohol, therefore the market will be propelled by increased demand for alcoholic beverages.
Get a sample of the global gin market reportGlobal Gin Market Segments
The global gin market is segmented:
1) By Type: London Dry Gin, Old Tom Gin, Plymouth Gin, Others
2) By Standard: Economy, Premium, Luxury
3) By Distribution Channel: On-Trade, Off-Trade
4) By Geography: The regions covered in the gin market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions, Europe accounts for the largest share in the global gin market.
Major Gin Industry Players
Bacardi Limited, Diageo Plc., William Grant & Sons Limited, Pernod Ricard, San Miguel Corporation, Davide Campari-Milano N.V., Domaine La Hanoudière, Remy Cointreau, Lucas Bols N.V., The Poshmakers Ltd., Suntory Holdings Limited, The Sustainable Spirit Co., The Black Bottle Distillery, The East India Company, Gwalior Distilleries Ltd., Suffolk Distillery, Southwestern Distillery, West End Drinks Ltd., Boudier Gabriel Ets SA, Langtons Gin Ltd, Heineken N.V., Radico Khaitan Ltd.
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Gin Market Overview
Gin refers to a distilled liquor that is flavoring botanicals and manufactured from grains. It is best recognized as having a pine flavor due to its main component, juniper berries. Its content and juniper berries make it a potent remedy for chronic pain and inflammation, including arthritis, and also helps with sore joints and gout.
Gin Global Market Report 2023 provides data on the global gin market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The gin market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.