The gin market has grown steadily, increasing from $13.48 billion in 2023 to $14.12 billion in 2024, with a CAGR of 4.7%. Historical growth was driven by the craft distilling movement and premiumization trends. The market is expected to reach $16.74 billion by 2028, growing at a CAGR of 4.3%. Future growth will be propelled by sustainability practices, global cultural exchanges, and innovation in ready-to-drink formats. Trends will include digital marketing, flavor innovation, and sustainable ingredients.
Major Driver In The Gin Market
The gin market is set for growth, driven by the increasing demand for alcoholic beverages. Alcoholic beverages, including spirits like gin, have ethyl alcohol as an intoxicating agent and are known to lower the risk of heart disease and high blood pressure. The gin market, being a distilled alcoholic drink, caters to the rising demand for diverse alcoholic options. Notably, in August 2022, the Federal Statistical Office reported a 3.8% increase in beer sales in Germany compared to 2021, with domestic sales rising by 6.4% to 3.6 billion liters in the first half of 2021. This surge in alcoholic beverage demand is expected to drive the growth of the gin market, with market sizes reflecting this trend in 2023, 2024, and 2028.
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Gin Market Competitive Landscape
Anheuser-Busch Companies LLC, San Miguel Corporation, Diageo Plc., Suntory Holdings Limited, Asahi Breweries Ltd., Pernod Ricard SA, Bacardi Limited, The Roku Gin Company LLC, Davide Campari-Milano N.V., William Grant & Sons Limited, Sazerac Company Inc., Remy Cointreau SA, Ginebra San Miguel S.A., BlackBerry Limited, Radico Khaitan Ltd., The Poshmakers Ltd., Lucas Bols N.V., New Amsterdam Spirits, Boudier Gabriel Ets SA, Suffolk Distillery Ltd., Southwestern Distillery Ltd., Langtons Gin Ltd, Domaine La Hanoudière, West End Drinks Ltd., The Sustainable Spirit Co., Gordon's Distillery Company Limited, Tanqueray Gin Limited, Beefeater Gin Limited, Bombay Sapphire Limited, Nikka Whisky Distilling Co. Ltd.
Key Gin Market Trend
Product innovations are a key trend in the gin market. Leading companies are developing new products to strengthen their market position. For example, in February 2023, Legendario SL, a Spanish alcoholic beverage manufacturer, introduced a new premium bowtie gin. This gin blends elegance with a relaxed style, balancing juniper, coriander, citrus, and lemon peel flavors for a slightly sweet, warming experience with candy and mineral hints, targeting a refined market.
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Gin Market Segmentation
The gin market covered in this report 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
By Geography:The regions covered in the gin market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Europe was the largest region in the gin market in 2023.
The Gin Global Market Report 2024 furnishes information about the global gin market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
