Gin market to expand at a CAGR of 4.51% by 2030, MRFR forecasts

Market Overview
The Gin market demonstrates continual growth potential, mainly due to the rise in the average consumption of alcohol per capita per year. Besides, changing consumer demand and the availability of various brands accelerate market shares. Market Research Future (MRFR) states that the global Gin market value is poised to escalate from USD 9895.5 MN in 2022 to USD 13475.4 MN by 2030, growing at a 4.51% CAGR during the review period (2022-2030).

Over recent years, the demand and consumption of alcoholic beverages have escalated significantly due to the increasing consumer buying power and awareness. Changing lifestyles and improving per-capita disposable income are the major factors increasing the market demand boosting the absorption of alcoholic beverages. Also, changing consumption patterns and growing demand for alcoholic beverages are key market drivers.

Increasing numbers of product launches led by the substantial investments made by the manufacturers in R&D to develop new flavors and distillation & derivation technologies are encouraging the market's growth. Over recent years, monks and apothecaries have created unique & amazing liqueurs, allowing access to reasonably priced Gins.

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Gin Market -Segments
The report is segmented into types, distribution channels, and regions. The type segment is sub-segmented into London Dry, Plymouth, and Old Tom. The distribution channel segment is sub-segmented into supermarkets & hypermarkets, specialty stores, and others. By region, the gin market is segmented into the Americas, Asia-Pacific, MEA, Europe, and the rest of the world.

Gin Market- Regional Analysis

Europe dominates the global Gin market with the largest share, led by the presence of major market players in the region. The region shows the highest overall alcohol consumption around the world due to the rising per capita income and a vast consumer base, which drive the Gin market growth. Besides, relaxations in alcoholic beverage production regulations and the rapid economic growth in this region substantiate the Gin market size.

Gin Market - Competitive Analysis
Highly competitive, the Gin market appears fragmented due to the presence of numerous players. Market players witness continually changing consumer demands and preferences, encouraging them to widen their market penetration by including various gins in their product portfolio. Players compete based on variety, quality, price, reputation, and distribution. Players adopt strategies, such as mergers & acquisitions, collaboration, expansion, and product/technology launches to gain a bigger market share.

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Major Players

Players leading the global Gin market include William Grant & Sons Ltd. (UK), The East India Company Ltd. (UK), Ginebra San Miguel Inc. (Philippines), Forest Dry Gin (Belgium), The Poshmakers Ltd. (UK), West End Drinks Ltd. (UK), Diageo plc. (UK), and Boudier Gabriel Ets SA (France), among others.
Industry/ Innovation/ Related News

Sep. 29, 2023 -- Himmaleh Spirits (India), a leading traceable distillery focused on artisanal spirits, launched its first provincial dry Gin, Kumaon & I, celebrating the country's unique terroir and rich flavors. This 100% Himalayan Dry Gin is available in Gurgaon, Goa, and Uttarakhand. Himmaleh Spirits strongly focuses on farm-to-bottle and sustainable sourcing, and it aims to encourage consumers to drink better by shaping a legacy backed by social and environmental responsibility.

Drivers
The gin market is driven by factors such as increasing consumer demand for craft and premium spirits, the popularity of gin-based cocktails, a growing trend towards botanical and flavor innovation, and a resurgence in classic cocktail culture. Additionally, marketing efforts and the rise of small, independent distilleries contribute to its growth.

Opportunities
The gin market presents significant opportunities for growth and innovation. With a rising demand for craft and artisanal gins, new flavor profiles, and unique botanical blends, producers can tap into a diverse consumer base. Additionally, the growing popularity of gin-based cocktails and the global export potential make it a lucrative industry to explore.

Restraints and Challenges
The gin market faces several challenges, including increasing competition from other spirits, such as craft beers and flavored vodkas, changing consumer preferences, and regulatory hurdles related to alcohol sales and distribution. Additionally, economic fluctuations and supply chain disruptions can impact the production and distribution of gin products.

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Market Segmentation
COVID-19 Analysis
The Covid-19 epidemic in 2020 increased demand for contact-free biometric services at airports because they provide identity and verification without any physical touch. Contactless biometric services provide quick and accurate identification while limiting exposure. Additionally, the pandemic has compelled airport management to implement contactless thermal checking biometric equipment to monitor passenger admission by measuring body temperature. Throughout the projected period, it is anticipated that the contactless airport biometric services industry will continue to rise. Airports all around the world are quickly implementing contactless biometric services including face recognition, voice recognition, & 3D advanced fingerprint recognition

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