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Global Gin Market Analysis and Forecast 2024
Gin Market Analysis
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According to The Business Research Company's, The gin market size has grown steadily in recent years. It will grow from $13.48 billion in 2023 to $14.12 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to craft distilling movement, cocktail culture renaissance, premiumization trend, marketing and branding strategies, globalization of taste.
The gin market size is expected to see steady growth in the next few years. It will grow to $16.74 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to sustainability and eco-friendly practices, innovation in ready-to-drink (red) formats, global cultural exchanges, rise of local and craft brands, inclusive and diverse marketing. Major trends in the forecast period include digital marketing and e-commerce, innovation in ready-to-drink (RTD) formats, flavor innovation, sustainable and locally sourced ingredients, craft and small-batch gins.
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Market Drivers and Trends:
The increasing demand for alcoholic beverages is expected to propel the growth of the gin market going forward. An alcoholic beverage refers to a type of fermented spirit, including wine, lager, or whisky, that contains alcohol, or ethyl alcohol (CH3CH2OH), as an intoxicating agent. Alcohol consumption lowers the chance of developing heart disease as well as the development and maintenance of high blood pressure. Gin is a distilled alcoholic drink that opens up a broad range of options to cater to the growing demand for alcohol, so rising demand for alcoholic beverages will propel the market. For instance, in August 2022, according to a report published by the Federal Statistical Office (Destatis), a Germany-based public, state-owned international broadcaster, beer sales in Germany increased by 3.8%, or 157.2 million liters, compared to 2021. Domestic consumption accounted for 82.5% of all beer sales, which were taxed. Domestic sales increased 6.4% year on year to 3.6 billion liters in the first half of 2021. Therefore, the increasing demand for alcoholic beverages is driving the growth of the gin market going forward.
Product innovations have emerged as the key trend gaining popularity in the gin market. Major companies operating in the gin market are developing innovative products to strengthen their position in the market. For instance, in February 2023, Legendario SL, a Spain-based manufacturer of alcoholic beverages, launched a new bottle of its premium bowtie gin. This gin combines elegance and creativity with a laid-back vibe. Bowtie maintains a balance of juniper, coriander, citrus, and lemon peel components. The flavor has a nice, slightly sweet, warming experience with hints of candy and mineral elements. In a nutshell, this is an Uncommon Superior Gin for the more refined market.
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Major Key Players of the Market:
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.
Gin Market 2024 Key Insights:
• The gin market size is expected to see steady growth in the next few years. It will grow to $16.74 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%.
• Growing Demand For Alcoholic Beverages Propels The Gin Market
• Innovative Bowtie Gin To Redefine The Market Landscape
• Europe was the largest region in the gin market in 2023
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