India Gin Market Size Growing at 5.9% CAGR, Set to Reach USD 1,598.2 Million By 2030

India gin industry size was valued at $ 914.7 million in 2020, and is projected to reach $1,598.2 million by 2030, growing at a CAGR of 5.9% during the forecast period 2021 to 2030.

Consumers in the country are rapidly adopting the western culture such as dining out and becoming more social. Hence, they are seeking varied and innovative drinks such as cocktails and mixed drinks. Thus, consumption of gin is rapidly increasing in India as the servings of cocktails has increased from on-trades, at home drinking patterns and ready-to-drink (RTD) products. Demand for premium cocktails is attributed to increase in trend of mixed drinks and crafted cocktails. Pre-mixed and fresh cocktail manufacturers are utilizing natural colorants & flavors and favoring premium ingredients to meet the natural appeal in the drink.

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According to a report published by the Anno Distillers (UK) 2020, gin originated in the 16th century in Europe, and presently is consumed in approximately 100 countries worldwide. Initially, it was a medicinal purpose liquor and currently has become an internationally recognized alcoholic beverage. It is frequently sipped with other beverages to enjoy it as a trendy cocktail or as a pre-dinner drink.

Gin continued to perform decently in both off-trade and on-trade channels. However, the outbreak of novel coronavirus has impacted the sales through on-trade channels worldwide.

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Manufacturers are increasingly focusing on online retailing by dealing with e-commerce giants and developing e-delivery system. In India, Delhi Govt allows home delivery of liquor and L-13 license holders can deliver liquor booked by a customer through an app or a website to their doorsteps. This impacts the changed behavior of customers and has led to increase in growth of the gin market in India. Many ecommerce businesses also expanded their business in online alcohol sales, for instance, in 2020 Amazon approved to deliver alcohol in India.

In developing markets such as India, individuals prefer to "drink better, not more" and seek for products that meet their superior quality, taste, and authenticity. Thus, in response to sustained Premiumization of spirits, manufacturers are developing more premium and luxurious gins, which is expected to witness increased adoption among Indian consumers during the forecast period.

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The India gin market size is segmented into type, price point, distribution channel, and region. By type, the market is segregated into London dry gin, old tom gin, Plymouth gin, and others (navy strength gin & bols genever). Depending on price point, it is classified into standard, premium, and luxury gins. On the basis of distribution channel, it is fragmented into on-trade (pubs, restaurants, bar, and others) and off-trade (online retailers, specialty stores, supermarkets, convenience stores, and others).

Key players:-

Bombay Spirits Company LTD
Diageo plc
William Grant & Sons Ltd
Charles Tanqueray & Co
Vantguard
Jaisalmer Indian Craft Gin
Nao Spirits & Beverages Pvt Ltd
Radico Khaitan Limited
Pernod Ricard
Beam Suntory, Inc

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