IMARC Group, a leading market research company, has recently released a report titled “Gin Market Report by Type (London Dry Gin, Old Tom Gin, Plymouth Gin, and Others), Price Point (Standard, Premium, Luxury), Distribution Channel (On-trade, Off-trade), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the gin market trends, size, share and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global gin market size reached US$ 16.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 23.3 Billion by 2032, exhibiting a growth rate (CAGR) of 4.1% during 2024-2032.
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Factors Affecting the Growth of the Gin Industry:
- The Resurgence of Craft and Artisanal Gin:
Consumers' increasing preference for unique, high-quality, and locally produced spirits has fueled the rise of small-batch distilleries. Craft gin producers emphasize traditional distillation methods, unique botanicals, and innovative flavors, appealing to a discerning consumer base that values authenticity and craftsmanship. This trend is particularly strong among younger consumers, who are willing to explore diverse taste profiles and support local businesses. The proliferation of craft gin brands has expanded the variety of gins available and has heightened competition and innovation within the market, leading to a broader and more dynamic product range and bolstering the market growth.
- Growing Popularity of Gin-Based Cocktails:
The versatility of gin as a base spirit in cocktails has made it a favorite among bartenders and mixologists, leading to the creation of numerous classic and contemporary gin cocktails. Iconic drinks such as the gin and tonic, martini, and negroni have been joined by a host of new concoctions that showcase gin's adaptability. This cocktail culture has been propelled by the rise of cocktail bars, the influence of social media, and the increasing interest in home bartending. As consumers become more adventurous and knowledgeable about spirits, they are more inclined to experiment with gin in their cocktail creations, further boosting demand for the spirit. Moreover, the trend towards low-alcohol and alcohol-free beverages has also benefited gin, as many gin-based cocktails can be easily adapted to suit these preferences without sacrificing flavor creating a positive outlook for market growth.
- Expansion of Premium and Super-Premium Gin:
As disposable incomes rise and consumers seek more sophisticated drinking experiences, there has been a marked shift towards higher-quality spirits. Premium and super-premium gins, often characterized by superior ingredients, meticulous production processes, and distinctive packaging, have gained substantial traction. These products cater to a growing segment of consumers who are willing to pay a premium for perceived value and exclusivity. This trend is evident not only in traditional gin markets like the UK and Spain but also in emerging markets across Asia and North America. The rise of premium gins has also been supported by strategic marketing campaigns, collaborations with luxury brands, and limited-edition releases that create a sense of exclusivity and desirability, contributing to the market growth.
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Gin Market Report Segmentation:
By Type:
- London Dry Gin
- Old Tom Gin
- Plymouth Gin
- Others
London dry gin dominates the market owing to its classic, versatile flavor profile, making it a staple in both traditional and modern cocktails.
By Price Point:
- Standard
- Premium
- Luxury
Premium represents the majority of shares owing to the increasing willingness to pay for high-quality, premium gin that offers superior taste and craftsmanship.
By Distribution Channel:
- On-trade
- Off-trade
On-trade accounts for the majority of shares driven by significant gin consumption through cocktails and gin-focused menus, enhancing social drinking experiences.
Regional Insights:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Europe represents the largest segment due to its deep-rooted gin heritage and a strong market presence, with high consumer demand and numerous established distilleries.
Global Gin Market Trends:
The rising demand for flavored gins, which offer diverse taste experiences and cater to varying consumer preferences, is strengthening the market growth. Additionally, the expansion of e-commerce platforms has made premium and niche gin brands more accessible to a global audience, further supporting the market growth. Besides this, increasing health consciousness among consumers, leading to the popularity of low-calorie and botanical-infused gins, provides an impetus to the market expansion. Furthermore, the trend of experiential tourism, with gin distillery tours and tasting events, has heightened consumer interest and engagement, aiding the market growth.
Top Companies Operated in Gin Industry:
- Bacardi Limited
- Davide Campari-Milano N.V.
- Diageo plc
- Forest Spirits by La Hanoudière
- Lucas Bols N.V.
- Mygin, Pernod Ricard
- Radico Khaitan Ltd.
- Rémy Cointreau
- San Miguel Corporation
- The East India Company Ltd.
- William Grant & Sons Ltd.
Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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