The gin market has been expanding globally, with rising demand in both traditional gin-drinking regions and emerging markets. Factors contributing to the growth include changing consumer preferences, the resurgence of craft spirits, and the introduction of innovative gin variations.
Gin’s versatility allows for a wide range of flavor profiles, making it appealing to a diverse consumer base. Manufacturers have responded to this demand by introducing flavored gins infused with fruits, spices, herbs, and botanicals. These variations have expanded the choices available to consumers and contributed to the market’s expansion.
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The gin market is projected to grow at a modest CAGR of 3.5% during the forecast period. The global market value is expected to increase from US$ 23 billion in 2023 to US$ 28.27 billion by 2033.
The gin market’s growth is not limited to specific regions, as its popularity has spread worldwide. Traditionally, gin consumption has been strong in the United Kingdom, Spain, and other European countries. However, the market has also gained traction in North America, Asia-Pacific, and Latin America, with increasing numbers of gin enthusiasts and a rise in cocktail culture.
It’s important to note that the gin market is dynamic, with new products and trends continuously emerging. Consumers are encouraged to explore and enjoy gin responsibly, and to familiarize themselves with the different gin styles and flavors available to find the ones that best suit their preferences.
What are the recent critical developments in the global gin market?
- In an endeavor to tap into complex markets, Sofitel Mumbai BKC launched an exclusive gin bar, named Jyran Gin Bar in India.
- Porter’s Gin recently announced that it shall feature a new branding and logo developed by design agency Stranger & Stranger in all its product variants.
- Recently, online alcohol giant Amazon acquired permission to conduct the online sale of alcohol in India
Competitive Landscape
Key players are continuously striving to bring about innovations in the market:
William Grant & Sons launched Hendrick’s Neptunia Gin, featuring a unique medley of Scottish coastal botanicals. Bombay Sapphire, owned by Bacardi launched a lemon-flavored gin called Citron Presse gin, made with Mediterranean lemons. Recently, Diageo India invested in Nao Spirits, which is famous for producing high-end Indian handmade gins called “Greater Than” and “Hapusa”. This is expected to bolster the premium gins market in India
Pernod Ricard S.A. has launched several ready-to-drink (RTD) drinks in the U.K. These include innovative variants such as Beefeater London Dry Gin & Tonic, Beefeater Blood Orange & Tonic, and Beefeater Pink Strawberry Gin & Tonic.
Key Players:
- Bacardi Limited,
- Diageo plc
- Davide Campari-Milano N.V.
- La Hanoudiere
- Lucas Bols N.V.
- Mygin, Pernod Ricard,
- Radico Khaitan Ltd.
- Rémy Cointreau
- San Miguel Corporation
- The East India Company Ltd.
- William Grant & Sons Ltd.
Recent Market Developments:
- In an endeavor to tap into difficult markets, Sofitel Mumbai BKC launched an exclusive gin bar, named Jyran Gin Bar in India.
- Porter’s Gin recently announced that it shall feature a new branding and logo developed by design agency Stranger & Stranger in all its product variants.
- Recently, online alcohol giant Amazon acquired permission to conduct the online sale of alcohol in India
Key Segments: Overview
By Product Type:
- London Dry Gin
- Plymouth Gin
- Genever/Dutch Gin
- Old Tim Gin
- New American Gin
By Price:
- Standard
- Premium
- Luxury
By Distribution Channel:
- Hypermarkets and Supermarkets
- Specialty Stores
- Drug Stores
- Online Channel
- Others
By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
