Gin Market to Experience Significant Growth by 2030

United State, New York, 2022-DEC-7 — /EPR Network/The global gin market was valued at USD 14.0 billion in 2020 and is projected to reach USD 18.6 billion by 2027, growing at a CAGR of 4.9during the forecast period 2021 to 2027The alcoholic beverages market is evolving with technological enhancements in the global beverages industry, owing to an increase in the association of alcohols with the young and millennial population worldwideThe market offers several alcoholic drinks to customers, such as wine, beer, and spirits, of which gin is gaining popularity in the overseas marketGin is a distilled alcoholic drink that opens up a broad range of options to cater to the growing demand for spiritsThe trend to try different alcoholic drinks has led to a rise in the popularity of gin products in the global marketplace.

Premiumization continues to be one of the most important forces driving the global alcoholic beverage marketThe craze for mixed drinks and handmade cocktails has fueled demand for premium cocktailsArtificial colorants and flavors are being phased out of premixed and fresh cocktail recipes in the flavor of quality ingredients with a natural appealGin is appreciated for its natural flavor and earthy appeal, and most ontrade counters use a large proportion of gin to provide premium beverages.

A paradigm shift has been witnessed in the consumers way of living for the past several years, owing to the fact that consumers are becoming more conscious of their health and intake of food and drinksIn addition, an alarming rise in the prevalence of ill effects on health due to alcohol consumption acts as a restraint of the market. Around 52of the adult population are trying to reduce alcohol consumption in the U.SConsumers are shifting their preference from spirits with high alcoholbyvolume such as gin, vodka, and others to low/zero alcoholic drinks, as per IWSR Drinks Market Analysis report 2020.

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COVID19 Impact on the Global Gin Market

COVID19 is an infectious disease that originated in the Hubei province of Wuhan city, China, in DecemberThe highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARSCoV2), is transmitted from human to humanSince the outbreak in December 2019, the disease has spread to almost 213 countries around the globe, with the World Health Organization (WHOdeclaring it a public health emergency on March 11, 2020.

The global pandemic has hit the business world exhaustively at an unprecedented scale all across the world since 2020The alcoholic beverages industry is one of the negatively impacted sectors that has witnessed significant disruptions, owing to the imposed lockdown and market closureConsumer spending has further declined across entire alcoholic beverage categories such as vodka, whiskey, and ginAmidst growing health concerns, travel & goout restrictions, and closure of ontrade premises for liquor consumption, several companies faced the heat of the pandemic.

Global Gin Market Dynamics

DriversWide utilization of gin in premium cocktails

Premiumization remains to be one of the major factors to drive the growth of the alcoholic beverages industryThe demand for premium cocktails is attributed to the increase in mixed drinks and crafted cocktailsPremixed and fresh cocktail manufacturers utilize natural colorants & flavors and favor premium ingredients to meet the natural appeal of the drinkGin is popular for its natural taste and offering of earthy appeal into the drink, and most of the ontrade counters are utilizing a huge quantity of gin to bring premium drinks.

According to the report published by the Bacardi Cultural Insights Network 2020, 37of bartenders voted gin as the top spirit globally that premium cocktail and other alcoholic drinksThe emergence of modern ontrade channels in developing economies and an upsurge in disposable income further ensure higher consumption of ginbased cocktails, thus contributing toward the growth of the global market.

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RestraintsRise in consumer inclination toward low/nonalcoholic drinks

A paradigm shift has been witnessed in the consumers way of living for the past several years because consumers are becoming more conscious about their health and intake of food & drinksIn addition, the rise in prevalence of ill effects on health due to alcohol consumption acts as a key restraint of the market.

According to the IWSR Drinks Market Analysis report 2020, approximately 52of the adult population is trying to reduce alcohol consumption in the U.SConsumers are switching their preference from spirits with high alcoholbyvolume (ABVsuch as vodka and gin to low/zero alcoholic drinksThe IWSR further reveals that the volume of low/nonalcoholic spirits has increased by 32.7%. Thus, the sale of drinks with high ABV is expected to decline during the forecast period, thereby hampering the market’s growth.

OpportunitiesIntroduction of craft spirits

The number of distilleries is rapidly increasing along with huge demand for varied spirits worldwideCraft spirits are the next potential drinks in the market that will emerge as a new trend in developing and developed economiesIn the U.S., spirits distilleries have grown by approximately 35per year from 2011 to 2019The craft spirits sale increased by about 20% (in terms of valueper year since 2012, and it is anticipated to reach 1520per year by 2022The figures indicate that the market for craft spirits in the U.Sand other regions will be booming from 2021 to 2027.

Furthermore, gin manufacturers are focusing on new launches and product innovations of craft gin to cater to the changing demands of consumers, which boosts market growthIn addition, consistency in the launch of craft gin will help marketers develop strong market traction over the coming years, thus offering potential growth opportunities for the expansion of the market.

Scope of the Report

The study categorizes the gin market based on type, price point, and distribution channel at the regional and global levels.

By Type Outlook (Revenue, USD Million, 20172027)

  • London Dry Gin
  • Old Tom Gin
  • Plymouth Gin
  • Others

By Price Point Outlook (Revenue, USD Million, 20172027)

  • Standard
  • Premium
  • Luxury

By Distribution Channel Outlook (Revenue, USD Million, 20172027)

  • Ontrade
  • Offtrade

By Region Outlook (Revenue, USD Million, 20172027)

  • North America (US, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
  • The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

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The London dry segment, by type is projected to account for the largest market share

By type, the global gin market is fragmented into London dry gin, old tom gin, plymouth gin, and othersLondon dry is accounted for the largest market share in 2020 and having 44.4of the market shareLondon dry gin is originally made in and around London (UKsince the 17th century and now has become a generic beverage garnering a share in the marketIt is widely available worldwide and is gaining huge popularity, owing to its superior tasteIt is a colorless and lightbodied beverage alcohol mostly added in the preparation of cocktails and mixed drinksOver the past few years, gin has gained immense popularity among consumers evoking a favorable landscape for those who enjoy cocktail drinksAccording to the Spirits Business 2020, the global sales of canned alcoholic cocktails are estimated to reach $146 billion by 2030, registering a CAGR of 20%. An increase in gin and tonic combination consumption is the latest trend in the London dry gin segmentIt is a cocktail prepared by gin and tonic water poured over the cubes of ice, enticing consumersAvailability of online cocktail recipes, increase in awareness of experimental cocktails, and ontrade servings of drinks considerably contribute toward the growth of the marketThus, offering such innovative drinks by collaborating with online retailers is expected to open up a huge opportunity during the forecast period.

Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global gin market has been segmented across North America, AsiaPacific, Europe, South America, and the Middle East & AfricaGlobally, Asia Pacific is estimated to hold the highest CAGR of 7.0% in the global gin market during the forecast periodAsiaPacific is the major hub with immense potential for alcoholic beverages, owing to a huge consumer base, rapid modernization, and an increase in consumers’ discretionary incomeThe region is the largest market for spirits accounting for more than 55of the global spirits marketThe dominance of the region in the spirits market further ensures the increasing consumption of ginIndia is the major market in the region, followed by Japan and China.

The countries such as India, China, and the Philippines are the major markets creating an impact on the AsiaPacific gin industryConsumers in these countries adopt westernization, dineout trends, and exposure to pubs & restaurants to try new and varied spiritsThe consumption of gin is increasing decently, owing to the rise in cocktails’ servings in pubs and barsThus, the trend is contributing massively to support the regional gin marketFurthermore, the launch of premium and luxury brands of gin will enable consumers to explore a wide range of spectrum over the next decade, thus contributing toward the growth of the market.

Key Market Players

Every company follows its business strategy to attain the maximum market shareSome key players profiled in the gin market analysis include William Grant & Sons Limited, Diageo plc., Bacardi Limited, San Miguel Corporation, Southwestern Distillery, Pernod Ricard S.A., Davide CampariMilano N.V., Lucas Bols, Forest Spirits’ Gin, and Remy Cointreau.

Recent Developments

  • In August 2020, Diageo PlcAcquired Aviation American Gin concerning the acquisition of Aviation Gin LLC and Davos Brands LLCThe acquisition will help Diageo attain the UK market by meeting the demand for Americanstyle gin with a blend of botanicals.
  • In March 2020, William Grant & Sons Limited launched its distribution channel in Germany to develop a fast and efficient supply chain to the consumers and ontrade channelsCampari Deutschland has a major distributor in the country that will help William Grant & Sons Limited to distribute gin and other spirits in the market.
  • In April 2021, Pernod Ricard S.Aunveiled several readytodrink (RTDproducts using Beefeater gin, Beefeater London Dry Gin & Tonic, Beefeater Blood Orange & Tonic, and Beefeater Pink Strawberry Gin & Tonic to cater to the demand for innovative RTD cocktails in the UK.
  • In November 2020, Bacardi Limited announced and decided that from 2023 onwards, all the products under Bombay Sapphire, Grey Goose, and Bacardi will be sold in biodegradable and paperbased bottles in the marketThe new initiative will help the company to cater to the demand for sustainable products in the market

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