Gin Market Size, Share, Trends & Growth Opportunity [2031]
Gin Market Size, Share, Trends & Growth Opportunity [2031]
Segments - Gin Market by Type (Plymouth Gin, London Dry Gin, Old Tom Gin, Genever/Dutch Gin, New American Gin, and Others), Distribution Channel (Off-trade and On-trade), Price Point (Luxury, Standard, Premium, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
Upcoming
| Report ID :FB-5701
| 4.8 Rating
| 68 Reviews
| 168 Pages
| Format :
Report Description
Gin Market Outlook 2031
The Global Gin Market size was valued at USD 22 Billion in 2022 and is likely to reach USD 30.1 Billion by 2031, expanding at a CAGR of 4.69% during 2023 – 2031. The growth of the market is attributed to increasing demand for handcrafted and premium gin beverages.
Rising alcohol consumption among young adults and millennials worldwide is expected to drive the market. Young adults and millennials are exploring a wider variety of alcoholic drinks, including cocktails made with gin. Factors, such as the desire for unique and Instagram-worthy drinking experiences, the influence of cocktail culture, and the availability of innovative gin flavors contribute to the growth of the market.
-
According to a report published by the National Institute on Alcohol Abuse and Alcoholism in September 2023, revealed that in 2021, around 20.9% of youths aged between 14 and 15 admitted to having at least one drink in their lifetime. Additionally, youths aged between 12 and 20 reported consuming alcohol beyond just a few sips in 2021.
Gin, short for "Geneva," is a distilled alcoholic beverage that is predominantly flavored with juniper berries. This type of alcohol typically includes a mix of botanical ingredients such as herbs, spices, and fruits. Gin is popular, as it is used in a diverse array of cocktails, making it a fundamental spirit in the world of mixology. It serves as a base for numerous classic cocktails, such as Martini and Negroni.
The COVID-19 pandemic moderately impacted the market. The demand for alcoholic beverages, including gin, surged during the early phases of the pandemic. People stocked up on essentials and sought comfort in their homes. However, disruptions in the global supply chain decreased the availability of certain botanicals used in gin production, which created challenges for gin producers. Many craft distilleries faced difficulties in sourcing ingredients and maintaining production levels to meet market demands.
Artificial Intelligence (AI) Impact on Gin Market
The use of artificial intelligence is boosting the market. AI is used to streamline various aspects of the production and marketing processes. AI assists distillers in optimizing the quality of gin by analyzing data related to ingredient combinations and distillation methods. This ensures consistent and high-quality products. Additionally, AI-driven data analysis helps gin brands understand consumer preferences and market trends.
Gin Market Dynamics
Major Drivers
Increasing demand for premium high-quality and top-shelf alcoholic beverages is expected to drive the market. This trend is primarily propelled by consumers' desire for superior taste and overall experience. Premium gins often come with carefully selected botanicals, distilled meticulously, and a focus on quality. Moreover, companies in the alcoholic industry are launching premium gins, which is further boosting the market.
-
On July 2023, Radico Khaitan Limited, an India-based alcohol beverage producer, launched Happiness in a Bottle, which is a new premium handcrafted gin. This collection has three variants Joy of Pink, Joy of Juniper, and Joy of Citrus. Each type of gin offers a sensational flavor experience that leaves a lasting impression on the palate.
Existing Restraints
Growing awareness about the health risks associated with excessive alcohol consumption is expected to hinder the market. Consumers are becoming informed about the potential negative effects of alcohol on their physical and mental well-being. This includes concerns about liver health, increased risk of certain diseases, and the impact on mental health, such as depression and anxiety. Furthermore, the production and sale of alcoholic beverages, including gin are strictly regularized in many countries, which further hampers the market.
Emerging Opportunities
Ongoing trend of flavor innovation is expected to create immense opportunities for the players competing in the market. Gin producers are experimenting with a wide array of botanicals and ingredients to create unique and appealing flavor profiles. This includes exotic fruits and herbs and local botanicals. Moreover, the development of healthy or low-alcohol gin alternatives is creating opportunities in the market.
Scope of the Gin Market Report
The report on the market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes |
Details |
|
Report Title |
Gin Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
|
Base Year |
2022 |
|
Historic Data |
2016–2021 |
|
Forecast Period |
2023–2031 |
|
Segmentation |
Type (Plymouth Gin, London Dry Gin, Old Tom Gin, Genever/Dutch Gin, New American Gin, and Others), Distribution Channel (Off-trade and On-trade), and Price Point (Luxury, Standard, Premium, and Others) |
|
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
|
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
|
Key Players Covered in the Report |
Bacardi Limited; BOMBAY SAPPHIRE; Davide Campari-Milano N.V.; Diageo; Lucas Bols; Pernod Ricard; Radico Khaitan Limited; Remy Cointreau; San Miguel Corporation; The Gin Guild Limited Company; and William Grant & Sons Limited; |
Gin Market Segment Insights
Type Analysis
Based on type, the gin market is divided into Plymouth gin, London dry gin, old tom gin, Genever/Dutch gin, new American gin, and others. The London dry gin segment is expected to hold a major market revenue share during the forecast period due to its balanced and versatile flavor profile. It typically has a prominent juniper berry note with a clean and crisp taste. This versatility makes it a preferred choice for classic gin cocktails, including gin & tonic and martini. Furthermore, growing customer preferences toward high-quality premium gin boosts their demand in the market.
The Plymouth gin segment is projected to register a considerable CAGR during the forecast period due to its smooth and rich taste. This type of gin has a slightly sweeter and less juniper-forward taste as compared to the London dry gins. This makes it attractive and appealing to a broad consumer base, thus fueling their demand.
Distribution Channel Analysis
On the basis of distribution channels, the market is classified as off-trade and on-trade. The on-trade segment is anticipated to register robust growth in the market, as this distribution channel includes bars, restaurants, and other venues where people gather to dine and socialize. Consumers visit these places for drinks and social interaction. Gin is often a preferred choice in these settings due to its versatility in cocktails and ability to enhance overall dining. These factors are propelling the segment.
Price Point Analysis
In terms of price point, the gin market is fragmented into luxury, standard, premium, and others. The premium segment is expected to hold a key market share during the projected period due to their growing shift preference for superior and indulgent drinking experience. Consumers are willing to pay more for cocktails that use premium gin brands, appreciating the complex and refined flavors these gins bring to their drinks. Moreover, high quality associated with premium gin propels their demand among customers.
The standard segment is expected to expand at a significant CAGR during the forecast period, as they are more affordable than premium or craft gins. This low price point appeals to a broad range of consumers. Additionally, an approachable price point allows newcomers to explore and develop their palate without committing to higher-priced options further fueling the market.
Regional Outlook
In terms of region, the global gin market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market due to the growing consumer demand for gin. This demand is fueled by the versatility of gin in ready to drink cocktails and its appeal to a wide range of consumers. Additionally, consumers in the US are willing to pay more for premium quality gins further driving the market.
The market in Asia Pacific is anticipated to expand at a rapid pace in the coming years due to rapid urbanization led to evolving lifestyles. Urban dwellers tend to frequent bars, restaurants, and social settings where gin-based cocktails are popular. Gin has become a popular choice in these urban locales due to its versatility and its ability to enhance the social experience. Moreover, increasing alcohol consumption culture among the adult population in this region further boosting the market.
-
Based on a report published by the National Library of Medicine in February 2023, it was found that around 4.9 million individuals in Asia over the age of 26 were consuming alcohol in 2020. Additionally, it was discovered that roughly 32.2% of young adults in Asia, which is equivalent to 656,000 individuals, were consuming alcohol.
Segments
The global gin market has been segmented on the basis of
Type
- Plymouth Gin
- London Dry Gin
- Old Tom Gin
- Genever/Dutch Gin
- New American Gin
- Others
Distribution Channel
- Off-trade
- On-trade
Price Point
- Luxury
- Standard
- Premium
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Bacardi Limited
- BOMBAY SAPPHIRE
- Davide Campari-Milano N.V.
- Diageo
- Lucas Bols
- Pernod Ricard
- Radico Khaitan Limited
- Remy Cointreau
- San Miguel Corporation
- The Gin Guild Limited Company
- William Grant & Sons Limited
Competitive Landscape
Key players competing in the global gin market are Bacardi Limited; BOMBAY SAPPHIRE; Davide Campari-Milano N.V.; Diageo; Lucas Bols; Pernod Ricard; Radico Khaitan Limited; Remy Cointreau; San Miguel Corporation; The Gin Guild Limited Company; and William Grant & Sons Limited. These companies are boosting their market share by adopting various strategies such as partnerships, mergers, reduction in production costs, launching new products, and implementing advanced technologies.
-
In May of 2023, BOMBAY SAPPHIRE, a global producer of alcoholic beverages, launched a gin that was inspired by the Mediterranean flavor of BOMBAY CITRON PRESSÉ. The gin is created using 100% natural fruit infusions and boasts the taste of freshly Mediterranean lemons. It features perfectly balanced juniper notes, which are the signature of the brand's vapor-infused London dry gin.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Gin Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Gin Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Gin Market - Supply Chain
4.5. Global Gin Market Forecast
4.5.1. Gin Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Gin Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Gin Market Absolute $ Opportunity
5. Global Gin Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Gin Market Size and Volume Forecast by Types
5.3.1. Plymouth Gin
5.3.2. London Dry Gin
5.3.3. Old Tom Gin
5.3.4. Genever/Dutch Gin
5.3.5. New American Gin
5.3.6. Others
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Gin Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Gin Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Gin Demand Share Forecast, 2019-2026
7. North America Gin Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Gin Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Gin Market Size and Volume Forecast by Types
7.4.1. Plymouth Gin
7.4.2. London Dry Gin
7.4.3. Old Tom Gin
7.4.4. Genever/Dutch Gin
7.4.5. New American Gin
7.4.6. Others
7.5. Basis Point Share (BPS) Analysis by Types
7.6. Y-o-Y Growth Projections by Types
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Gin Demand Share Forecast, 2019-2026
8. Latin America Gin Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Gin Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Gin Market Size and Volume Forecast by Types
8.4.1. Plymouth Gin
8.4.2. London Dry Gin
8.4.3. Old Tom Gin
8.4.4. Genever/Dutch Gin
8.4.5. New American Gin
8.4.6. Others
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Gin Demand Share Forecast, 2019-2026
9. Europe Gin Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Gin Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Gin Market Size and Volume Forecast by Types
9.4.1. Plymouth Gin
9.4.2. London Dry Gin
9.4.3. Old Tom Gin
9.4.4. Genever/Dutch Gin
9.4.5. New American Gin
9.4.6. Others
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Gin Demand Share Forecast, 2019-2026
10. Asia Pacific Gin Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Gin Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Gin Market Size and Volume Forecast by Types
10.4.1. Plymouth Gin
10.4.2. London Dry Gin
10.4.3. Old Tom Gin
10.4.4. Genever/Dutch Gin
10.4.5. New American Gin
10.4.6. Others
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Gin Demand Share Forecast, 2019-2026
11. Middle East & Africa Gin Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Gin Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Gin Market Size and Volume Forecast by Types
11.4.1. Plymouth Gin
11.4.2. London Dry Gin
11.4.3. Old Tom Gin
11.4.4. Genever/Dutch Gin
11.4.5. New American Gin
11.4.6. Others
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Gin Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Gin Market: Market Share Analysis
12.2. Gin Distributors and Customers
12.3. Gin Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Bacardi Limited
12.4.2. BOMBAY SAPPHIRE
12.4.3. Davide Campari-Milano N.V.
12.4.4. Diageo
12.4.5. Lucas Bols
12.4.6. Pernod Ricard
12.4.7. Radico Khaitan Limited
12.4.8. Remy Cointreau
12.4.9. San Miguel Corporation
12.4.10. The Gin Guild Limited Company
12.4.11. William Grant & Sons Limited
Methodology
Related Reports
Some other reports from this category!
Our Clients
