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Global Gin Market Overview, 2023-28

Global Gin Market Overview, 2023-28

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Global Gin Market Overview, 2023-28
Consumer preferences are evolving towards luxury spirits, and gin has gained favour as a refined and adaptable spirit. The increased consumer interest in handmade and artisanal products, as well as the expanding popularity of cocktail culture, has boosted global demand for gin. The gin market has been expanding beyond its traditional strongholds, such as the United Kingdom and Western Europe. Countries like the United States, Australia, Spain, Germany, and South Africa have witnessed significant growth in gin consumption. Additionally, Asian markets, including China, India, and Japan, have shown increasing interest in gin, presenting new growth opportunities. Flavoured gins with botanical infusions and distinct flavour characteristics have emerged as a notable trend. Producers are experimenting with different botanical combinations in order to provide customers with a diverse variety of possibilities. RTD drinks' appeal has spread to the gin industry. As easy and accessible solutions, pre-mixed gin and tonics or gin-based drinks in cans or bottles have gained favour. The development of craft distilleries and artisanal manufacturers has infused the gin industry with innovation and ingenuity. These manufacturers cater to discriminating consumers by providing distinct flavour profiles, small-batch manufacturing, and personalised experiences. Expansion into emerging areas such as Asia-Pacific, Latin America, and Eastern Europe offers considerable prospects for development. These areas have a burgeoning middle class with more disposable cash and an increased interest in premium spirits. The gin market has potential for innovation and new product development. Producers can experiment with various botanicals, flavours, and manufacturing procedures to produce unique offers that adapt to changing customer tastes.

According to the research report, Global Gin Market Overview, 2023-28 published by Bonafide Research, the market is anticipated to cross USD 34.17 Billion market size by 2028, increasing from USD 23.82 Billion in 2022. The market is projected to grow with 6.2% CAGR by 2023-28. Gin festivals are popular gatherings when distilleries and gin businesses demonstrate their wares to the public. Tastings, masterclasses, seminars, and the opportunity to meet distillers and industry experts are common features of these festivals. Junipalooza Gin Festival in London and the Gin Jubilee hosted in numerous places across the world are two examples. Gin manufacturers have aggressively promoted their goods through marketing campaigns, events, and collaborations. To engage consumers and promote brand loyalty, they emphasise the legacy, workmanship, and distinctive features of their gins. Social media channels have been crucial in reaching a larger audience and building awareness about gin brands. Professionals, experts, and thought leaders gather at industry conferences and seminars to examine trends, issues, and opportunities in the gin business. These conferences may address themes such as manufacturing practises, branding, marketing, and market insights. To encourage the expansion of the business, governments may impose tax breaks or lower excise rates on gin manufacturing. Lower taxes can benefit gin producers by lowering costs and increasing the competitiveness of their goods. Governments may help gin producers get access to foreign markets by supplying export support services, engaging in trade missions, or negotiating trade agreements that lower trade barriers. To ensure product purity and prevent deceptive labelling practises, governments frequently impose minimum alcohol concentration rules for gin. These standards govern the minimum alcohol percentage that gin must possess in order to be classed as such.

The globally gin market is impacted by several geographical regions, each with its own set of characteristics and customer preferences. The United Kingdom (UK) has always been regarded as the main region in the global gin market. The United Kingdom has a strong gin culture and a lengthy history with the drink. Gin has a long history in the United Kingdom. London Dry Gin, a gin type that originated in the United Kingdom, is well recognised and admired for its quality and originality. This tradition has established the United Kingdom as a dominant producer and consumer of gin. The popularity of gin and tonic (G&T) is a fundamental driver of the business in Spain, which has a strong gin culture. The country is well-known for its unique gin brands, botanical mixes, and creative G&T garnishes. Gin intake is on the rise in nations across Europe, including Germany, France, Italy, and the Netherlands. Craft and premium gin products have increased in these markets, with customers increasingly interested in unusual flavours and botanical mixes. The craft spirits movement and consumer desire in premium and artisanal options have fuelled expansion in the gin industry in the United States in recent years. Gin makers in the United States have been offering novel flavour profiles, and gin-based drinks have grown in popularity among customers. The craft gin movement has exploded in Australia, with an increasing number of tiny distilleries making distinctive and high-quality gins. The African gin industry is developing, with an increasing number of boutique distilleries and increased gin consumption. Craft gin manufacturing has increased in South Africa in particular.

London Dry Gin has long been considered as the global gin industry's market leader. London Dry Gin has a long history and is associated with the city of London, England. The term London Dry refers to a specific style of gin manufacturing rather than its geographical origin. This old and historic association has improved the reputation and popularity of London Dry Gin. London Dry Gin has achieved global acclaim and is frequently recognised as a standard for quality and authenticity in the gin business. The taste profile of London Dry Gin makes it suitable for a variety of cocktail applications. It’s clear, juniper-forward flavour allows it to be used in a broad variety of cocktails, from classics like the Martini and Negroni to more modern concoctions. Gin consumption in the premium class is increasing on the global market. Premium gins are frequently linked with greater levels of quality and workmanship. They are made with carefully chosen botanicals, accurate distillation procedures, and, in certain cases, artisanal skills. Gin connoisseurs who value the depth and complexity of Flavours are more likely to prefer premium options. Premium gin brands frequently have a strong reputation and brand equity that has been created over time. They may have a long history, a tradition of craftsmanship, or a reputation for creating high-quality gins. They are ideal for gifts or special events since their higher price point adds exclusivity and perceived worth. There are two types of distribution channels: on-trade and off-trade. In the worldwide gin market, the on-trade distribution channel, which includes bars, restaurants, hotels, and other locations where alcoholic drinks are consumed on-site, is frequently used. Gin usage is frequently connected with socialising and drinking in a pleasant setting. Consumers can join with friends, coworkers, or family in on-trade venues to enjoy a variety of gin-based drinks and beverages.

Major Companies present in the market:

Considered in this report

• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Regions & Countries covered in the report:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Aspects covered in this report

• Global Gin market with its value and forecast along with its segments
• Region-wise Gin market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Types

• London Dry Gin
• Old Tom Gin
• Plymouth Gin
• Others (Genever, American Gin, Navy Strength Gin, Flavored Gins, Craft Gins)

By price point

• Standard
• Premium
• Luxury

By Distribution Channel

• Off-Trade
• On-Trade

By off-trade Distribution Channel

• Supermarkets and Hypermarkets
• Discount Stores
• Online Stores
• Others

By On-trade Distribution Channel

• Restaurants and Bars
• Liquor Stores
• Others

The approach of the report:

This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Gin industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.
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