Gin Market is expected to reach USD 22.54 billion by 2029 it will grow at a CAGR of 5.4% : GreyViews
Gin Market Size by Product (Pop-up Gins, Gin Oven, and Conveyor Gins), Application (Commercial and Residential), Distribution Channel (Offline and Online), Regions, Segmentation, and forecast till 2029.
Pune India, Dec. 02, 2022 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Gin market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Gin market is present across various countries in the above-mentioned regions.
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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the type, price point, distribution channel, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Gin market are Diageo plc, Southwestern Distillery, Davide Campari-Milano N.V., Bacardi Limited, Pernod Ricard S.A., Remy Cointreau, William Grant & Sons Limited, San Miguel Corporation, Lucas Bols, and Forest Spirits’ Gin among others. To achieve a substantial market share in the worldwide Gin market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Diageo plc is one of the most significant manufacturers and distributors present in the global Gin market.
Gin is a distilled alcoholic beverage made from base of grain, including barley or wheat. It is made with the help of neutral and clear spirit created by distilling grains including rye, barley, corn, and wheat. It is usually comes in a transparent to pale yellow color made of purified spirits acquired from grain mash. Gin is basically a pure ethanol; however, the flavors are further added into it through a re-distillation process. Some common types of gin includes london dry gin, new western dry gin, plymouth gin, old tom gin, and genever gin.
Rise in spending power of consumers and improved awareness among them has led to the demand for premium ready-to-drink and luxury spirits. Moreover, consumers continue to support quality over quantity, which is positively impacting the sales of premium spirits. According to the Distilled Spirits Council of the United States (DISCUS) 2020, the sale of ready-to-drink spirits rose by 39.1%, and the trend will continue in 2021. On the other hand, the revenue growth of luxury spirits in North America represented 40% in 2020.
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Scope of Gin Market Report
|Market Share Unit||USD Billion|
|Segments Covered||Type, Price Point, and Distribution Channel|
|Regions Covered||North America, Europe, Asia-Pacific, South America and Middle-East and Africa|
|Major Players||The APW Wyott, Hatco, Star Manufacturing International, Waring Commercial, Toastmaster, Hamilton Beach, Cuisinart, Kitchenaid, Friedr. Dick GmbH & Co., and Samsung Electronics Co., Ltd. among others|
Old tom gin segment is expected to be the fastest growing segment in 2021.
The type segment includes London dry gin, old tom gin, plymouth gin, and others. Old tom gin is expected to witness highest growth rate during the forecast period. Old tom gin originated in 18th century when gin making and drinking were rampant in England. Its consumption declined during 2005–2010, due to increase in consumption of London dry gin. Presently, it is becoming extremely popular among consumers to serve craft-cocktail movement worldwide. The style is back in trend since past couple of years, as manufacturers have emphasized on developing innovative and flavored drinks.
Old tom gin establishes the traditional values of the gin among the consumers in Europe, as the style is more similar to Dutch genever in flavor. It is often measured as a relation between modern gin and old Dutch formula. It is flavored with juniper and are meltier, lighter, and more approachable as compared to other styles. Thus, consumers are looking for incorporating such superior gins to their cocktails and other beverages, which contributes toward the growth of this segment.
Off-trade segment is expected to be the fastest growing segment in 2021.
The distribution channel segment includes on-trade and off-trade. Off-trade segment is expected to witness highest CAGR during the forecast period. Off-trade sales channel for gin is experiencing a rapid growth due to changes in consumer choices toward consumption at home. Drinks are easily available in several markets through such off-trade channels, resulting in higher revenue generation. In addition, it is expected that the market will grow at a higher CAGR during the forecast period, owing to the busy lifestyle of consumers in developed as well as developing economies.
Further, apart from the impact of COVID-19, hectic work routine, shortage of time & busy lifestyle, and preference for e-commerce service to get gin in developed economies are some of the major growth factors contributing toward the growth of the global market.
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the Gin include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
Europe region witnessed a major share. Gin typically originated in the province of Europe in 17th century, and currently is consumed globally. The region has emerged as a hotspot in the market holding a major share in revenue generation since past several decades. UK is the major market in the region contributing maximum revenue share by operating more than 320 gin distilleries. However, North America is expected to witness considerable growth rate during the forecast period. The appeal of several popular cocktails established by the emergence of mixed drinks trend explains American’s appetite for gin. Consumers are seeking for gin’s taste and flavors to form a perfect base for their classic and mixed drinks. The millennial generation is a key force to increase the gin consumption and will continue to impact the market positively.
Germany Gin market size was valued at USD 1.51 billion in 2021 and is expected to reach USD 2.22 billion by 2029, at a CAGR of 5.2% from 2022 to 2029. In the Europe region, Germany is one of the major shareholders in the Gin market. In addition, the huge spending power of the population in this country has been a major contributor to the market growth. Moreover, steady GDP per capita growth coupled with the low inflation in the country has led to the proliferation of gin industry in the country.
This country is more of a late adopter of gin as compared with the UK. However, ongoing trend of more sophisticated drinking, coupled with momentous interest in classic cocktails and perfect serves in the country is opportunistic for growth of the gin market.
China Gin market size was valued at USD 2.41 billion in 2021 and is expected to reach USD 3.49 billion by 2029, at a CAGR of 5.0% from 2022 to 2029. The factors such as increasing consumer income and rising interest in gin as compared with other alcoholic drink category in this country is mainly driving growth of the Gin market. Also, the country is seeing bourgeoning interest in juniper-based drink which is attributed to the trend among local distilleries to trade on unique regional flavours and full-throated branding efforts.
In addition, huge demand for Shanghai Dry Gin in the country is projected to create lucrative growth opportunities for the market. This type of gin need to contain at least 90% of its botanicals sourced from China.
India Gin market size was valued at USD 0.90 billion in 2021 and is expected to reach USD 1.37 billion by 2029, at a CAGR of 5.6% from 2022 to 2029. India is one of the highest growing economies in Asia. Increasing population, expanding urbanization, and changing lifestyle in the country is driving growth of the Gin market. According to the research, this country has now become fifth-largest consumer of gin, behind the U.K., the U.S., Germany, and Spain. There is growing influence of western culture in this country, which has enabled increased consumption of gin among people.
The factors such as availability, affordability, and innovation in taste are further creating interest for gin among Indian urban population. This is opportunistic for growth of the India Gin market.
Covid-19 had a major impact on almost all of the industries such as electronics, semiconductors, manufacturing, and, automobile, etc. Also, the demand for Gin has decreased during the period owing to the regulations on social distancing and supply chain disruptions. For instance, according to the report published by the Wine and Spirit Trade Association (WSTA) 2020, gin sales during 2020 declined in the UK by $530 million as compared to the sales figures in 2019.
Moreover, the negative impact on the revenue of such key companies reflect in the sales value of gin globally. Manufacturers are expecting the total money spending pattern on gin and other drinks will decline globally. Furthermore, consumers are shifting their spending toward the online retailers instead of high-priced gin in the pub, restaurants, and bars.
However, this situation is expected to improve in the upcoming years, as government has started relaxing norms around the world for resuming business activities.
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