Gin Global Market Report 2024

Gin is a distilled liquor flavored with botanicals and produced from grains, with its distinctive taste primarily derived from juniper berries. Known for its pine flavor, gin serves as a potent remedy for chronic pain and inflammation, including conditions such as arthritis. It also offers relief for sore joints and gout due to its content and the presence of juniper berries.

The main types of gin include London dry gin, old tom gin, Plymouth gin, and other variants. London dry gin is a distilled alcoholic beverage produced from a base spirit typically derived from fermented and distilled wheat or barley, although it can also be sourced from grape and potato. These gins adhere to different standards such as economy, premium, and luxury, and are distributed through on-trade and off-trade channels.

The gin market research report is one of a series of new reports from The Business Research Company that provides gin market statistics, including gin industry global market size, regional shares, competitors with a gin market share, detailed gin market segments, market trends and opportunities, and any further data you may need to thrive in the gin industry. This gin market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The gin market size has grown steadily in recent years. It will grow from $13.48 billion in 2023 to $14.12 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The increase during the historical period can be linked to the craft distilling movement, the renaissance of cocktail culture, the trend of premiumization, strategies in marketing and branding, and the globalization of taste.

The gin market size is expected to see steady growth in the next few years. It will grow to $16.74 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The anticipated growth in the forecast period can be ascribed to sustainability and eco-friendly practices, innovation in ready-to-drink (RTD) formats, global cultural exchanges, the ascent of local and craft brands, and inclusive and diverse marketing. Key trends expected in the forecast period encompass digital marketing and e-commerce, innovation in ready-to-drink (RTD) formats, flavor innovation, the use of sustainable and locally sourced ingredients, and the popularity of craft and small-batch gins.

The growing demand for alcoholic beverages is anticipated to fuel the growth of the gin market in the future. Alcoholic beverages, including wine, lager, or whisky, contain alcohol as an intoxicating agent. Alcohol consumption is associated with a reduced risk of heart disease and the development and maintenance of high blood pressure. Gin, a distilled alcoholic beverage, caters to the increasing demand for alcohol. For instance, a report from Germany's Federal Statistical Office (Destatis) in August 2022 revealed a 3.8% increase in beer sales, equivalent to 157.2 million liters, compared to 2021. Domestic consumption constituted 82.5% of all taxed beer sales, with a 6.4% year-on-year increase to 3.6 billion liters in the first half of 2021. Hence, the rising demand for alcoholic beverages is propelling the growth of the gin market.

The growing trend of health consciousness is expected to drive the expansion of the gin market in the foreseeable future. Health consciousness involves an active awareness of one's physical well-being, often leading to mindful lifestyle choices and a focus on maintaining good health. Gin, with its lower-calorie and botanical-infused options, caters to health-conscious drinkers and the wellness-oriented population. In May 2022, the International Food Information Council reported a notable surge in dietary consciousness among Americans, with 52% adhering to a specific diet or eating pattern in 2022, compared to 39% in 2021 and 43% in 2020. Therefore, the growing trend of health consciousness is a driving factor for the gin market.

Product innovations stand out as a key trend in the gin market, with major companies focusing on developing unique products to strengthen their market position. Legendario SL, a Spain-based manufacturer of alcoholic beverages, launched a new premium bowtie gin bottle in February 2023. This gin combines elegance and creativity with a laid-back vibe, offering a balanced blend of juniper, coriander, citrus, and lemon peel components. The flavor profile delivers a slightly sweet and warming experience, featuring hints of candy and mineral elements, making it an Uncommon Superior Gin tailored for the refined market.

Major companies are concentrating on developing distinct gin variants, such as crafted gin, to gain a competitive advantage. Crafted gin refers to a meticulously produced and artisanal variation of gin, often characterized by small-batch production. For instance, in July 2023, Radico Khaitan Limited, an India-based manufacturer of Indian-made foreign liquor, introduced "Happiness in a Bottle," a premium crafted gin collection featuring three variants: Joy of Juniper, Joy of Pink, and Joy of Citrus. Each variant offers a unique character and flavor experience, with the introduction of Joy of Pink marking Radico Khaitan's entry into the pink gin category market.

In September 2023, William Grant & Sons, a UK-based spirits firm, acquired Silent Pool for an undisclosed amount. This strategic move aims to broaden William Grant & Son's gin portfolio and leverage Silent Pool's handcrafted appeal for a wider market presence. Silent Pool, based in the UK, is a distiller of premium gin, vodka, and other spirits, offering distillery tours and a bar.

Major companies operating in the gin market report are Anheuser-Busch Companies LLC., San Miguel Corporation, Diageo Plc., Suntory Holdings Limited, Asahi Breweries Ltd., Pernod Ricard SA, Bacardi Limited, The Roku Gin Company LLC, Davide Campari-Milano N.V., William Grant & Sons Limited, Sazerac Company Inc., Remy Cointreau SA, Ginebra San Miguel S.A., BlackBerry Limited, Radico Khaitan Ltd., The Poshmakers Ltd., Lucas Bols N.V., New Amsterdam Spirits, Boudier Gabriel Ets SA, Suffolk Distillery Ltd., Southwestern Distillery Ltd., Langtons Gin Ltd., Domaine La Hanoudiere, West End Drinks Ltd., The Sustainable Spirit Co., Gordon's Distillery Company Limited, Tanqueray Gin Limited, Beefeater Gin Limited, Bombay Sapphire Limited, Nikka Whisky Distilling Co. Ltd.

Europe was the largest region in the gin market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global gin market during the forecast period. The regions covered in the gin market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the gin market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The gin market consists of sales of navy strength, genever, aged, and new western gins. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Gin Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on gin market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for gin ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The gin market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: London Dry Gin; Old Tom Gin; Plymouth Gin; Others
• 2) By Standard: Economy; Premium; Luxury
• 3) By Distribution Channel: On-Trade; Off-Trade
• Companies Mentioned: Anheuser-Busch Companies LLC.; San Miguel Corporation; Diageo Plc.; Suntory Holdings Limited; Asahi Breweries Ltd.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.