Gin Market size is set to grow by USD 7305.78 mn from 2024-2028, growing demand of gin due to expansion of organized retailing boost the market- Technavio
NEW YORK, March 13, 2024 /PRNewswire/ -- The global gin market size is estimated to grow by USD 7305.78 mn from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of almost 7.69% during the forecast period. The gin market revolves around the production and distribution of gin, renowned for its juniper taste. Consumers access gins primarily through organized retailers, prevalent in regions like the US, Brazil, Chile, and Mexico. Notable varieties include London Dry Gin and Plymouth Gin, catering to diverse demographics including women, millennials, and gin aficionados. Premium gin and related spirits like vodka are increasingly favored for cocktails. Craft gin production grows with the demand for natural ingredients like red rose petals and black carrots. Gin bars and mixology flourish as contemporary on-trade channels, showcasing gin's versatility. Urbanization and changing lifestyles drive market expansion worldwide, attracting consumers seeking luxury spirits and premium ready-to-drink options.
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The gin market has experienced significant growth in regions such as Africa, South America, Eastern Europe, and Southeast APAC, driven by increasing consumer income levels. Consumers in countries like India, Saudi Arabia, China, Brazil, Argentina, Indonesia, Hungary, Nigeria, Kenya, South Africa, and Turkey have shown a rising affinity for gin products due to their greater affordability. The gin industry's popularity is fueled by the infusion of botanicals and natural ingredients, resulting in a wide array of flavors and gin varieties. Premium gin brands have gained traction among youngsters, women, and millennials, leading to the expansion of the global gin market. The rise of contemporary on-trade channels, such as gin bars and mixology, has contributed to the trend. London Dry Gin and Plymouth Gin are among the superior-tasting gin varieties, offering crisp citrus and smooth, rich flavors, respectively. The gin market's growth is influenced by factors such as urbanization, Westernization, and party culture. Consumers' shifting preferences towards premium liquor varieties and natural flavor profiles have led to an increase in expenditure on alcoholic beverages, including gin and related spirits. Established and developing nations with larger populations and bigger cities have seen industry expansion and the emergence of new gin distilleries. Gin's popularity extends to cocktails, with gin-based cocktails like the Gin and Tonic, Martini, and pre-mixed or fresh cocktail recipes gaining favor among gin enthusiasts and connoisseurs. The gin culture continues to evolve, with the implementation of natural ingredients and flavors, and the emergence of premium ready-to-drink and luxury spirits. Despite the growth, it is essential to note that alcohol consumption comes with responsibilities and potential health risks. Consumers are encouraged to drink responsibly and be aware of their alcohol usage.
Europe held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 42%. The gin market in Europe, the largest consumer of alcoholic beverages, generated significant revenue in 2023. Europe's gin segment, part of the broader spirits industry, boasts a rich culture and popularity. Gin brands, known for their botanical infusions and juniper-forward flavors, include London Dry Gin and Plymouth Gin. Consumers, particularly younger women and millennials, are drawn to the contemporary on-trade channels, such as gin bars and mixology, where they can enjoy premium gin cocktails like the Gin and Tonic or a Martini. The gin industry's expansion is driven by factors like urbanization, Westernization, and party culture. Natural ingredients and flavors, such as ruby color from red rose petals and black carrots, are increasingly preferred over artificial colorants. Premium ready-to-drink gin and vodka-based cocktails, luxury spirits, and consumer buying power contribute to the industry's growth. Regulations, like Norway's alcohol policy measures, impact gin production and distribution. Despite health concerns, gin's popularity continues to rise, with gin enthusiasts and connoisseurs seeking superior flavor and refreshment. The trend towards natural ingredients and contemporary on-trade channels is expected to attract potential consumers in expanding populations and established and developing nations.
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The gin market encompasses the production and consumption of gins, a popular spirits category known for its distinct juniper flavor and botanical ingredients. Gin brands, such as Tanqueray, Monkey 47, GORDON'S, Beefeater, Bombay Sapphire, Hendrick's Gin, and others, cater to consumers worldwide. The gin industry thrives in regions like the US, Philippines, India, Spain, and South Africa. Premium gin brands offer high-quality ingredients and natural flavors, appealing to women, younger women, and millennials. The gin market includes London Dry Gin, Plymouth Gin, and various gin varieties, with a trend towards craft gins and gin-based cocktails. On-trade distribution channels, including bars, restaurants, pubs, and hotels, are popular for gin sales. Consumers enjoy gin and tonic, martini, and other gin cocktails, often at cocktail parties and contemporary on-trade channels. The gin market's expansion is driven by factors like rapid urbanization, westernization, party culture, and shifting customer preferences for premium liquor varieties. Gin production involves distillation and infusion of natural ingredients, resulting in crisp citrus, smooth and rich, or superior flavors. Gin enthusiasts and connoisseurs appreciate the natural flavor and changing lifestyles contribute to the gin trend's growth. The gin market's potential consumers include a majority of the population in bigger cities, with expenditure on alcohol and tobacco products influenced by consumer buying power and disposable income. Gin's popularity extends to gin-based cocktails, premium ready-to-drink, and luxury spirits. The gin market's expansion includes established and developing nations, with potential for industry growth in regions like Asia, where younger consumers' drinking habits are evolving.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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