IMARC Group, a leading market research company, has recently released a report titled "Gin Market Report by Type (London Dry Gin, Old Tom Gin, Plymouth Gin, and Others), Price Point (Standard, Premium, Luxury), Distribution Channel (On-trade, Off-trade), and Region 2024-2032". The study provides a detailed analysis of the industry, including the global gin market trends, size, share and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global gin market size reached US$ 16.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 23.3 Billion by 2032, exhibiting a growth rate (CAGR) of 4.1% during 2024-2032.
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Factors Affecting the Growth of the Gin Industry:
- Craft Gin Movement and Innovation:
The craft gin movement has played a crucial role in revitalizing the gin market. Small, independent distilleries have emerged worldwide, focusing on quality, uniqueness, and local ingredients. This artisanal approach has led to an explosion of diverse gin varieties, each with distinct botanical profiles. The use of locally sourced botanicals, innovative flavor combinations, and traditional distillation methods has attracted a new generation of gin enthusiasts who value authenticity and craftsmanship. Craft gin producers often emphasize storytelling and branding, creating a strong emotional connection with consumers. This has not only broadened the appeal of gin but also encouraged experimentation and a deeper appreciation for the spirit. The craft gin movement has also fostered a sense of community and support for local economies, further boosting its popularity.
- Rise of Gin-Based Cocktails and Mixology:
The resurgence of interest in mixology and craft cocktails has significantly contributed to the growth of the gin market. Gin’s versatility as a base spirit makes it ideal for a wide range of cocktails, from classic options like the Martini and Gin & Tonic to contemporary creations by innovative bartenders. The proliferation of cocktail bars, speakeasies, and mixology-focused establishments has elevated gin to a prominent position in the world of spirits. Bartenders and mixologists are continuously experimenting with gin, creating new and exciting cocktails that highlight its botanical complexity and versatility. This trend has been supported by social media, where visually appealing and creatively crafted cocktails attract attention and drive consumer interest. The rise of gin-based cocktails has also led to increased consumer education and awareness about the different types of gin and their flavor profiles, further fueling demand.
- Premiumization and Health Consciousness:
Consumers are increasingly willing to pay more for high-quality, premium gin brands that offer superior taste and a more refined drinking experience. This shift has been driven by a growing appreciation for artisanal and handcrafted products, as well as a desire for authenticity and exclusivity. Additionally, there is a growing awareness and interest in the health benefits associated with gin. While gin is still an alcoholic beverage and should be consumed in moderation, it is often perceived as a “healthier” option compared to other spirits due to its botanical ingredients and lower calorie content. This perception has been bolstered by the marketing efforts of gin brands highlighting the use of natural botanicals and the absence of artificial additives. The combination of premiumization and health consciousness has not only driven the growth of the gin market but has also led to the development of new products, such as low-alcohol and alcohol-free gins, catering to a broader range of consumers.
Gin Market Report Segmentation:
By Type:
- London Dry Gin
- Old Tom Gin
- Plymouth Gin
- Others
London dry gin represents the largest segment due to its consistent quality and traditional appeal making it a staple choice for both consumers and mixologists.
By Price Point:
- Standard
- Premium
- Luxury
Premium dominates the market because consumers are increasingly seeking high-quality, refined gin experiences, driving demand for premium brands.
By Distribution Channel:
- On-trade
- Off-trade
On-trade accounts for the majority of the market share owing to the popularity of gin-based cocktails in bars and restaurants.
Regional Insights:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Europe enjoys the leading position in the market with its rich gin heritage, coupled with a strong craft gin movement.
Global Gin Market Trends:
The growing trend of gin as a preferred choice among younger demographics, driven by its perceived sophistication and social appeal, is a significant driver of market growth. Its adaptability in various social settings and its association with trendy lifestyles contribute to its expanding consumer base. Moreover, the rising global popularity of gin tourism, where enthusiasts visit distilleries and participate in gin-tasting events is impelling the market growth. Additionally, the rise of e-commerce platforms has made it easier for consumers to access a wide variety of gin brands and specialty products, creating a positive outlook for market expansion.
Top Companies Operated in Gin Industry:
- Bacardi Limited
- Davide Campari-Milano N.V.
- Diageo plc
- Forest Spirits by La Hanoudière
- Lucas Bols N.V.
- Mygin
- Pernod Ricard
- Radico Khaitan Ltd.
- Rémy Cointreau
- San Miguel Corporation
- The East India Company Ltd.
- William Grant & Sons Ltd.
Key Highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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