NEWARK, Del, Dec. 31, 2022 (GLOBE NEWSWIRE) -- The gin market is projected to grow at a modest CAGR of 3.5% during the forecast period. The global market value is expected to increase from US$ 23 billion in 2023 to US$ 28.27 billion by 2033.
The market growth is propelled by critical factors such as an increase in demand for high-quality alcoholic beverages, and the steadily expanding e-commerce market, facilitating the purchase of gin.
In the broader context, the global rise in consumption of alcohol is on the rise. The market is witnessing innovations through research and development activities to improve the distillation processes. This has led to a steady increase in the number of global distilleries
Analyzing socioeconomic factors, there has been a steady improvement in the standard of living and disposable income across developing regions. This has propelled recent changes in consumer preferences for “quality over quantity”.
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Mass-scale migration to urban areas has diversified consumer choices. The market is also bolstered by increasing consumption and acceptability of alcoholic beverages amongst Millenials
In recent times there has been a wide application of gin in creating premium cocktails. Globalization has led to popular acceptance of gin as a popular alcoholic beverage, beyond North America and Europe.
Key Takeaways from the Study:
- The U.K. dry gin is expected to dominate the product type segment, by recording a CAGR of 4% during the forecast period
- Gin market growth in North America is to be impeded due to stringent regulations
- Japan's gin market expected to register a CAGR of 1.9% during the forecast period
- Asia Pacific emerges as a lucrative market due to changing consumer preferences, urbanization, and a rise in per capita disposable income
- Germany dominates the European market with a CAGR of 2.6%
- Canada is projected to record a CAGR of 2.9%
Competitive Landscape
Key players are continuously striving to bring about innovations in the market:
William Grant & Sons launched Hendrick’s Neptunia Gin, featuring a unique medley of Scottish coastal botanicals. Bombay Sapphire, owned by Bacardi launched a lemon-flavored gin called Citron Presse gin, made with Mediterranean lemons. Recently, Diageo India invested in Nao Spirits, which is famous for producing high-end Indian handmade gins called "Greater Than" and "Hapusa”. This is expected to bolster the premium gins market in India
Pernod Ricard S.A. has launched several ready-to-drink (RTD) drinks in the U.K. These include innovative variants such as Beefeater London Dry Gin & Tonic, Beefeater Blood Orange & Tonic, and Beefeater Pink Strawberry Gin & Tonic.
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Key Players:
- Bacardi Limited,
- Diageo plc
- Davide Campari-Milano N.V.
- La Hanoudiere
- Lucas Bols N.V.
- Mygin, Pernod Ricard,
- Radico Khaitan Ltd.
- Rémy Cointreau
- San Miguel Corporation
- The East India Company Ltd.
- William Grant & Sons Ltd.
Recent Market Developments:
- In an endeavor to tap into difficult markets, Sofitel Mumbai BKC launched an exclusive gin bar, named Jyran Gin Bar in India.
- Porter’s Gin recently announced that it shall feature a new branding and logo developed by design agency Stranger & Stranger in all its product variants.
- Recently, online alcohol giant Amazon acquired permission to conduct the online sale of alcohol in India
Key Segments: Overview
By Product Type:
- London Dry Gin
- Plymouth Gin
- Genever/Dutch Gin
- Old Tim Gin
- New American Gin
By Price:
- Standard
- Premium
- Luxury
By Distribution Channel:
- Hypermarkets and Supermarkets
- Specialty Stores
- Drug Stores
- Online Channel
- Others
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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Old Source: https://www.globenewswire.com/en/news-release/2015/11/25/790161/34408/en/Gin-Gaining-Traction-Among-Indian-Drinkers-Future-Market-Insights-Report.html
