Gin Market Analysis Exploring Future Growth 2021-2028| Opportunities & Development

 

The global gin market is expected to exhibit a strong 4.33% CAGR over the forecast period from 2019 to 2024, according to the latest research report from Market Research Future (MRFR). According to the report, the global gin market is expected to reach a valuation of USD 11.2 billion by 2024. The report provides a thorough outline of the global gin market, including a detailed analysis of the historical progress of the global gin market as well as the market’s future growth prospects. To this end, the leading drivers and restraints affecting the global gin market are profiled in detail in the report. The leading players operating in the global gin market are also profiled in the report, giving readers a clear idea of the market’s competitive landscape.

Gin is an alcoholic beverage produced through two stages. First, a taste-neutral spirit is produced as the base. Then, the base is flavored through a second step of distillation involving botanical flavorants such as juniper berries, coriander seed, licorice, orris, angelica root, chamomile, nutmeg, and basil. Botanicals used to flavor gin include seeds, roots, berries, fruits, herbs, and spices. This double-stage manufacturing procedure makes gin perfect for use in various flavored cocktails, as a wide variety of flavors can be imparted to gin through this process. The wide variety of flavors available in gin has made it one of the most popular alcoholic beverages in the world, leading to steady market growth.

The wide variety of flavors that can be imparted to gin has also been a crucial factor in driving the gin market in another way. In recent years, a number of craft gin breweries have sprung up around the world, looking to instill innovative flavors in gin and thus increase its market potential. This is likely to be a major driver for the global gin market over the forecast period, as the new flavors are likely to attract new customers, thus increasing the market potential. The increasing popularity of innovative flavored gin among youth demographics is likely to be a major driver for the global gin market analysis over the forecast period.

Competitive Analysis:

Leading players in the global gin market include Langtons Gin Ltd., West End Drinks Ltd., The Poshmakers Ltd., The Black Bottle Distillery, Forest Dry Gin, The East India Company Ltd., Davide Campari-Milano SpA, Boudier Gabriel Ets SA, The Sustainable Spirit Co., William Grant and Sons Ltd., Suntory Holdings Limited, Ginebra San Miguel Inc., Pernod Ricard SA, Diageo PLC, and Bacardi Limited.

In December 2019, Stirling, Scotland-based Boe Gin was named the fastest growing gin brand in the UK.

In December 2019, Lidl introduced a new variety of gin-infused cheese as a Christmas special. Such end uses are also likely to be vital to the global gin market over the forecast period.

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Segmentation:

The global gin market is segmented on the basis of type, distribution channel, and region.

By type, the global gin market is segmented into London Dry, Plymouth, Old Tom, and others.

By distribution channel, the global gin market is segmented into supermarkets and hypermarkets, specialty stores, and others.

Regional Analysis:

Europe is expected to dominate the global gin market over the forecast period. Widespread popularity of gin in Europe and the presence of traditional, longstanding breweries are the major drivers for the gin market in Europe. Gin is widely brewed in Europe, especially in the UK, leading to growing consumption. Italy is also a major distiller of gin in the region, further adding to the region’s growth prospects. The sales of premium gin in Europe totaled USD 740 million in 2018, illustrating the region’s high potential in the global gin market.

North America is the second largest regional market for gin, followed by Asia Pacific. Asia Pacific is likely to drive the growth of the global gin market over the forecast period, exhibiting the highest growth rate. The growing popularity of gin in Japan, China, and India is the leading driver for the gin market in Asia Pacific.

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