Gin is a distilled alcoholic drink that originated as a medicinal liquor made by monks & alchemists across Europe, deriving its predominant flavor from juniper berries. This distilled alcoholic drink has extensive applications in the food & beverage industry that cater to the rapidly growing demand for spirits worldwide.
The Global Gin Market is projected to grow at a CAGR of around 4.6% during the forecast period, i.e., 2022-27. The growth of the market is driven primarily by the growing number of alcohol consumers and escalating establishment of bars, cafes, restaurants, hotels, etc. In addition, improving economic conditions and increasing purchasing power of people & their changing living standards are leading to their mounting preference toward premium gin. Besides, changing patterns of drinks and growing experiments with gin for crafting cocktails are also contributing to the market growth.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: The US, Canada, Mexico|
|South America: Brazil, Argentina, Rest of South America|
|Europe: Germany, The UK, France, Spain, Italy, Rest of Europe|
|Asia-Pacific: China. Japan. India. South Korea. Rest of Asia Pacific|
|Middle East & Africa: Israel, Turkey, South Africa, Rest of Middle East & Africa|
|Key Companies Profiled||Bacardi Limited, Campari Group, Diageo plc, Forest Spirits , Lucas Bols N.V., Mygin, Pernod Ricard, Radico Khaitan Limited, Rémy Cointreau, Ginebra San Miguel Inc. , The East India Company Ltd., William Grant & Sons Ltd|
|Unit Denominations||USD Million/Billion|
The prevalence of superior liquor beverages is instigating the leading players to introduce new varieties of gin and expand the consumer base globally. Rapid digital transformations, leading to a growing number of e-commerce platforms for the online sales of gin, with a massive variety, different price categories, & multiple brands, are also playing a crucial role in boosting the market growth.
Moreover, various ongoing research & development activities entwined with the increasing number of breweries & refineries across different countries worldwide project remunerative growth prospects for the global market through 2027. The swift expansion of the food & beverage industry demonstrating numerous experiments with gin in different cuisines like salmon, cakes, & pancakes, and cocktails shall further positively influence the Global Gin Market over the forecast years.
Impact of Covid-19 on the Global Gin Market
The advent of Covid-19 in 2020 had catastrophic impacts on most industries worldwide, yet the Global Gin Market underwent moderate effects amidst the crisis. While governments of different countries imposed stringent movement restrictions & lockdowns to curb the spread of this dreadful disease, the leading players in the market witnessed several unprecedented challenges associated with the production & distribution of gin across regions.
The stringent movement restrictions and closure of non-essential shops, including the off-trade channels, resulted in the reduced gin sales globally and increased demand & supply gaps. Additionally, the disruptions in the supply chain led to delays in deliveries and, consequently, financial losses for gin manufacturers.
However, on the other hand, the leading players made a swift transformation toward digital platforms to cater to the consumer requirements. As a result, the market observed a considerable hike amidst the uncertain duration of lockdowns & restrictions.
Nonetheless, post the first wave of the Coronavirus, restrictions were partially uplifted, liquor shops got reopened, and there was some ease of norms for public movement. Later, since 2021, with the gradual improvement in the pandemic situation, business operations across different countries are running in full capacity. Gin manufacturers are witnessing a soaring consumer demand & have accelerated their production capacities globally, which projects a sooner recovery and significant growth prospects for the global market in the coming years.