Global Gin Market Research Report: Forecast (2022-27)
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.
Based on the Price Category:
Amongst all price categories, Premium gins dominated the Global Gin Market with the largest share in the previous few years & are expecting the fastest market growth during 2022-27. It attributes principally to changing lifestyles of people, coupled with their improving purchasing power, i.e., displaying their mounting inclination toward consuming premium gins.
Besides, due to the versatility, taste, & flavor, consumers are increasingly purchasing premium gins for crafting spirits and mixing flavors in cocktails, etc. Hence, these aspects indicate a pool of growth opportunities for the global market of premium gins through 2027.
Based on the Type:
Here, London Dry Gin is expected to continue its dominance in the global market over the forecast years, owing prominently to its wide availability & massive sales worldwide due to its superior taste that brings refreshment for consumers. Besides, it is clear & unsweetened and offers enhanced flavors when mixed with subtle aromatic botanicals like coriander, angelica, and cassia, among others, i.e., another crucial aspect stimulating its demand and contributing to the overall market growth.
On the other hand, Plymouth Gin is anticipated to demonstrate the fastest market growth in the coming years. It is less dry than London, with a soft juniper effect, a classic old-school flavor, and well-balanced botanicals, which offers a unique experience to consumers. Besides, the extensive use of Plymouth Gin in crafting cocktails across various on-trade channels like bars, restaurants, nightclubs, hotels, etc., is also leading to its burgeoning sales worldwide and projecting significant expansion of the global market through 2027.
Geographically, the Global Gin Market expands across:
Amongst all regions globally, Asia-Pacific is anticipated to exhibit the fastest market growth during 2022-27. It owes principally to the rapidly surging number of alcohol consumers, improving economic conditions of people, & their growing preference for high-quality alcohol.
The Philippines is the largest market for Gin, both regionally & worldwide, mainly due to the extensive popularity & distribution of Ginebra San Miguel, a Dutch-style gin made from sugarcane alcohol and the best-selling gin brand globally.
Various innovative marketing strategies adopted by its manufacturer, San Miguel, is the key aspect driving the gin market in the Philippines. As a result, the rising inclination toward various ethnic premium, super-premium, & flavored spirits that exhibit artisanal varieties to offer crafting cocktails is playing a crucial role in augmenting the regional market growth.
On the other hand, Europe is projected to dominate the market with the largest share through 2027, principally due to the widespread presence of prominent gin manufacturers across the region, especially in countries like the UK & Italy. Besides, the growing number of refineries & breweries & introduction of several varieties for crafting cocktails & meeting the burgeoning consumer requirements from on-trade sectors like hotels, bars, pubs, cafes. etc., are other factors projected to fuel the growth of the gin market across Europe over the forecast years.
Recent Developments in the Global Gin Market
Key Driver & Opportunity: Swift Development of Online Retail for Gin
With the burgeoning consumer inclination toward online shopping, several gin manufacturers & suppliers are adopting such e-commerce platforms in line with their paradigm shift to digital transformation. It is enabling them to expand their scalability across more & more regions worldwide, which, in turn, would drive the Global Gin Market during 2022-27.
Besides, the emerging trend of doing experiments with gin and mixing different flavors at home is attracting many consumers to online channels to explore the wide variety of gin from multiple brands, which, in turn, is projecting lucrative growth prospects for the global market through 2027.
Possible Restraint: Critical Side-Effects & Expensive Pricing of Gin
The rising concerns over the highly-expensive premium gin are hampering their sales, especially among the cost-sensitive populations, i.e., a prominent factor that might restrain the growth of the Global Gin Market during 2022-27. Besides, the easy availability of affordable alternatives to these high-quality gins might further hinder the market growth.
Moreover, growing health consciousness among people and side effects of gin due to high consumption, resulting in increasing instances of cirrhosis, malignancy, savagery, & mishaps, are also limiting their sales worldwide and projecting a declining growth of the global market in the coming years.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Global Gin Market is expecting around 4.6% CAGR during the forecast period, i.e., 2022-27.
A. Mounting internet penetration and a growing number of online shoppers, i.e., instigating gin manufacturers to adopt e-commerce platforms for the online sales of gin and expanding their visibility worldwide, would play a crucial role in driving the Global Gin Market through 2027. However, the high costs of premium gins entwined with increasing reports on their side effects on health might act as a prominent growth restraint for the global market in the future.
A. Premium gins are anticipated to emerge as an area of remunerative opportunities for the leading players in the Global Gin Market over the forecast years.