The Gin Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033)
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According to The Business Research Company’s Gin Global Market Report 2024, The gin market size has grown steadily in recent years. It will grow from $13.48 billion in 2023 to $14.12 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to craft distilling movement, cocktail culture renaissance, premiumization trend, marketing and branding strategies, globalization of taste.
The gin market size is expected to see steady growth in the next few years. It will grow to $16.74 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to sustainability and eco-friendly practices, innovation in ready-to-drink (red) formats, global cultural exchanges, rise of local and craft brands, inclusive and diverse marketing. Major trends in the forecast period include digital marketing and e-commerce, innovation in ready-to-drink (RTD) formats, flavor innovation, sustainable and locally sourced ingredients, craft and small-batch gins
The increasing demand for alcoholic beverages is expected to propel the growth of the gin market going forward. An alcoholic beverage refers to a type of fermented spirit, including wine, lager, or whisky, that contains alcohol, or ethyl alcohol (CH3CH2OH), as an intoxicating agent. Alcohol consumption lowers the chance of developing heart disease as well as the development and maintenance of high blood pressure. Gin is a distilled alcoholic drink that opens up a broad range of options to cater to the growing demand for alcohol, so rising demand for alcoholic beverages will propel the market. For instance, in August 2022, according to a report published by the Federal Statistical Office (Destatis), a Germany-based public, state-owned international broadcaster, beer sales in Germany increased by 3.8%, or 157.2 million liters, compared to 2021. Domestic consumption accounted for 82.5% of all beer sales, which were taxed. Domestic sales increased 6.4% year on year to 3.6 billion liters in the first half of 2021. Therefore, the increasing demand for alcoholic beverages is driving the growth of the gin market going forward.
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The gin market covered in this report is segmented –
1) By Type: London Dry Gin, Old Tom Gin, Plymouth Gin, Others
2) By Standard: Economy, Premium, Luxury
3) By Distribution Channel: On-Trade, Off-Trade
Major companies in the gin market are focused on developing gin variants, such as crafted gin, to gain a competitive edge in the market. Crafted gin refers to a meticulously produced and artisanal variation of gin, often distinguished by small-batch production. For instance, in July 2023, Radico Khaitan Limited, an India-based manufacturer of Indian-made foreign liquor, launched Happiness in a Bottle, a premium crafted gin collection featuring three variants, Joy of Juniper, Joy of Pink, and Joy of Citrus. Each variant offers a distinct character and flavor experience. The introduction of Joy of Pink marked Radico Khaitan’s entry into the pink gin category market.
The gin market report table of contents includes:
1. Executive Summary
2. Gin Market Characteristics
3. Gin Market Trends And Strategies
4. Gin Market – Macro Economic Scenario
5. Global Gin Market Size and Growth
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26. South America Gin Market
27. Brazil Gin Market
28. Middle East Gin Market
29. Africa Gin Market
30. Gin Market Competitive Landscape And Company Profiles
Top Major Players:
- Anheuser-Busch Companies LLC
- San Miguel Corporation
- Diageo Plc
- Suntory Holdings Limited
- Asahi Breweries Ltd
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