The global gin market is anticipated to reach a valuation of US$ 22,927.4 million in 2023, driven by various gin festivals. This trend is expected to create new opportunities for the global market, leading to a projected CAGR of 3.5% between 2023 and 2033. It is estimated to gain a valuation of approximately US$ 31,996.0 million by 2033.
The surge in disposable income per capita in emerging countries has created new opportunities for the global gin business. The gin market is now thriving in emerging nations where market expansion has been hampered by high costs of production and a lack of product acceptance.
Globalization has made millennials as well as younger generations more familiar with the mostly European alcoholic beverage. Gin’s appeal among younger generations is driving growth in yet-to-be discovered regions throughout the world. In addition to local beers and liquor, younger generations have developed a taste for a variety of alcoholic beverages as a result of increased social acceptance and availability. During the projection period, this is likely to drive gin demand.
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Key Takeaways from the Market Study
• The gin market increased at a CAGR of 2.3% from 2018 to 2022.
• The United States is expected to take over 24.6% of the gin market in 2023.
• China is expected to control 11.8% of the global gin market by 2023.
• By the end of 2023, Japan’s gin market will account for 6.3% of the worldwide market.
• The gin market in France is expected to grow by 7.2% by 2023.
• The gin market in the United Kingdom is predicted to grow to 5.5% by 2023.
• London dry gins are predicted to account for more than 40% of the worldwide gin industry by 2023.
• The online retail channels category is expected to account for 36.8% of the worldwide market in 2023.
“Consumer trend towards gin premiumization, gin festivals and craft gin movement to bolster the global gin demand over the next few years,”- Nandini Roy Choudhury, Client Partner at Future Market Insights
Competitive Landscape
The global gin market is particularly competitive because of the quantity of regional and multinational enterprises. Every company adheres to its business strategy in order to capture the largest possible market share.
The main corporations continue to focus on product innovation to capture consumer interest with the release of premium gins. These companies are increasing their financial investments in research and development, social media marketing, and international growth in order to maintain their market position.
Product Portfolio:
• Bacardi Limited is best known as the producer of the gin brand “Bombay Sapphire.” It is a high-end London Dry Gin. Bombay Sapphire is known for its botanical diversity as well as its striking blue bottle.
• Diageo is well-known for products like as “Tanqueray,” a traditional London Dry Gin beloved for its well-balanced taste profile. Diageo also holds “Gordon’s,” one of the the global best-selling gin brands, which is available in both basic and flavored varieties.
• Davide Campari-Milano N.V. is the parent business of the “Campari Group,” which owns numerous well-known liquor brands. “Beefeater,” a London Dry Gin recognized for its juniper-forward taste and typical gin features, is one noteworthy gin brand by this company.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global gin market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the gin market, the market is segmented on the basis of product type (london dry gin, plymouth gin, genever/dutch gin, old tim gin, new american gin), price (standard, premium, luxury), distribution channel (hypermarkets and supermarkets, specialty stores, drug stores, online channel, others) and across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa (MEA)).