Global Gin Market Report 2024: Market Size, CAGR, Lucrative Segments And Top Regions

Overview and Scope
Gin refers to a distilled liquor that is flavoring botanicals and manufactured from grains. It is best recognized as having a pine flavor due to its main component, juniper berries. Its content and juniper berries make it a potent remedy for chronic pain and inflammation, including arthritis, and also helps with sore joints and gout.

Sizing and Forecast
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.

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Segmentation & Regional Insights
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

Europe was the largest region in the gin market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global gin market during the forecast period. The regions covered in the gin market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
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.

Key Industry Players
Major companies operating in the gin market report are Anheuser-Busch Companies LLC, San Miguel Corporation, Diageo Plc., Suntory Holdings Limited, Asahi Breweries Ltd., Pernod Ricard SA, Bacardi Limited, The Roku Gin Company LLC, Davide Campari-Milano N.V., William Grant & Sons Limited, Sazerac Company Inc., Remy Cointreau SA, Ginebra San Miguel S.A., BlackBerry Limited, Radico Khaitan Ltd., The Poshmakers Ltd., Lucas Bols N.V., New Amsterdam Spirits, Boudier Gabriel Ets SA, Suffolk Distillery Ltd., Southwestern Distillery Ltd., Langtons Gin Ltd, Domaine La Hanoudière, West End Drinks Ltd., The Sustainable Spirit Co., Gordon's Distillery Company Limited, Tanqueray Gin Limited, Beefeater Gin Limited, Bombay Sapphire Limited, Nikka Whisky Distilling Co. Ltd.

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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32. Global Gin Market Competitive Benchmarking

33. Global Gin Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Gin Market

35. Gin Market Future Outlook and Potential Analysis

36. Appendix

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