The gin market shall record a moderate CAGR of 4.51% from 2020 to 2027, believes Market Research Future (MRFR). MRFR expects the total value to be close to USD 12.38 Billion by the appraisal period’s end.
Growth Boosters and Challenges
As living standards worldwide continue to improve, the preference for gin rises as well. Consumption of gin is bolstered by the surge in the number of occasions such as parties, marriages, and social gatherings.
Numerous gin brands are sensing the lucrative opportunity and are undertaking several social media marketing steps to gain the interest of tech-savvy young consumers seeking personalization, value for money, coupled with integrated digital access. The significant growth in the number of netizens paired with the surging internet usage across the globe should also boost the sale of gin in the following years.
Emerging countries are proving to be attractive business spots for global manufacturers, thanks to the rising acceptance as well as consumption of gin. Growing inclination towards gin infused with spices and herbs such as licorice, juniper berries, angelica root, coriander seed, cassia, orris, basil, chamomile, and nutmeg would have a tremendous impact on the market in emerging countries. Another significant opportunity would be the strong impact of social media on millennials and the Gen Z population, resulting in higher spending on gin and various types of alcohol.
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The gin industry can be categorized into type, along with distribution channel.
Different gin types studied in the extensively researched report are Old Tom, Plymouth, London Dry, and others. London dry gin is in the lead on account of its widespread availability as well as impressive offerings of refreshment and taste to the consumers. On the other hand, the plymouth segment can achieve the fastest growth rate over the assessment period. The rich and smooth taste of this type of gin provides a vast range of natural ingredients, as a result of which the demand for the same has been soaring rapidly among consumers.
The distribution channels in the gin market are specialty stores, supermarkets and hypermarkets, and many more.
Europe forms the biggest market for gin, with France, the U.K, and Germany emerging as the leading performers. Europe benefits largely from the robust economic conditions, affordability, and the preference for alcohol in different occasions. Various types of gin note substantial demand in the region, with companies increasingly forming joint ventures to enhance their market positions. Elite lifestyles, in line with high disposable incomes of the people in general should further elevate the demand for gin in the region.
China and India contribute significantly to the growth of the APAC market, which is expected to garner the fastest advancement rate in the ensuing years. Soaring number of small-sized distilleries and the innovations in gin quality, particularly in China would also have a remarkable impact on the regional market. Singapore, Australia, Hong Kong, and India are also promising markets in APAC, in view of the surging per capita income, western culture’s rising influence, and people’s mounting interest in luxury products.
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The top gin developers listed in the MRFR research study include Diageo plc (UK), Pernod Ricard S.A. (France), The Sustainable Spirit Co. (UK), William Grant & Sons Ltd (UK), Ginebra San Miguel Inc. (Philippines), The Black Bottle Distillery (UK), Boudier Gabriel Ets SA (France), The Poshmakers Ltd (UK), The East India Company Ltd (UK), Bacardi Limited (Bermuda), Suntory Holdings Limited (Japan), Langtons Gin Ltd (UK), West End Drinks Ltd (UK), Davide Campari-Milano S.p.A. (Italy), Forest Dry Gin (Belgium), to mention a few.
Suntory Holdings, the Japanese alcohol developer, is planning to move to India and other Southeast Asia countries. The brand will be serving its latest gin for the Southeast Asian consumer base by April 2022, while starting with production in India to leverage the country’s expanding middle class population. The brand’s gin makes use of various Japanese ingredients including green tea, ginger, and Yuzu, which all complement the Japanese cuisine.
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