Market Overview
Gin is a spirit that is produced from juniper berries which gives it a distinct flavor. Gin was initially used as herbal medicine, but its increasing demand propelled manufacturers to commercialize the spirit. The global Gin Market Share is projected to exhibit a significant growth rate of 4.33% from 2019 to 2024 to reach a market value of USD 11.2 Billion by the end of 2024. The several benefits of gin including improved blood circulation to help stop water retention are boosting demand. However, changing consumer preferences for non-alcoholic beverages and stringent government regulations for the production and sale of alcohol may hinder the global Gin Market Share growth during the forecast period.
Key Players
Some of the key players in the global Gin Market Share are Ginebra San Miguel Inc. (Philippines), Bacardi Limited (Bermuda), Diageo plc (UK), The East India Company Ltd (UK), Pernod Ricard S.A. (France), The Black Bottle Distillery (UK), Suntory Holdings Limited (Japan), William Grant & Sons Ltd (UK), The Sustainable Spirit Co. (UK), Boudier Gabriel Ets SA (France), Forest Dry Gin (Belgium), The Poshmakers Ltd (UK), West End Drinks Ltd (UK), Davide Campari-Milano S.p.A. (Italy), and Langtons Gin Ltd (UK).
Market Segmentation:
Based on type, the global Gin Market Share has been segmented into London Dry, Plymouth, Old Tom, and others. The London Dry segment is expected to dominate and be the fastest growing during the forecast period. London Dry gins contain natural botanical ingredients for flavoring and are the driest style of gin, widely preferred for gin cocktails such as martinis. London Dry gins are considered the purest form of gin since they do not include colors and other ingredients.
On the basis of distribution channel, the global Gin Market Share has been classified into hypermarkets and supermarkets, specialty stores, and others. The hypermarkets and supermarkets segment is expected to occupy the largest market share as well as grow at the fastest rate during the forecast period due to strong vendor networks, high product appeal from lucrative packaging, and ease of availability. Furthermore, the sales of gin cocktails and gin drinks at food service outlets are increasing.
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Regional Analysis
The global Gin Market Share has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world.
The European Gin Market Share is expected to dominate during the forecast period due to the high consumption of alcoholic beverages in the region. The increasing number of craft distilleries and innovations in liquor production are further boosting the regional market growth.
The Gin Market Share in Asia-Pacific is projected to grow at the fastest rate from 2019 to 2024. Increasing spending power and rise in the organized retail sector are driving the regional market growth. Highly populated countries in the region are also adding to the high consumption of spirits. For instance, India, with its 500 million-plus population of legal drinking age, offers lucrative opportunities to market players. Additionally, exposure to new cultures and growth in tourism in the region are expected to contribute to the Gin Market Share growth in Asia-Pacific during the forecast period.
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