The gin market size was projected to be worth USD 22,195.0 million in 2022. By the end of 2023, the market is likely to reach a valuation of USD 22,927.4 million. The global market for gin is likely to garner a 3.5% CAGR and reach a market worth USD 31,996.0 million by 2033.
Key Market Trends and Highlights
Attributes | Key insights |
---|---|
Estimated Market Value in 2022 | USD 22,195.0 million |
Expected Market Value in 2023 | USD 22,927.4 million |
Expected Market Value in 2033 | USD 31,996.0 million |
Value-based CAGR from 2023 to 2033 | 3.5% |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
During the historical period, 2018 to 2022, the gin market grew at CAGR of 2.3%. Gin demand has been fueled by the global cocktail culture along with the growing popularity of mixology. Gin is a preferred option for both bartenders and customers due to its adaptability as a foundation spirit in a variety of drinks, from the traditional gin and tonic to inventive artisan cocktails. Gin's appeal is being increased through continual innovation in various cocktail recipes and serving methods.
Report Attributes | Details |
---|---|
Market value in 2018 | USD 20,284.8 million |
Market value in 2022 | USD 22,195.0 million |
CAGR from 2018 to 2022 | 2.3% |
The artisan gin movement has significantly influenced the global gin market demand. Customers are becoming more interested in artisanal as well as small-batch gins. This is because they value the special taste profiles and focus to detail that craft distillers provide. Craft gin brands have multiplied as a result of this movement, increasing market diversity.
The top five nations expected to have considerable growth throughout the forecast period are listed in the table below. The United States and China, two particular nations, are predicted to have the most development among these nations.
Forecast CAGRs from 2023 to 2033
Countries | Expected market share in 2023 |
---|---|
The United States | 24.6% |
China | 11.8% |
Japan | 6.3% |
France | 7.2% |
The United Kingdom | 5.5% |
In 2023, the United States market for gin is anticipated to take over 24.6% market share. The demand for luxury gins has been fueled by the cocktail craze in the United States, notably in areas like San Francisco and New York.
Mixologists as well as bartenders, piquing customer interest in sampling various gin brands and kinds to taste these inventive creations, are making intricate and imaginative gin-based cocktails.
The craft gin trend has significantly grown in popularity in the United States. Small, independent distilleries throughout the nation are creating distinctive, handcrafted gins with an emphasis on regional botanicals and cutting-edge taste characteristics. Customers seeking unusual, high-quality gins are drawn to the craft gin movement, which helps the industry expand.
In 2023, China is anticipated to acquire 11.8% of the global market shares for gin. Gin has gained popularity among Chinese customers who love a broad variety of mixed beverages due to its adaptability as a base spirit in cocktails. Its versatility in both traditional cocktails like the Gin and Tonic and Negroni and cutting-edge creations with Chinese influences has added to its appeal.
Gin and other premium and foreign spirits are becoming more and more popular in China as the middle class keeps on growing. Gin market premiumization and import in China are being driven by increased willingness of the consumers to try higher-quality, foreign gin brands.
The gin market in Japan will gain 6.3% of the global market share by the end of 2023. Gin has gained popularity as a result of Japan's customers' interest in whiskey and other Western alcoholic beverages. Japanese breweries are currently exploring with gin production, frequently fusing Western gin-making methods with traditional Japanese craftsmanship to create hybrid or fusion gins, which have found a niche market.
Craft gin manufacturing has increased dramatically in Japan, with distilleries employing locally grown botanicals including cherry blossoms, yuzu, and sansho pepper. The focus on local ingredients and workmanship has drawn domestic and foreign customers seeking for distinctive Japan gin experiences.
The gin market in France is anticipated to gain a 7.2% market share by 2023. The creation of a wide range of flavored gins, such as fruit-infused as well as floral gins, demonstrates how innovative French distillers have become. Customers looking for distinctive and fragrant gin alternatives outside of the traditional London Dry style have been drawn to this innovation.
France has a lengthy history of distilling, and French gins frequently take inspiration from this extensive past. French gin manufacturers place a heavy emphasis on traditional techniques and regional botanicals, appealing to customers who value the nation's reputation of high-quality spirits.
The United Kingdom gin market is expected to acquire a 5.5% market share by 2023. Numerous gin-related festivals as well as competitions, including gin cocktail championships and gin and tonic festivals, are held in the United Kingdom. These events promote gin culture and provide customers the chance to discover a variety of gin brands and goods, enhancing the market's vitality.
Gin tourism and the growing trend of visiting gin factories in the United Kingdom have propelled the gin market. Consumers may interact with the history and skill of gin manufacturing through distillery tours as well as tastings, which offer an immersive experience.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
The below table highlights how the London dry gins are projected to lead the global market in terms of product type. These products are expected to acquire 42% market share in 2023.
The gin being sold via the various online retail channels have gained immense traction in the last few years. In 2023, the online retail segment is anticipated to achieve 37.8% of the global gin market share.
Category | Market share in 2023 |
---|---|
London dry gin | 42% |
Online retail | 37.8% |
Over 40% of the global gin market is expected to be accounted for by London dry gins in 2023. It is anticipated to expand profitably at a CAGR of 3.2% in the next ten years.
London Dry Gin is a widely consumed beverage across the world because it offers consumers superior flavor along with refreshment. London Dry Gin uses a fruit with a strong juniper flavor for its characteristic flavor. It additionally has many undertones of crisp citrus. This is why adding a lemon twist to a martini brings out its citrus tastes. Dry gins may be identified by their lack of artificial flavors, such as sweeteners. It is a rather organic approach to present gin.
London Dry Gin is renowned for using conventional manufacturing techniques. It must be created using a conventional pot still as well as distilled to a high degree of purity, unlike certain other varieties. Customers who value the artisanal and historical components of gin manufacturing are drawn to London Dry Gin because of this dedication to history and quality.
Based on distribution channel, the online retail segment is expected to continue gaining traction in the global gin industry. The online retail channels segment is projected to have 36.8% of the global market share for gins in 2023.
Online shopping offers the ease of buying gin whenever one wants, from the ease of one's home. For those who are really busy and may not have the opportunity to visit physical stores, this convenience is especially beneficial. Online merchants also frequently provide delivery services, making it simple for customers to get their chosen gin brands and items sent right to their houses, conserving them their energy and time.
Compared to brick-and-mortar companies, online shopping platforms give customers access to a considerably greater assortment of gins. Instead of being restricted to what is offered in their neighborhood liquor shop, customers may experience a wide variety of brands, tastes, and styles from across the world. This selection caters to gin lovers searching for unusual and uncommon selections as well as those looking at taste profiles or brand labels that might not be easily accessible in physical stores.
Gin is a distilled spirit that is typically flavored and is a clear, potent, fragrant alcohol liquor made from rye along with other grains. The global gin industry is extremely competitive due to the abundance of regional and international businesses. Every firm follows its business plan in order to gain the maximum market share.
With the introduction of premium gins, the major companies continue to concentrate on product innovation to pique customer interest. To preserve their market position, these businesses are boosting their financial commitments to social media marketing, research and development, and global expansion.
Some of the prominent developments by key companies in this domain are:
Company | Key Developments |
---|---|
Berry Bros & Rudd |
|
Bacardi |
|
Diageo India |
|
William Grant & Sons |
|
Attribute | Details |
---|---|
Projected market value in 2023 | USD 22,927.4 million |
Projected market value in 2033 | USD 31,996.0 million |
Forecast CAGR from 2023 to 2033 | 3.5% |
Forecast period | 2023 to 2033 |
Historical period | 2018 to 2022 |
Market analysis | Value in USD million |
Key regions covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa |
Key countries profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
Key market segments | Product, Price, Distribution channel, Region |
Key companies profiled | Bacardi Limited; Diageo plc; Davide Campari-Milano N.V.; La Hanoudiere; Lucas Bols N.V.; Mygin, Pernod Ricard,; Radico Khaitan Ltd.; Rémy Cointreau; San Miguel Corporation; The East India Company Ltd.; William Grant & Sons Ltd. |
The gin market is expected to reach USD 22,927.4 million by 2023.
The global gin market is set to expand by a CAGR of 3.5% by 2033.
The gin industry is forecast to reach USD 31,996.0 million by 2033.
In 2023, London dry gins are anticipated to account for more than 40% of the global gin market.
In 2023, it is anticipated that the category of online retail channels will hold 36.8% of the global market share for gins.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. London Dry 5.2. Plymouth 5.3. Genever/Dutch 5.4. Old Tim 5.5. New American 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Price 6.1. Standard 6.2. Premium 6.3. Luxury 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Distribution Channel 7.1. Hypermarkets and Supermarkets 7.2. Specialty Stores 7.3. Drug Stores 7.4. Online Channel 7.5. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Bacardi Limited 18.2. Diageo plc 18.3. Davide Campari-Milano N.V. 18.4. La Hanoudiere 18.5. Lucas Bols N.V. 18.6. Mygin, Pernod Ricard 18.7. Radico Khaitan Ltd. 18.8. Rémy Cointreau 18.9. San Miguel Corporation 18.10. The East India Company Ltd. 18.11. William Grant & Sons Ltd. 19. Assumptions & Acronyms Used 20. Research Methodology
Explore Food and Beverage Insights
View Reports