The global gin market size was US$ 14.0 billion in 2021. The global gin market is forecast to grow to US$ 18.6 billion by 2030 by growing at a compound annual growth rate (CAGR) of 4.9% during the forecast period from 2022 to 2030.
Gin is a distilled alcoholic beverage that provides a diverse range of options to meet the growing demand for spirits.
Factors Influencing the Market
The alcoholic beverages market is evolving as a result of the rising demand for distilleries in the global beverages industry. Furthermore, growing alcohol consumption among the world's young and millennial populations will contribute to the growth of the market during the forecast period.
Consumers can choose from a variety of alcoholic beverages on the market, including beer, wine, and spirits, with gin gaining popularity overseas. Thus, it is among the successful trends driving the gin market.
One of the most important forces driving the global alcoholic beverage market is premiumization. The popularity of mixed drinks and handcrafted cocktails has increased the demand for premium cocktails. Furthermore, the growing number of flavors and quality ingredients with a natural appeal, artificial colorants will boost the growth of the global market during the study period.
On the contrary, the harmful effects of alcoholic drinks may limit the growth of the global gin market. However, gin manufacturers are working on new launches and product innovations, which will significantly benefit the market during the forecast period.
COVID-19 Impact Analysis
The aftermath of the COVID-19 negatively impacted various sectors of the business world. The alcoholic beverages industry is one of the sectors that has suffered significant disruptions due to imposed lockdown and shutdown on retail stores. Consumer spending on alcoholic beverages such as vodka, whiskey, and gin has fallen even further due to the halt on clubs, restaurants, and other places. Thus, it negatively impacted the gin market.
Regional Analysis
The Asia-Pacific gin market is forecast to hold the highest share. The region is considered to be among the major hub with tremendous potential for alcoholic beverages. The large consumer base of the region, growing modernization, and increasing income level will drive the industry forward. The dominance of the region is also attributed to growing inclination towards western culture, dine-out trends, and exposure to pubs & restaurants. Furthermore, the increasing number of pubs and bars in the countries will escalate the growth of the Asia-pacific gin market during the forecast period.
Competitors in the Market
Key players profiled in the gin market analysis include:
Market Segmentation
The global gin market segmentation focuses on Type, Price, Distribution Channel, and Region.
By Type
By Price Point
By Distribution Channel
By Regional Outlook
