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 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 growth during the forecast period.
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The global gin market has been segmented based on type, distribution channel, and region.
Based on type, the global gin market 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 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.
Some of the key players in the global gin market 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).
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