The gin market is undergoing significant evolution with the emergence of numerous distilleries in the global beverages industry. This trend is mainly driven by increased alcohol consumption worldwide among young and millennial populations worldwide. The alcoholic beverages market offers consumers diverse options, including beer, wine, and spirits, with gin being one of the most popular choices, particularly overseas. One of the key trends observed in the global gin market is the consumption of varied and experimental drinks, which has led to a surge in the popularity of gin cocktails.
The growth of the gin market can be attributed to the growing popularity of gin cocktails, increasing demand for premium spirits, and increasing consumer awareness about the health benefits of gin. The trend of premiumization predominantly drives the expansion of the alcoholic beverage sector. Young consumers, who possess more sophisticated palates, are inclined to explore unique, high-quality alcoholic beverages. Incorporating natural ingredients in alcoholic beverages enhances their functionality and consumer appeal. Therefore, natural flavors are gaining significant popularity in the industry as they enhance the innate charm of the beverage. Gin's natural flavor and rustic appeal make it a popular ingredient in producing high-quality drinks on most on-trade counters.
As per Bacardi's 2020 global brand ambassador survey, 51% of bartenders have identified gin as the most trending spirit globally followed by Mezcal, Tequila, vermouth, and bitter/amaro liqueurs with 46%, 45%, 38%, and 38% respectively. The survey further highlighted that bartenders in Western Europe exhibit the highest affinity towards gin.
Recent trends in the gin market reflect the growth in demand for the spirit, with consumers seeking new and innovative products. Flavored gin has become increasingly popular, with producers introducing a range of flavors to cater to a broader consumer base. The craft gin market is also expanding, with consumers favoring artisanal and small-batch products. Additionally, the ready-to-drink gin market is growing, with consumers seeking convenient and easy-to-consume options. The market has also seen innovations in packaging, with producers using unique and distinctive bottle shapes and designs to stand out in a crowded market. Furthermore, there is a growing focus on sustainability in the gin market, with producers adopting eco-friendly production practices and packaging materials. These trends are expected to continue driving the growth of the global gin market in the coming years.
Despite gin being traditionally associated with Europe, the Asia Pacific region is proving to be a profitable market for the drink due to increasing urbanization and rising disposable incomes. The younger generation in the region is adopting a party culture, and the average drinking age is decreasing, leading to a surge in demand for alcoholic beverages. The Asia Pacific region is expected to have untapped potential that will likely be explored during the forecast period. With the rise in bars and pubs in the region, there is a growing demand for gin-based cocktails. The region's major gin markets include India, China, Thailand, and Malaysia.
London Dry Gin
Old Tom Gin
By Distribution Channel
BACARDI & COMPANY LIMITED
San Miguel Corporation
Forest Spirits by La Hanoudière
The East India Company LTD
William Grant & Sons Ltd.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities. Contact us now
"The quality of research they have done for us has been excellent."