Gin Market worth USD 18.6 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Gin Market by Type (Old Tom Gin, Plymouth Gin, London Dry Gin, and Others), by Price Point (Standard, Premium, and Luxury), by Distribution Channel (On-trade and Off-trade), by Region – Global Share and Forecast to 2027". In 2020, the global gin market was USD 14.0 billion and expected to reach USD 18.6 billion by 2027, at a CAGR of 4.9% during the forecast period. A place with an attractive ambiance is always why consumers choose a certain bar or pub. Presently, alcohol consumption is rapidly associated with the memorable drinking experience and well-served meals, as consumers are becoming more experimental and social. Gin is one of the drinks utilized in a huge quantity to meet the demand for quality and innovative drinks in these pubs and bars. Thus, the focus of the marketers and investors is shifting toward the innovations and opening of new on-trade channels to serve consumers in the market. According to the Office for National Statistics (ONS) 2020, the number of pubs and bars in the UK rose by 315 for the first time in the past few years. The increase in the number of such on-trade channels across the globe is expected to increase gin sales over the coming years.

Global Gin Market Segmentation

The overall gin market has been segmented into type, price point, distribution channel, and region.

• By Type (Old Tom Gin, Plymouth Gin, London Dry Gin, and Others)
• By Price Point (Standard, Premium, and Luxury)
• By Distribution Channel (On-trade and Off-trade)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

The on-trade segment, by distribution channel, is estimated to hold the largest market share during the forecast period

By distribution channel, the market is bifurcated into on-trade and off-trade. In 2020, the on-trade segment was the highest contributor to the market, with a 56.2% share. The on-trade distribution channel consists of modern pubs, restaurants, hotels, bars, and others. A serving of any gin drink, food, and other services is way higher in price than off-trade channels. Thus, the sales channel remains high in value generation but low in volume consumption globally. The imposition of lockdown, market closure, and consumer tendency to stay at home have negatively impacted revenue generation in 2020.

The trend of dining out is often not to accomplish appetite; instead, it is to socialize and try out new places. According to the International Journal of Experiential Learning & Case Studies 2018, improvement in the lifestyle of consumers elaborates the impact of increasing dining out habits among them. Consumers in Asia-Pacific are adopting the westernized culture, which is expected to positively impact the growth of on-trade channels worldwide. Furthermore, the emergence of such modern restaurants with the attractive ambiance is anticipated to notably contribute toward the growth of the market during the forecast period.

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Europe accounts for the largest market share in gin market 2020

Region-wise, the gin market is analyzed across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Europe accounted for the highest market share of 54.7% in the global gin market and was anticipated to maintain its dominance throughout the forecast period. Europe is the largest market for gin all across the globe. Consumers in the region prefer gin in their cocktails over the other white spirits. The UK contributes more than 70% of total gin production and delivers gin to other countries like Spain and France. However, manufacturers face challenges in their marketing and advertisements, owing to the ban on advertising alcoholic beverages in the region. Thus, it affects the company's capabilities and supply chain network to serve consumers in the market.  

Consumers in Europe are willing to pay extra for unique and superior gin. They are demanding craft-based gin, which is rapidly transforming the gin market. The UK is the major market in the region, contributing maximum revenue share by operating more than 320 gin distilleries. Small and old distilleries are crucial to support the craft gin movement, as the consumer’s interest is growing toward the authentic manufacturing process and brand stories. Rapid expansion in the exports of craft gin and availability of low-alcoholic but high-quality gin will ensure the performance of local gin in the overseas market.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the gin market. It also consists of leading companies such as Bacardi Limited, San Miguel Corporation, William Grant & Sons Limited, Diageo plc., Southwestern Distillery, Davide Campari-Milano N.V., Lucas Bols, Forest Spirits’ Gin, Remy Cointreau, and Pernod Ricard S.A.

Browse complete report: https://www.marketstatsville.com/gin-market

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