Global Gin Market to Reach US$ 23.3 Billion by 2032, Impelled by Increasing Demand for Alcoholic Beverages

According to the latest report by IMARC Group, titled “Gin Market Report by Type (London Dry Gin, Old Tom Gin, Plymouth Gin, and Others), Price Point (Standard, Premium, Luxury), Distribution Channel (On-trade, Off-trade), and Region 2024-2032," the global gin market reached a value of US$ 16.0 Billion in 2023. Gin refers to a colorless alcoholic beverage made from distilled grain spirit and flavored with juniper berries, flowers, and fresh and dried fruits. It employs steeping, vapor infusion, and vacuum distillation as standard production methods. Gin is widely incorporated into tonic water and soft drinks to make different cocktails. It is also used as an aftershave, air freshener, soap additive, and multipurpose cleaner for jewelry, glasses, and mirrors. Gin contains flavonoids and antioxidants that exhibit anti-aging and anti-inflammatory properties. It helps reduce wrinkles, promotes cell regeneration, prevents cardiovascular diseases (CVDs), relieves bloating, and aids joint pain.

Global Gin Market Trends:

The increasing demand for alcoholic beverages among the masses due to rapid urbanization and emerging trends of social drinking during gatherings and celebrations is creating a positive outlook for the market. In addition, the widespread product utilization in premium cocktails to add a natural taste and earthy appeal is acting as another growth-inducing factor. Furthermore, the rising product adoption in the food and beverage (F&B) industry as a flavoring agent in pickles, sweet jams, desserts, pancakes, pasta, seafood, and poultry is providing a considerable boost to market growth. Additionally, the launch of the product in exotic flavors, such as lavender, aromatic pepper, grapefruit, geranium, and fennel, to provide a distinguished taste to the drinks and gain a competitive edge is providing an impetus to market growth. Moreover, the introduction of canned gin due to the increasing demand for ready-to-drink (RTD) products that offer bar-quality taste and on-the-go convenience is positively influencing the market growth. Other factors, including easy product availability across various e-commerce platforms, widespread product utilization in herbal medicines, increasing demand for low and no alcohol variants, and rapid proliferation of distilleries to new geographical areas, are supporting market growth. On account of the aforementioned factors, the market value is expected to reach US$ 23.3 Billion by 2032, exhibiting a CAGR of 4.1% during 2024-2032.

Market Summary:

• On the basis of the type, the market has been divided into london dry, old tom, plymouth gin, and others.
• Based on the price point, the market has been categorized into standard, premium, and luxury.
• On the basis of the distribution channel, the market has been bifurcated into on- and off-trade.
• On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), and Middle East and Africa.
• The competitive landscape of the industry has also been examined, with some of the key players being Bacardi Limited, Davide Campari-Milano N.V., Diageo plc, Forest Spirits by La Hanoudière, Lucas Bols N.V., Mygin, Pernod Ricard, Radico Khaitan Ltd., Rémy Cointreau, San Miguel Corporation, The East India Company Ltd. and William Grant & Sons Ltd.

Report Scope:

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