7 Jun 2019 - The Global
Gin Market is subject to witness a
substantial growth due to the rising demand among consumers for standard
quality and authentic alcoholic drinks. Some of the major catalysts for market
growth, in the recent years, include increasing popularity of gin among
different the age groups and increasing consumption of alcohol among women.
Other vibrant factors
responsible for sustained growth of the gin market are rise in the youth
population and increase in disposable income, particularly in the Asia Pacific
region. Increasing popularity of the gin in younger generation is attributed to
shifting trend towards non-traditional and experimental alcoholic beverages.
Globally, the gin market is predicted to grow at a higher CAGR of 3.17% by
2022, providing numerous opportunities for market players to invest in research
and development of the gin and wine products.
Gin has witnessed growing
popularity among consumers due to unique taste and various flavors associated
with it. With rising focus on addition of spices, fruits, herbs, and botanicals
to create unique flavor, many of the craft distilleries are implementing new
techniques during the gin production. Raw materials used for production of gin
such as spices, fruits, and herbal products are obtained from family-owned
farming houses. These factors are anticipated to drive consummation of the gin
over the forecast period.
Growing demand from uncharted
territories for craft spirits such as gin, vodka, and rum is expected to fuel
the growth of the market in the upcoming years. Yet, lack of awareness about
craft spirits such as gin, vodka, and rum, particularly in the rural areas of
the developing economies is downgrading overall market value. However,
substantial opportunities for industry participants to explore these regions
and maximize profit with the help of implementation of aggressive marketing
strategies, are likely to boost the growth of the market. Additionally,
simplified process involving registration and hassle-free approval rates by
regional government authorities are expected increase overall production of
gin, thus escalating growth of the gin market over the forecast period. Rise in
the number of new entrants in market is predicted to boost market along with
introduction of new flavored products.
Gin is considered to be
closely related to Genever, which is also gaining market traction, in the last few
years. Introduction of ‘style’ of gin, which is type of a classic cocktail such
as a Manhattan or Old Fashioned, is generation wide attention among consumer
and bartenders. These drinks are used as a sipping spirit in the style of
cognac or whisky. Growing popularity of the gin from Latin America, North
America and Asia Pacific region are propelling the market growth in forecast
period.
Substantial increase in the
number of distribution channels such as supermarket, hypermarkets, retail
stores, hotels, bars, and specialty stores are expected to fuel market
expansion in the near future. Introduction of e-commerce businesses worldwide
is expected to offer lucrative growth opportunities for gin vendors and enhance
their profitability. The e-commerce business is considered as one of the
fastest growing segment in the gin market with significant revenue generation
in the last couple of years. Growing popularity of the e-commerce business
segment is attributed to its ability support both business-to-business (B2B)
and business-to-consumer (B2C) operations.
The market is divided into
regional market segment such as North America, Europe, Asia-Pacific, Latin
America and Africa. North America has shown major growth in recent years owing
to growing consumer demand and presence of several craft spirits manufactures
in the region. Asia-Pacific region is predicted to hold major market share in
the gin market with massive growth in forecast period. Countries such as India,
China and Malaysia are leading the Asia-Pacific market with growing personal
expenditure, presence number of craft distilleries, growing awareness among
consumers, and lucrative opportunities for industry players considering market
potential.
The key players in the gin
market are Bacardi Ltd., Diageo plc, Pernod Ricard Co., San Miguel Co., Suntory
Holdings Ltd., William Grant & Sons Ltd., Globus Spirits Ltd., SNHL India
Pvt., Limited, and Deejay Distilleries Ltd.
Market Segment:
Geographically, this report is segmented into several key Regions, with
production, revenue (million USD), market share and growth rate of Gin in these
regions, from 2013 to 2025 (forecast), covering
• North America
• Europe
• China
• Japan
• Southeast Asia
• India
Global Gin market competition by top manufacturers, with production,
price, revenue (value) and market share for each manufacturer; the top players
including
•Aviation American Gin
• Beefeater
• Lucas Bols
• The Botanist
• Blackwood's
• Bombay Sapphire
• Boodles British Gin
• Booth's Gin
• Broker's Gin
• Catoctin Creek
• Citadelle Gin
• Damrak
• Beam Suntory
• Gilpin's Gin
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