The global gin market to reach 17.36 billion USD by 2025, according to recent market research report by Williams & Marshall Strategy.
In 2015, the global gin market was equal to 7.90 billion USD, calculated in retail prices. By 2025, the market is forecast to reach 17.36 billion USD. Thus, increasing at a compound annual growth rate (CAGR) of 4.40% per year for the period 2020-2025. That is a decrease, compared to the annual growth rate of 13.21%, registered for 2015-2019.
The average consumption per capita reached 1.66 USD in retail prices in 2015. For the next five years, it grew at a CAGR of 9.21%. By 2025, the per capita consumption is forecast to increase at a CAGR of 3.67%.
Gin has been one of the fastest growing categories in the global spirits industry over the last few years. Premium and super-premium gins have been especially popular segments, which is why several large companies such as Bacardi, Davide Campari-Milano and Pernod Ricard introduced their exclusive lines of high-end gins. One of the main reasons for the growing popularity of the beverage is its utility as an ingredient in a wide variety of cocktails, as well as increasing consumer interest for cocktails with gin.
Gin is a constantly expanding category, which continues to change and innovate in terms of products, producing regions and consumers. Further, due to the growing interest in this category, companies such as Amazon have also been attracted to the market. The e-commerce giant launched its first spirits brand across Europe, named Tovess Single Batch Crafted Dry Gin. The company is entering the market by offering a similar quality product to the market leaders but at a lower price. In addition, some vodka brands such as Purity Vodka have also entered the market, increasing pressure on established gin firms on the market.
As with other spirits, flavored variations are garnering increasing interest. Companies such as Puerto de Indias launched exotic flavors such as orange flower, vanilla and jasmine aromas. However, pink gin can be attributed as the most trending, enjoying high popularity in the market for the past few years. It is normal gin that has been flavoured with fruits such as strawberries, raspberries or red currants. More producers also make use of classic botanicals including watercress, lavender, and coriande. In addition, bartenders actively seek out innovative ways to engineer drinks for their patrons.
Although sales of gin are surging, alcohol consumption as an overall is decreasesing. Following the global trend towards the consumption of low- and non-alcoholic drinks, some of the companies within the market have developed an alcohol-free type of gin that is gaining popularity. Some of the examples include Siegfried Wonderleaf from Rheinland Distillers or Fluère from Dutch VOC Spirits.
The report includes information on the following companies:
- Accolade Wines;
- Allagash Brewing Company;
- Allied Blenders & Distillers;
- Arkell’s Brewery;
- Anchor Brewing Company;
- Asahi Breweries;
- Bass Brewery;
- Bacardi Ltd;
- Beam Suntory;
- Brown Forman;
- Angus Dundee Distillers Plc.;
- Pernod Ricard;
- Constellation Brands, Inc.
The market research report is prepared using Williams and Marshall Strategy’s methodology. It includes a blend of qualitative and quantitative data and insights from market experts, gathered by semi-structured interviews. This report enables readers to quickly and cost–effectively gain a strategic analysis with competitive intelligence about the market.
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Williams & Marshall Strategy (WMStrategy) is a global full-service market research and consulting company. They provide market insights, analysis, and consulting expertise in a broad range of industries. with the goal to provide industry professionals with an accurate and comprehensive picture of a target market to improve strategic decision making.