Gin Industry Major Growth Drivers, Key Trends, and Business Opportunities
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.
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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.
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