Published on: August 08, 2024
The global gin market size is projected to increase at a CAGR of 7.69% between 2023 and 2028, driven by shifting consumer preferences towards premium and luxury spirits along with rising urbanization, expanding populations, and increasing social acceptance of alcoholic beverages. There has been a steady increase in consumption across established and developing nations, particularly among millennials.
Consumers are increasingly opting for premium gin varieties, including ready-to-drink options, driven by their natural flavors, earthy appeal, and popularity in premium cocktails. Millennials are driving demand for gin with their preference for natural ingredients, experimentation with flavors like juniper and citrus, and participation in social gatherings and festive events.
Increasing consumer disposable incomes and purchasing power are facilitating the adoption of premium gin brands and varieties, enhancing market growth. Changing consumer tastes towards natural components, unique flavors, and premium beverages are expanding the gin market's appeal beyond traditional alcoholic choices.
Navigating regulatory frameworks and adhering to social norms related to alcohol consumption present challenges for market expansion and distribution strategies. Intense competition among gin producers and brands necessitates differentiation through product innovation, marketing strategies, and distribution channels to capture market share. Managing raw materials such as juniper berries and ensuring consistent production quality also pose challenges for distilleries and gin manufacturers.
Opportunities exist for gin producers to innovate with new flavors, premium blends, and ready-to-drink formats to meet evolving consumer preferences and expand market reach. Expanding into emerging economies with rising disposable incomes and increasing urbanization offers avenues for growth in the global gin market.
Europe is projected to account for 42% of the global market by 2028. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market. The UK, Spain, the Netherlands, Germany, Belgium, Russia, and France are the major markets in the region. The market is relatively concentrated in the UK and Spain, which account for more than 60% of the revenue from the entire region. The rising demand for premium and super-premium gin products, the mushrooming of supermarkets, hypermarkets, and convenience stores, and growing disposable income in Eastern European countries will boost the growth of the market.
Technavio's gin industry reports monitor the leading players in the global market along with their current and forecasted market share. Our analysis covers regional and global companies. Some of the top companies covered in our gin market reports include:
In order to provide you with a comprehensive view of the gin industry, our experts analyze the market from many different perspectives. Our reports help identify opportunities, risks, key competitors, and more, helping you make timely, informed decisions to optimize your position in the market.
Technavio reports insights include:
Develop a deeper understanding of the gin market with Technavio’s comprehensive market research reports. We provide the latest information on key industry dynamics, including global and regional market forecasts, internal and external pressure points, the vendor landscape, and more.
Our in-depth knowledge of the gin market is built on decades of experience and a global network of industry experts. We know the importance of having a strong foundation on which to base important decisions, and with over 500 analysts located around the world, we deliver actionable insights for every segment of the market.
Technavio’s market research reports provide an analysis of current trends and how they are affecting the market. We also identify market drivers and challenges to help you discover opportunities and avoid pitfalls.
Every Technavio report includes detailed segmentation insights, breaking down the market in terms of product type, geography, sales channels, and more. And if you’re looking for something a little more specific, our Custom Research Solutions can tailor any report to meet your unique needs.
We provide detailed profiles on the biggest competitors in the market, including data such as business divisions, product offerings, and news. Our reports also include an overview of the competitive landscape as a whole, including the risks and opportunities that it presents.
LinkedIn
Facebook 
Twitter
Email
Reddit
Tumblr
Quora
Pinterest
WhatsApp