Global gin market to reach USD30.1 billion by 2031
By Felicia Nwosu
A recently published report made available by Growth Market Reports valued the global gin market size at USD 22 billion in 2022, and projected it to reach USD 30.1 billion by 2031. It’s also expanding at a CAGR of 4.69% from 2023 – 2031.
Giving an estimation in litres, the report declared that the Gin Market size will reach 0.86 billion liters in 2024, and is expected to reach 1.13 billion liters by 2029, growing at a CAGR of 5.38% during the forecast period (2024-2029).
Providing a holistic view of the market dynamics, the analysis noted that the gin market has experienced remarkable growth in recent years, driven by several factors, including changing consumer tastes, the rise of craft distilleries, and innovative marketing strategies.
Acknowledging that the market reached saturation point pre-Covid-19 and decimated by the pandemic, the data demonstrated that as a result of this shift, craft gins will struggle to progress, particularly as brands with international recognition move to occupy an increasingly challenging premium space.
The report attributed the upward move to increasing demand for handcrafted and premium gin beverages, which has gradually become a global trend in consumption. Another report disclosed that Gin garnered its popularity through the power of three main reasons which are its taste, versatility and the sheer variety of gins and for its distinctive way of reaching the parts of other white spirits just cannot reach.
Although as of 2023, it was recorded that Ginebra San Miguel was the leading brand of gin worldwide, selling over 37 million 9 liter cases, while ranking second, Gordon’s sold 7.7 million cases of the distilled alcoholic drink. The report showed that the Philippines tops the list of countries with the world’s highest per-capita gin consumption.
Offering a robust assessment of the global gin market and its mode of key segmentation into various types, the market analysis underscored several brands leading in this category to include brands such as Plymouth Gin, the popular and legacy London Dry Gin, Old Tom Gin and many others
Other key global players are Asia Pacific, North America, Latin America, Europe, Middle East & Africa while companies who have remained major players are Bacardi, Davide Campari-Milano N.V., Diageo, Pernod Ricard and others.
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