Global Gin Market Set to Reach US$ 20.2 Billion by 2028 Amid Rising Demand for Premium Spirits and RTD Cocktails

DUBLIN, Jan. 19, 2024 /PRNewswire/ -- The "Global Gin Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The latest industry analysis reveals a significant growth trajectory for the global gin market, with expectations to expand from US$ 15.3 billion in 2022 to an estimated US$ 20.2 billion by 2028.

This reflects a compound annual growth rate (CAGR) of 4.74% during the forecast period of 2022-2028. The increasing appetite for high-quality, premium cocktails alongside a burgeoning interest in ready-to-drink (RTD) and luxury spirits is propelling the market forward.

Gin's versatility as a spirit, with its distinctive blend of botanicals, has allowed it to become a staple in bars and households worldwide. The market's expansion is further fueled by the widespread acceptance of gin-based drinks in social settings and during festive occasions. The growing consumer interest in experimenting with alcoholic beverages has led to a steady demand for gin, seen especially in regions with a rich cocktail culture.

An analysis of market segments indicates a strong preference for premium gin products, while the on-trade sector dominates the market distribution channels.

From a regional perspective, Europe is currently the largest market for gin, with countries such as the United Kingdom and Spain exhibiting strong market presence propelled by well-established distilleries and an established culture of spirit consumption. The analysis also dives into other key regions contributing to market expansion like North America, Asia-Pacific, Latin America, and the Middle East and Africa.

The competitive landscape section of the report provides a comprehensive analysis of leading players and market shares, highlighting strategic initiatives, and profiling noteworthy companies in the gin industry, without mentioning specific organizations by name. This segment details the competitive dynamics shaping market trends and forecasts.

Overall, the research illuminates pivotal factors in market progression, evaluating the influence of different drivers, restraints, and opportunities on global and regional scales. Among the questions addressed by the report, it identifies which market segments are set to offer lucrative growth potential and how competitive dynamics are expected to evolve in the coming years.

It gives stakeholders, investors, and industry participants a robust understanding of the current landscape and future outlook of the global gin market.

Key Questions Answered in This Report:

• How has the global gin market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global gin market?
• What is the impact of each driver, restraint, and opportunity on the global gin market?
• What are the key regional markets?
• Which countries represent the most attractive gin market?
• What is the breakup of the market based on the type?
• Which is the most attractive type in the gin market?
• What is the breakup of the market based on the price point?
• Which is the most attractive price point in the gin market?
• What is the breakup of the market based on the distribution channel?
• Which is the most attractive distribution channel in the gin market?
• What is the competitive structure of the global gin market?
• Who are the key players/companies in the global gin market?

Companies Mentioned

• Bacardi Limited
• Davide Campari-Milano N.V.
• Diageo plc
• Forest Spirits by La Hanoudière
• Lucas Bols N.V.
• Mygin
• Pernod Ricard
• Radico Khaitan Ltd.
• Rémy Cointreau
• San Miguel Corporation
• The East India Company Ltd.
• William Grant & Sons Ltd.

Key Market Segmentation

Type Insights:

• London Dry Gin
• Old Tom Gin
• Plymouth Gin

Price Point Insights:

• Standard
• Premium
• Luxury

Distribution Channel Insights:

• On-trade
• Off-trade

Regional Insights:

• North America
• United States
• Canada
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Latin America
• Brazil
• Mexico
• Middle East and Africa

For more information about this report visit https://www.researchandmarkets.com/r/agzx1h

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SOURCE Research and Markets