Gin Market by Type (London Dry Gin, Old Tom Gin, Plymouth Gin, and Others), Price Point (Standard, Premium, and Luxury), and Distribution Channel (On-trade and Off-trade): Global Opportunity Analysis and Industry Forecast, 2021–2028
New York, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Gin Market by Type, Price Point, and Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2021–2028" - https://www.reportlinker.com/p06126626/?utm_source=GNW
Global gin market was valued at $14.03 billion in 2020, and is projected to reach $20.17 billion by 2028, growing at a CAGR of 4.9% during the forecast period 2021 to 2028. Europe is one of the major consumer regions in the global marketplace that solely accounted for more than 50% of the overall gin market in 2020. The impact of COVID-19 has been unprecedented and impeding the market growth from the year 2020. It is expected that the market will set back to its previous growth trend over the next couple of years.
The alcoholic beverages market is evolving with technological enhancements in the global beverages industry, owing to increase in association of alcohols with young and millennials population worldwide. The market offers several alcoholic drinks to consumers such as beer, wine, and spirits of which gin is gaining huge popularity in the overseas market. Gin is a distilled alcoholic drink that opens up a broad range of options to cater to the growing demand for spirits. The trend to try different alcoholic drinks has led to an increase in the popularity of gin products in the global marketplace.
Premiumization remains to be one of the major factors to drive the alcoholic beverages industry across the globe. The demand for premium cocktails is attributed to trend for mixed drinks and crafted cocktails. Pre-mixed and fresh cocktail manufacturers are shifting from utilizing artificial colorants & flavors and favoring premium ingredients to natural appeal in the drinks. Gin is popular for its natural taste and offering of earthy appeal into the drink and most of the on-trade counters are utilizing a huge quantity if gin to bring premium drinks.
According to the report published by the Bacardi Cultural Insights Network 2020, 37% of bartenders voted gin as the top spirit globally that premiumize the cocktails and other alcoholic drinks. Emergence of modern on-trade channels in developing economies and increase in disposable income further ensure higher consumption of gin-based cocktails in the global marketplace.
A paradigm shift has been witnessed in the consumer’s way of living since past several years, owing to the fact that consumers are becoming more conscious over their health and intake of food and drinks. In addition, alarming rise in prevalence of ill effects on health due to alcohol consumption acts as a restraint of the market. According to the IWSR Drinks Market Analysis report 2020, approximately 52% of adult population are trying to reduce the alcohol consumption in the U.S. As a result, consumers are shifting their preference from spirts with high alcohol-by-volume (ABV) such as vodka, gin, and others to low/zero alcoholic drinks. The IWSR further reveals that the volume of low/nonalcoholic spirits has increased by 32.7%. Thus, the drinks with high ABV are expected to face significant challenges during the forecast period.
Some of the key players profiled in the gin market analysis include Diageo plc, William Grant & Sons Limited, Bacardi Limited, Pernod Ricard S.A., San Miguel Corporation, Southwestern Distillery, Davide Campari-Milano N.V., Remy Cointreau, Lucas Bols, and Forest Spirits’ Gin.
Gin Market Segments
• London Dry Gin
• Old Tom Gin
• Plymouth Gin
By Price Point
By Distribution Channel
• North America
o Rest of Europe
o Rest of Asia Pacific
o South Africa
o Rest of LAMEA
Key Market Players
• Diageo plc.
• William Grant & Sons Limited
• Bacardi Limited
• Pernod Ricard S.A.
• San Miguel Corporation
• Southwestern Distillery
• Davide Campari-Milano N.V.
• Remy Cointreau
• Lucas Bols
• Forest Spirits’ Gin
Read the full report: https://www.reportlinker.com/p06126626/?utm_source=GNW
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