Gin Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

 Gin Market Analysis

The Gin Market size is anticipated to be around 0.86 Billion liters in 2024 and is poised to reach 1.13 Billion liters by 2029, showcasing a Compound Annual Growth Rate (CAGR) of 5.38% during the projection period (2024–2029).

One of the key drivers influencing the global gin market's growth is the increasing popularity of premium alcoholic beverages, particularly among younger demographics. The market is witnessing a surge in demand for premium cocktails due to consumers' growing interest in mixed drinks and artisanal cocktails worldwide. A prime example is Empress 1908 Indigo Gin's introduction of Empress 1908 Elderflower Rose Gin in May 2023. This distinctive gin, crafted with nine botanicals, including juniper berries, rose petals, elderflower, and others, achieves its unique ruby color through natural ingredients like red rose petals and black carrots. The shift towards high-quality natural ingredients in pre-mixed and fresh cocktail recipes is replacing artificial additives, aligning with consumers' preference for natural appeal.

Furthermore, gin consumption is on the rise among women, particularly younger demographics who are becoming more discerning consumers. Research conducted by the University of Derby, United Kingdom, in 2020 revealed that 57% of women surveyed had increased their gin consumption over the past two years. Gin is appreciated for its natural flavors and earthy appeal, making it a prominent choice in creating premium cocktails across various bars and establishments. The global rise in alcohol consumption has led to the entry of more distilleries into the beverage industry, further fostering growth opportunities for the gin market on a global scale.

Trends in the Gin Market

Inclusion of Gin in Premium Cocktails

The alcoholic beverages sector is experiencing premiumization, driven by a younger demographic's inclination towards exploring unique and high-quality drinks. To enhance functionality, market players are incorporating natural ingredients, garnering significant attention from consumers. Natural flavors are gaining traction to elevate the innate appeal of drinks, contributing to the rising popularity of gin among millennials during social gatherings and celebrations. For instance, the Beverage Information Group reported that in 2021, consumers in the United States consumed nearly 1,510,000 9-liter cases of Seagram's Gin.

Gin's appeal lies in its natural flavor profile, attracting consumers with its earthy characteristics. Elevated consumption of gin-based cocktails is supported by contemporary on-trade channels and increased investment in cocktail events, augmenting the global market's expansion. Notably, several American gin brands have established strong brand images, further stimulating gin consumption on a global scale.

Read Full Market Report

Comments

Post a Comment

Popular posts from this blog

Shipping Containers Market Projected to Reach USD 12.77 Billion by 2030, Driven by E-commerce Growth and Cold-Chain Expansion

  Introduction   The global shipping containers market is experiencing steady growth, with projections indicating an increase from USD 10.27 billion in 2025 to USD 12.77 billion by 2030, reflecting a compound annual growth rate (CAGR) of 4.46%. According to Mordor Intelligence Shipping Containers Market Report , this expansion is primarily fueled by the surge in e-commerce activities, the need for efficient cold-chain solutions, and advancements in intermodal transportation.   Key Trends   E-commerce Fulfillment   The rapid growth of e-commerce has significantly impacted on the shipping containers market. The demand for faster and more efficient delivery systems has led to increased use of standardized containers, particularly 40-foot units, which accounted for 52.64% of the market share in 2024.   Cold-Chain Expansion   The pharmaceutical and food industries' need for temperature-controlled transportation has driven the demand for refrigerated c...
Read more

DATA CENTER POWER MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

  The IT industry requires on-premise private data storage and hyper-scale data centres for its operations, depending on the size of the organization. Additionally, the adoption of cloud storage has increased over the years due to growth among SaaS providers, enabling cloud storage providers to expand their capacities. Hence, the increasing data load requires more power. This creates a requirement for efficient power solutions in IT applications. According to the Data Center Survey recently published by Vertiv, 98% of the participants voted for IT utilization to be above 20% by 2025. This indicates that IT companies are focusing on deploying an efficient power source for their data centres and increasing their utilization rate. Cloud storage providers, like AWS, Microsoft, and Google, are expanding their storage capabilities to offer more efficient workflows in the cloud. These companies are making investments in hyperscale deals. For instance, in June last year, Amazon Web Service...
Read more

Second Hand Furniture Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 The Off-the-Shelf Second Hand Furniture Market is segmented into the distribution channel, which is further segmented into online and offline, out of which the offline segment, with a larger market share in 2021, is anticipated to have the largest share during the forecast period. However, with the rise of an increasing number of smartphone users and increasing penetration of internet users, the market share for the online segment is expected to grow at a higher rate over the forecast period. The Asia Pacific is expected to account for a larger share in terms of revenue during the forecast period. The increasing size of the online marketplace for second-hand goods is anticipated to drive the growth of the Asia Pacific regional market.  The Off-The-Shelf Second Hand Furniture Market size is estimated at USD 21.30 billion in 2023, and is expected to reach USD 29.28 billion by 2028, growing at a CAGR of 6.57% during the forecast period (2023-2028). The market is increasi...
Read more