Gin is an alcoholic beverage deriving its flavor from juniper berries. Gin is produced by a two-step process by re-distillation of a neutral spirit. Botanicals and natural extracts are added to the neutral spirit to obtain the final product. The neutral spirit is derived from grains such as rye, wheat, corn or barley. The most commonly utilized botanicals include coriander seeds, angelica root, lemon peel, cassia, and orris roots among others.
Gin is the favored drinks for cocktails and blends with other beverages. It is popularly consumed along with tonic water or blended into cocktails with other spirits. This has increased its popularity and it is among the fastest growing alcoholic spirits.
Increasing number of adults and young population and high disposable income of consumers are the major factors driving growth of the market. Innovation in products due to high demand for alcoholic beverages with changing taste and preferences is key factor for growth of the gin market. New gin products with unique botanicals has witnessed rising sales in recent times. Furthermore, advancements in distribution channels such as availability of separate counter for females, outlets on airports, online sales, and a growing tourism sector are some of the factors boosting growth of the gin market.
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Growing population of female alcohol consumers, rising number of bars and restaurants, and growing demand from emerging economies are key driving factors for the gin market. Additionally, with increasing number of millennials shifting from beer and to spirits, the market for gin is expected to witness a positive growth trend during the forecast period. According to the Distilled Spirits Council, gin supplier revenues in the U.S. rose by 2.2% during the period 2016-17.
North America is gaining significant traction in the alcoholic beverage market, owing to increasing trend of alcohol consumption among young adults, which increases demand for high-quality alcoholic beverages. According to National Institute on Alcohol Abuse and Alcoholism (NIAAA), in 2015, around 6.2% of adult population was reported to be consuming alcoholic beverages in the U.S. Furthermore, according to the Distilled Spirits Council, the gin sales volume in the U.S. was pegged at about 9.87 million 9 liter cases in 2017.
Europe was the second-largest market for gin in 2016. Increasing alcohol consumption across Europe is projected to bolster the market growth for gin. Alcoholic beverages market in this region is led by France, followed by Germany, Italy, UK, and others. The high consumption rate of alcohol has also been recorded in the economies such as Estonia, Belarus, and Lithuania in this region. According to the World Bank Group, in 2015, Belarus consumed 17.1 liters per person per capita as compared to world average of 6.3 liters per person per capita. According to the Wine and Spirit Trade Association (WSTA), sales of gin in the U.K. was valued at US$ 1.9 billion in 2017.
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Key Market Players and Brands
The world’s largest selling gin brands by revenue include Larios, Seagram’s, Beefeater, Tanqueray, Bombay Sapphire, and Gordon’s. According to Diageo plc, the company’s gin brand, Tanqueray, witnessed growth in all regions. The brand exhibited a growth of 9% worldwide and double digit growth across Europe.
Increasing demand for gin has resulted in adoption of strategies by key players such as mergers and acquisitions to enter new markets and seek to increase market share. For instance, Gruppo Campari in 2017, acquired premium gin manufacturer, Bulldog Gin, for US$ 58 million. In 2014, Davos Brands acquired Aviation American Gin. Organic growth strategies included new product launches. For instance, Diageo plc launched Gordon’s Premium Pink Gin in the U.S., Europe, and Australia in 2017 and early 2018. The product targets the young populace in the aforementioned regions.
Major players operating in the global gin market include San Miguel Corporation, Pernod Ricard, Diageo plc, Bacardi Limited, William Grant & Sons Ltd., Gruppo Campari, and Beam Suntory, Inc.
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