Global Gin Market 2018-2022
Gin is a variant of spirit characterized by a distinct flavor provided by the primary ingredient — juniper berries. Apart from juniper berries, gin can also contain several other botanical specimens. The most popular types of gins are London Dry Gin and Old Tom. Gin primarily comes in four distinct product categories, such as economy, standard, premium, and super premium.
Technavio’s analysts forecast the global gin market to grow at a CAGR of 3.17% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global gin market for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of gin.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Gin Market 2018-2022
Technavio recognizes the following companies as the key players in the global gin market: Bacardi, Diageo, Pernod Ricard, San Miguel Corporation, SUNTORY HOLDINGS, and William Grant & Sons
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is rising influence of online retailing. With the growth of e-commerce businesses worldwide, gin vendors have the potential to enhance their profitability; e-commerce accounts for nearly 12% of the global retail trade. Online and e-commerce channels support both business-to-business (B2B) and business-to-consumer (B2C) operations.”
According to the report, one of the major drivers for this market is Growing demand due to expansion of organized retailing. Organized retailers have grown worldwide with the establishment of supermarkets, hypermarkets, and specialty stores. Ready-to-eat (RTE) foods are primarily sold by large organized retailers, and vendors in the market are highly dependent on such large organized retailers. Supermarkets constitute a major distribution channel, which makes food and beverages easily accessible to consumers.
Further, the report states that one of the major factors hindering the growth of this market is Distribution challenges. Retail stores like supermarkets and large chains of discount or convenience stores have become important distribution modes for gin manufacturers and vendors. However, this presents some serious challenges for manufacturers such as pressure on the manufacturers regarding the prices and margins from the products, as retail stores operate at a low profit margin.
Bacardi, Diageo, Pernod Ricard, San Miguel Corporation, SUNTORY HOLDINGS, and William Grant & Sons