Gin has gained popularity as a spirit consumed in cocktails or on its own in recent years. It is distilled alcohol made by redistilling botanicals such as juniper berries, coriander, licorice, angelica root or cubeb berries along with neutral grain spirits. Gin is available in different flavors profiled based on the selection of botanicals. The India Gin market has witnessed rapid growth due to rising disposable income and increased socializing at pubs and bars among young population. Moreover, the country has witnessed a significant rise in alcohol consumption over the past decade.
The global India Gin Market is estimated to be valued at US$ 546.03 Bn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key trend propelling the growth of the Global India Gin Market Size is increased alcohol consumption. Alcohol consumption in India has been steadily rising over the past decade, driven by growing disposable incomes, changing social norms and expansion of organized retail. Social drinking at restaurants and bars, as well as home consumption have been significant contributors to the increased demand for spirits such as gin. According to reports, Indians consumed over 5 billion litres of alcoholic beverages in 2021, registering a year-on-year growth of over 24%. This rapid rise in overall alcohol consumption is expected to drive higher demand for premium spirits such as gin going forward.
Strength: The market is witnessing strong growth with increasing disposable income and changing consumer preferences towards premium gin products.
Weakness: High taxation on spirits can negatively impact the market growth. Huge dependency on agriculture for production may cause supply side issues.
Opportunity: Rising overseas demand and increasing exports open new opportunities for key players. Product innovation in terms of flavors can attract new consumer base.
Threats: Presence of substitute alcoholic beverages and stringent regulations regarding marketing and advertising are challenges.
The Indian gin market is expected to witness high growth.
Regional analysis: Asia Pacific region is the fastest growing and dominating region for India gin market. China, Japan, and India are major gin-consuming countries in the region.
Key players operating in the India gin market includes Sanofi S.A., Encore Dermatology Inc, Astellas Pharma Inc., Anacor Pharmaceuticals Inc., Meda AB, and GlaxoSmithKline plc.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it