Gin Market Trends

Growth Drivers

• Rising Inclination Toward Bar and Cocktail Culture - For Instance, in 2022, the number of bars & nightclubs projected in the United States was around 70,000. In the modern era, people are more inclined to visit bars and nightclubs. In this workaholic generation, bar and cocktail culture are more prevalent than ever. A significant amount of one’s salary is spent on such recreational activities. Hence, such prevalence of bars is estimated to propel the growth of the market over the forecast period.
• Growth in Disposable Income - The disposable income of the OECD countries amounted to approximately 50,000 U.S. dollars per capita in 2019.
• Escalating Demand for Gin in Food and Beverages - In 2020, the food and beverages industry of India was valued at nearly USD 45 billion.
• Rising Consumption of Alcohol to Boost the Market Growth - As of 2020, the total sale of alcoholic beverages in the USA was projected to be around USD 200 billion.

Challenges

• Very High Manufacturing Cost of Gin - The manufacturing costs of a regular bottle of gin are considerably higher owing to the manufacturing method, raw material costs, and so on. The price of premium gin is extremely expensive for middle-class consumers, which is limiting industry expansion.
• Government Initiatives Regarding the Sales and Production of Gin
• Negative Health Issues Associated with Gin Consumption