The global gin market in 2024 is worth USD 17 billion and is projected to grow to USD 33 billion by 2033, with a 6.6% CAGR.
Our figures are based on our analysis of five different market research reports. Our confidence in these figures is moderate due to the converging nature of the estimates. A detailed description of our analysis methods is provided below.
Market Size and Growth Metrics
Current Size and Growth Projections
As of 2024, the global gin market is valued at USD 17 billion, with expectations to reach USD 33 billion by 2033, reflecting a CAGR of 6.6% from 2024 to 2033.
This growth is driven by the rising popularity of premium alcoholic beverages, the increasing consumption of gin among women, and the introduction of innovative flavors and product diversification by manufacturers.
Major Market Segmentation
By Product Type
- London Dry Gin: Expected to account for 42% of the market share in 2024, maintaining its position as the leading type due to its widespread availability and superior flavor profile.
- Plymouth Gin: Anticipated to grow at a faster rate compared to other types, appealing to consumers with its smooth and rich flavor.
- Old Tom Gin: Gaining traction as a popular choice among consumers seeking a sweeter gin option.
- Genever/Dutch Gin: Continues to attract interest due to its traditional production methods and unique flavor characteristics.
- New American Gin: Expected to see growth as consumers explore innovative and diverse flavor profiles.
By Region
- North America: Projected to hold the largest market share, accounting for 25.5% of the global gin market in 2024. This growth is driven by high consumption rates and a thriving cocktail culture, particularly in urban areas.
- Europe: Continues to be a significant player, with the UK and France leading in production and consumption. The region is expected to represent approximately 40% of the global market share in 2024, reflecting its historical significance in gin production.
- Asia-Pacific: Anticipated to be the fastest-growing region, with a CAGR of 8.2% from 2024 to 2030. Increasing interest in premium and craft gins is driving this growth, particularly among younger consumers.
- Latin America: Growth is fueled by rising disposable incomes and shifting drinking habits, with the region expected to capture around 10% of the global market share in 2024.
- Middle East & Africa: Emerging markets in this region are beginning to show potential, driven by a younger demographic and urbanization trends. The market share is projected to be approximately 5% in 2024, with increasing interest in gin among consumers.
Industry Trends and Dynamics
Craft Gin Movement
The craft gin movement continues to thrive, with over 1,500 craft distilleries operating globally in 2024, reflecting a 25% increase from 2023. This trend is characterized by small-batch distilleries offering unique flavor profiles that cater to discerning consumers seeking authenticity and craftsmanship.
Premiumization
The premium gin segment is projected to grow at a CAGR of 8.5% from 2024 to 2032, driven by consumer demand for high-quality, authentic products. In 2024, the premium gin market is expected to be valued at approximately USD 841 million, highlighting the increasing consumer preference for premium and super-premium brands.
Ready-to-Drink Cocktails
The ready-to-drink (RTD) gin cocktail segment is rapidly expanding, with sales projected to increase by 26.8% in 2024, making it the fastest-growing category in the spirits market. This growth is fueled by consumer demand for convenient, high-quality options that can be enjoyed at home or on-the-go, particularly among younger demographics.
Industry Drivers and Challenges
Health and Wellness
The shift towards healthier drinking habits continues to drive demand for high-quality gin products, particularly those featuring unique botanicals and natural ingredients. In 2024, the market for low and no-alcoholic gins is projected to grow by 30%, reflecting increasing consumer interest in health-conscious choices.
Regulatory Hurdles
The gin industry faces ongoing challenges related to regulatory compliance and taxation, which can impact pricing and market entry for new brands. In 2024, regulatory costs are expected to account for about 15% of total production expenses for new entrants, particularly in emerging markets.
Supply Chain Disruptions
Supply chain disruptions, exacerbated by global events and economic fluctuations, pose a significant challenge for gin manufacturers. In 2024, 30% of distilleries report difficulties in sourcing raw materials, which can affect production timelines and costs.
Consumer Insights
Per Capita Consumption
In 2024, the per capita consumption of gin is projected to rise to approximately 0.09 liters, indicating a continued increase in its acceptance and popularity among consumers.
Shifts in Consumer Preferences
Younger consumers, particularly millennials and Gen Z, are significantly driving the demand for innovative and artisanal gin products. In 2024, it is estimated that 55% of gin consumers fall within these age groups, leading to a diversification of offerings in the market, including unique flavors and sustainable production practices.
Sustainability is becoming a significant factor in purchasing decisions, with 72% of Gen Z consumers indicating a preference for brands that prioritize eco-friendly practices and transparent sourcing in 2024.
The trend towards unique and experimental flavors continues to grow, with 60% of consumers expressing interest in trying new gin varieties that incorporate unconventional botanicals and flavor profiles.
Conclusion
In 2024, the global gin market is valued at USD 17 billion and is projected to reach USD 33 billion by 2033, with a 6.6% CAGR. Key takeaways include:
- Regional Growth: North America leads with 25.5% of the market in 2024, but Asia-Pacific is the fastest-growing region, with a CAGR of 8.2%.
- Consumer Trends: Millennials and Gen Z, making up 55% of consumers, are driving demand for sustainable and unique gin options, with 72% prioritizing eco-friendly brands.
- Industry Trends: Craft gin and premium products are booming, with ready-to-drink gin cocktails growing 26.8% in 2024, showing strong consumer interest in convenience.
- Challenges: Regulatory and supply chain issues persist, but rising demand for health-conscious and low-alcohol gins presents key opportunities
The global gin market’s future looks bright, with strong demand for innovation, premiumization, and sustainability. Brands that can tap into these trends will find themselves well-positioned for success in the coming years.
References and Data Sources
How did we analyze our Sources?
To gain a complete understanding of the global gin market, we’ve analyzed data from five different market research reports. Using our own weighted criteria, we selected the top three reports with the highest scores and based our estimate on their findings.
GIN Analysis | Statista | Resear Chnester | IMARC Group | Market Data Forecast | Allied Market Research | SUMMARY |
Published Date | Jun 2024 | Jul 2024 | 2023 | June, 2024 | Jun 2021 | |
Market Captured | Combined | – | Combined | – | – | |
Current 2024 market size | $16B | $18B | $17B* | $17B | $17B* | Combined – $17B |
Future market size | – | $43B by 2036 | $23B by 2032 | $22B by 2029 | $21B by 2028 |
Combined – $33B by 2033
|
CAGR | – | 7.3% (2024-2036) | 4.1% (2024-2032) | 5.9% (2024-2029) | 4.9% (2021-2028) | 6.6% (2024-2033) |
Please note: Data marked with * is estimated based on original sources.
How did we grade our Sources?
7 | GIN Analysis | Statista | Resear Chnester | IMARC Group | Market Data Forecast | Allied Market Research | SUMMARY |
3 | – Criteria 1: Clear Source | 0 | 0 | 0 | 0 | 0 | |
2 | – Criteria 2: Recency | 1 | 1 | 0 | 1 | 0 | |
4 | – Criteria 3: Authority | 0 | 0 | 0 | 0 | 0 | |
1 | – Criteria 4: Objective & Clear | 1 | 0 | 1 | 0.5 | 1 | |
SOURCE GRADE | 3 | 2 | 1 | 2.5 | 1 | 2.50 |
- 4 = Highly useful, clear, and resistant to manipulation
- 0 = Provides no indication of reliability
3 | – Criteria 1: Clear Source Citation | +1 IF: Clearly states where they got the data from. |
2 | – Criteria 2: Recency | +1 IF: published or updated the last 3mo. |
4 | – Criteria 3: Authority | +1 IF: Govt Agency, Academic Institution, Academic Paper
+1 IF anything else.
|
1 | – Criteria 4: Objective & Clear |
+1 IF: The information presented without emotional wording or bias, states the facts cleanly and clearly.
+0.5 IF one of the above.
|
How did we determine our Market Size?
Understanding the market’s direction can be challenging based on these estimates.
However, we are moderately confident in our projections. The three sources show strong alignment with each other and other reports, despite incomplete data from the third source, Statista.
We encourage you to critically assess the data and consider various perspectives to form your own insights into the future of the gin market.
Nathan has always been captivated by numbers and patterns. With a Master’s degree in Statistics, he’s honed his skills to decipher complex data sets and discern market trends.
Over the past decade, Nathan has worked with various firms compiling and analyzing industry spending figures to forecast market movements.