Gin Market Projected to Reach $20.17 Billion by 2028

The global gin market is projected to reach $20.17 billion by 2028, an increase from $14.03 billion in 2020. According to Allied Market Research, the market is expected to grow at a compound annual growth rate (CAGR) of 4.9% between 2021 and 2028.

Key factors driving this growth include the rising popularity of gin in premium and trendy cocktails. Consumers are increasingly seeking higher quality and authentic products, leading to a greater demand for premium and luxury gin varieties. The report highlights growing consumer interest in these segments, particularly in Asian markets.

The market saw steady performance in both off-trade and on-trade channels. However, the COVID-19 pandemic negatively impacted on-trade sales in 2020, simultaneously boosting online sales of alcoholic beverages. E-commerce for alcohol is expected to see substantial growth in major markets worldwide.

Europe remains the largest regional market, accounting for 54.66% of the total share. London dry gin was the dominant type in 2020, but luxury gin is anticipated to experience the fastest growth during the forecast period. Major players in the market include Diageo plc., Pernod Ricard S.A., and Bacardi Limited.