India Gin Market

India gin market was valued at $914.7 million in 2020, and is projected to reach $1,598.2 million by 2030, growing at a CAGR of 5.9% during the forecast period 2021 to 2030. Gin is a type of distilled alcoholic drink that derives its predominant flavour from juniper berries. Most of the countries in the world has witnessed rapid urbanization and improvement in their financial conditions. This has led to an overall rise in the disposable income of the people. In addition, this has made way for shift in consumer preferences, especially among young, aspirational drinkers in the developed economies such as Europe and North America, toward different and modern spirits. Moreover, the alcoholic drinks are widely consumed, produced and traded across the globe owing to which also youth population is attracted towards it.  In addition, the population is gradually inclining towards sophisticated, moderated, and premium beverages, owing to continuous innovation taste, flavours, packaging, and others.

There is significant growth in the number of breweries over the past few years. As the number of alcohol consuming consumers is increasing continuously need for various flavours is also present in the consumer mind set. Consumers are always seeking for new flavours in gin to explore their taste for gins. As there are many well established global players in the market players from countries such as Czhech Republic, Mexico, Costa Rica, Argentina, Chile, India, Caribbean Countries are expanding their product portfolio to offer new products to consumers. With increasing number of local players, need for more breweries is also expanding and hence market players are focusing on partnering of opening their own breweries in various international markets to make their products available in those markets. The trend of consuming local beverages is resulting in increasing number of breweries, this is expected to boost the market for gin during the forecast time period. However, Alcoholic drinks have been known for their addictive as well as health concerning nature, if consumed in excess. Rise in number of consumers suffering from alcohol addiction has been a great concern for governments of different nations. As a result, many governments have imposed stringent rules and regulations about the sales and distribution of these products. Moreover, there are restrictions on advertisements and promotions of such products, which restricts the marketing strategies available to the manufacturers. In addition, some governments also support campaigns and non-government organizations (NGO) that condemn the use of such beverages. These factors act as major hindrances for the market growth.

Covid-19 Impact:

The global pandemic has hit the business world exhaustively at an unprecedented scale all across the globe since 2020. The alcoholic beverages industry is one of the negatively impacted sectors that has witnessed significant disruptions, owing to the imposed lockdown and market closure. Consumer spending has further declined across entire alcoholic beverage categories such as vodka, whiskey, and gin. Amidst growing health concerns, travel & go-out restrictions, and closure of on-trade premises for liquor consumption, several companies faced the heat of the pandemic. Goa is the major market for alcoholic drinks, however, owing to the initial lockdown tourism and internal moments around the country were totally restricted, which impacted the gin market. In the initial wave and second wave of the COVID-19, the alcohol industry in India was impacted negatively.

The India gin industry has been segmented on the basis of type, price point, distribution channel. Based on type, the market is divided into London dry gin, old tom gin, Plymouth gin, and others. Based on price point, the market is divided into standard, premium, and luxury gin. On the basis of distribution channel, the market is categorized into on-trade (pubs, restaurants, bar, and others) and off-trade (online retailers, specialty stores, supermarkets, convenience stores, and others).

Based on type, the India gin market is categorized into London dry gin, old tom gin, Plymouth gin, and others. The London dry gin segment dominates the market, while the Plymouth gin segment is expected to exhibit a decent growth during India gin market forecast period. Taste preference of consumers are evolving and they are trying different variants. This makes it essential for marketers and producers to understand the latest market trends and consumer’s buying behavior. 

Based on price point, the India gin market is divided into standard, premium, and luxury gin. The premium gin segment dominates the market, whereas the luxury gin segment is expected to exhibit fastest CAGR during the forecast period. Evolving taste preferences and improving lifestyles of consumers in the country have led them to choose quality products in the market. Thus, revenue generation from premium and luxury categories is expected to drive during the forecast period.

Based on distribution channel the India gin market segmented into on-trade (pubs, restaurants, bar, and others) and off-trade (online retailers, specialty stores, supermarkets, convenience stores, and others) channels. Outbreak of the COVID-19 pandemic has led to decline in sales through on-trade channels, owing to the market closure, which, in turn, resulted in revenue surge through online retailers.

Some of the key players profiled in the gin market analysis include Bombay Spirits Company LTD, Diageo plc, William Grant & Sons Ltd, Charles Tanqueray & Co., Vantguard, Jaisalmer Indian Craft Gin, Nao Spirits & Beverages Pvt Ltd, Radico Khaitan Limited, Pernod Ricard, and Beam Suntory, Inc.

Key Benefits For Stakeholders

• The report provides a quantitative analysis of the current market estimations, trends, and dynamics of the market size from 2020 to 2030 to identify the prevailing market opportunities.
• The key countries in all the major regions are mapped based on the market share and India Gin market trends.
• Porter’s five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
• In-depth analysis of the India Gin market segment and size assists to determine the prevailing market opportunities.
• Market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of market players.

 India Gin Market Report Highlights