During the forecast period, the gin market is expected to expand at a moderate CAGR of 3.5%. By 2033, the global market is projected to have grown from a value of US$ 23 billion to US$ 28.27 billion.
The increase in the consumption of alcohol among women has also fueled the growth of the alcohol market. In addition to this, the growing disposable income of the people and thus the transformed buying and spending pattern of consumers in urban areas specially, will push the growth of the gin market in India. Moreover, the increasing popularity of bar and cocktail culture in urban cities will also drive the gin market in India.
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The report gives a comprehensive analysis of the various factors driving the growth of the Indian gin market as well as those factors that restrict the growth of the market. The impact analysis of the same is also given. The various macroeconomic factors as well as government regulations impacting the gin market are also given. The current trends in the gin market as well as the future opportunities have been analyzed. Based on all these factors, as well as the present and past market value, the future market size is predicted.
One of the trends in the market is the production of gins with local and alternative botanicals. Citrus flavors are expected to become trendy. As numerous craft and classic cocktails make use of spirit, the market will grow for gin. As there is a variety of gin cocktails to select from, gins are becoming increasingly popular among consumers. The report segments the gib market on the basis of key criteria and reveals the leading, declining, most sluggish, and fastest growing segments and sub-segments.
On the basis of product, the global gin market is segmented into economy segment and premium and luxury segment. Of these, the economy segment is estimated to lead and expand at a significant CAGR. The premium and luxury segment will witness a slight rise on account of the growing demand for premium products in the country. On the basis of region, the market for gin is segmented into East, West, North, and South India. Of these, the gin market in South India is leading. In 2015, the Southern India gin market accounted for 34.8%, the western region accounted for 28.2%, and Eastern India accounted for 12.4%. Gin manufacturers are anticipated to expand their business in the Eastern India through tie-ups with regional distributors in the coming years.
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The report profiles key players in the Indian gin market for the purpose of study. Following are the leading players in the gin market. Tilaknagar Industries Limited, United Spirits Limited, Jagatjit Industries Limited, Mohan Meakin Limited, Radico Khaitan Limited, Globus Spirits Ltd., SNHL India Pvt Limited, Deejay Distilleries Pvt Limited. Players are focusing on geographical expansion. Innovation is a key strategy among players in this market. Players are investing in research and development and also participating in mergers and acquisitions so as to gain a competitive edge.
Key Segments Covered
- By Gin Market
- Product Type
- Economy Segment
- Premium & Luxury Segment
Key Regions Covered
- North India
- East India
- West India
- South India
Frequently Asked Questions
- What is the Growth Outlook for India Gin Market?
- By 2032, how much can the India Gin Market Grow?
- What is the Current Valuation of the India Gin Market?
- Which Region is likely to Lead the India Gin Market?
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