India gin market size 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.
According to a report published by the Anno Distillers (UK) 2020, gin originated in the 16th century in Europe, and presently is consumed in approximately 100 countries worldwide. Initially, it was a medicinal purpose liquor and currently has become an internationally recognized alcoholic beverage. It is frequently sipped with other beverages to enjoy it as a trendy cocktail or as a pre-dinner drink.
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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.
In developing markets such as India, individuals prefer to “drink better, not more” and seek for products that meet their superior quality, taste, and authenticity. Thus, in response to sustained Premiumization of spirits, manufacturers are developing more premium and luxurious gins, which is expected to witness increased adoption among Indian consumers during the forecast period.
Based on type, 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, 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.
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Key Findings Of The Study
- By type, the London dry gin segment accounted for the highest market share in 2020, growing at a CAGR of 7.1% and the Plymouth Gin segment is expected to be the second fastest growing segment with a CAGR of 6.0% between during the forecast period.
- On the basis of price point, the premium gin segment accounted for around 34.7% of the market share in 2020. However, the luxury gin segment is expected to grow at a higher CAGR of 6.2% during the forecast period, owing to increasing consumer standards and improving economic stability.
- By distribution channel, the on-trade channel segment is expected to exhibit a decent growth rate in the coming years. However, COVID-19 has led to decline in revenue generation from these sales channels in the year 2020. Resulting in a decent surge in online sales of gin and other alcoholic beverages.
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