by The global India Gin Market is estimated to be valued at US$ 546.03 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Gin is a distilled beverage based on the botanical compounds found in juniper berries. It has a drying taste profile due to the presence of juniper. Gin finds wide applications in food & beverage, pharmaceuticals, and personal care due to its antibacterial properties.
Market key trends:
Ginmakers in India are emphasizing on innovative product launches with exotic botanicals to cater to the evolving preferences of millennial consumers. For example, in 2020, Jaisalmer launched Desert gin infused with Indian botanicals like lemongrass, coriander, and rose petals. Similarly, Nao launched India ́s first grapefruit and lemongrass gin. Such innovations are expected to drive the market growth over the forecast period.
SWOT Analysis
Strength: The market is supported by rising disposable income and changing consumer preferences towards premium spirits in India. There is an increase in culture of social drinking in cities and metros.
Weakness: High excise duties and taxes imposed by various state governments make gin expensive. Lack of awareness among masses regarding gin.
Opportunity: Expanding culture of cocktail parties and bar culture provides huge market potential. Increasing tourism and exposure to global drinks and mixes are driving the demand.
Threats: Strict regulation and prohibition in some states. Higher taxes can dampen the demand.Introduction of alternate premium spirits like vodka poses competition.
Key Takeaways
Global India Gin Market Demand is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing culture of social drinking and rise in disposable incomes. Urbanization and exposure to global mixology is driving the consumption of premium spirits in India.
Regional analysis
The India gin market is dominated bymetros like Mumbai, Delhi, Bengaluru and Chennai due to rising bar culture and social drinking among young population. Southern region is the fastest growing market due to high disposable income and influence of foreign return population.
Key players operating in the India Gin Market are 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. These players are focusing on premiumization of products and launching new varieties to cash in on the demand from young demographic.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
