(Food-Beverage-News.Com, December 29, 2021 ) Gin and Genever Market size is estimated to reach $24.68 billion by 2026, growing at a CAGR of 7.1% during the forecast period 2021-2026. Gin is an alcoholic spirit that is distilled from any raw materials and genever is an alcoholic spirit that is distilled from grains, such as corn, rye, and malted barley. Gin & Genever spirits are increasingly being adopted among consumers across the world owing to the rise in the consumption of alcohol among the young population. The increase in the adoption of azeotrope distilled gins in developed nations, growing demand for gins that impart the aroma of diethyl ether, increase in the demand for gins and genever spirits flavored with Juniperus, rise in the adoption of premium and luxury gins in developed nations owing to an increase in the standard of living, and the growing investment by the key players to develop quality gin & genever spirits are the factors that are set to drive the growth of the Gin & Genever Market for the period 2021-2026.
Gin & Genever Market Segment Analysis-By Price Point
The Gin & Genever Market based on the Price Point can be further segmented into Standard, Luxury, and Premium. The Premium segment held the largest share owing to the factors such as the increase in the demand for gins and genever spirits flavored with Juniperus and the rise in the product launches by the key players. The growing investment by the key players to develop flavored premium alcoholic spirits is driving the growth of the Gin & Genever Market. The Luxury segment is estimated to be the fastest-growing segment with a CAGR of 7.4% over the period 2021-2026. This growth is owing to the factors such as the growing adoption of luxury gins that impart the aroma of diethyl ether and the increase in the standard of living in developed nations.
Gin & Genever Market Segment Analysis-By Distribution Channel
The Gin & Genever Market based on the Distribution Channel can be further segmented into Supermarkets/Hypermarkets, Online Channels, Specialty Stores, and Others. The Supermarkets/Hypermarkets segment held the largest share in 2020 owing to the factors such as the cost-effectiveness and the availability of a wide range of gins and genever spirits flavored with Juniperus with different brands and prices ranges. The presence of distinct product shelves coupled with attractive schemes in supermarkets is driving the growth of the Gin & Genever Market. The Online Channels segment is estimated to be the fastest-growing segment with a CAGR of 7.6% over the period 2021-2026. This growth is owing to the factors such as the growing demand for digitalized shopping experiences among the customers and the rise in the demand for door-stop delivery.
The Gin & Genever Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and Rest of World. North America held the largest share with 31% of the overall market in 2020. The growth in this segment is owing to the factors such as the increase in the adoption of azeotrope distilled gins in developed nations and the increase in the product launches by the key players. The growing demand for luxury gins that impart the aroma of diethyl ether is driving the growth of the Gin & Genever Market. Asia-Pacific segment is estimated to be the fastest-growing segment over the period 2021-2026. The growth in this segment is owing to the factors such as the increase in the adoption of premium gins among the young population and the growing investment by the key players to develop high-quality gin & genever spirits.
Gin & Genever Market Drivers
Increase in the Availability of Gin & Genever Spirits with Various Flavors
Gin & Genever spirits are increasingly being available in various flavors in online channels to meet the growing demand for flavored alcoholic spirits among consumers across the world. The key players across the world are focusing on developing gin & genever sprints that are flavored with Juniperus, which is one of the major factors driving the growth of the Gin & Genever Market.
Rise in the Adoption of Premium Gin & Genever Spirits
Consumers across the world are increasingly shifting towards premium gin and genever spirits owing to the growing trend of crafted cocktails and mixed drinks. Moreover, manufacturers are launching natural and azeotrope distilled premium gin & genever spirits owing to the growing awareness among the young population, which is further propelling the growth of the Gin & Genever Market.
Growing Awareness about the Ill Effects on Health owing to Consumption of Alcohol
The key players in the market are increasing their investment to carry out various research and development activities for developing quality gin and genever spirits that impart the aroma of diethyl ether. However, the growing awareness about the ill effects on health owing to consumption of alcohol is one of the major factors that is estimated to reduce the growth of the Gin & Genever Market.
Gin & Genever Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Gin & Genever Market. Key companies of this market are Diageo plc, Davide Campari-Milano N.V., William Grant & Sons Limited, Pernod Ricard S.A., Southwestern Distillery, Lucas Bols, Forest Spirits’ Gin, San Miguel Corporation, Remy Cointreau, and Bacardi Limited among others.
Acquisitions/Product Launches:
In February 2021, Diageo plc has launched an alcohol-free version of gin liqueurs that are made with the combination of botanicals that are used in traditional Tanqueray to meet the growing demand for non-alcoholic spirits.
In February 2020, Bacardi Limited has launched gin liqueurs to make the customers experience new flavor combinations, provide an option for creative customers to customize their G&T drinks, and meet the growing demand for flavored and colored spirits in the market.
In May 2019, William Grant & Sons Limited has launched the flavored brand Verano that is made with Spanish fruits to grow its gin portfolio. The Verano brand gin range is available in watermelon and lemon variants.
Key Takeaways
Geographically, the North America Gin & Genever Market accounted for the highest revenue share in 2020 and it is poised to dominate over the period 2021-2026 owing to the rise in the adoption of azeotrope distilled gins in developed nations.
The increase in the demand for premium gins and genever spirits flavored with Juniperus is driving the Premium segment. However, the growing awareness about the ill effects on health owing to consumption of alcohol is one of the major factors that is said to reduce the growth of the Gin & Genever Market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Gin & Genever Market report.
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