India Gin Market 2030 Business Opportunities and Future Growth Analysis Report
India Gin Market size was valued at USD 914.7 Million in 2020 and is projected to reach USD 1,598.2 Million by 2030, growing at a CAGR of 5.9% from 2021 to 2030.
PORTLAND, OREGON, USA, July 26, 2022 /EINPresswire.com/ — According to a report published by Anno Distillers (UK) 2020, gin originated in the 16th century in Europe and is currently consumed in around 100 countries around the world. Initially it was a liqueur for medicinal use and has now become an internationally recognized alcoholic beverage. It is frequently sipped with other drinks to enjoy as a trendy cocktail or as an aperitif.
Gin continued to perform decently in both off-trade and off-trade channels. However, the novel coronavirus outbreak has impacted sales through distribution channels worldwide.
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Manufacturers are increasingly focusing on online retail by dealing with e-commerce giants and developing an e-delivery system. In India, the government of Delhi allows door-to-door delivery of alcohol, and L-13 license holders can deliver alcohol reserved by a customer through an app or website to their doorstep. This is impacting the change in customer behavior and has resulted in an increase in the growth of the gin market in India. Many e-commerce companies have also expanded their activities in selling alcohol online, for example, in 2020 Amazon approved alcohol delivery in India.
Some of the major players featured 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 like India, individuals prefer to “drink better, not more” and seek products that match their superior quality, taste and authenticity. Thus, in response to the sustained Premiumization of spirits, manufacturers are developing more premium and luxury gins, which are expected to see increased adoption by Indian consumers over the forecast period.
The Indian gin market is segmented into type, price, distribution channel and region. By type, the market is split into London Dry Gin, Old Tom Gin, Plymouth Gin and others (Navy Strength Gin & Bols Genever). According to the price, it is classified into standard, premium and luxury gins. Based on distribution channel, it is fragmented into on-trade (pubs, restaurants, bar and others) and off-trade (online retailers, specialty stores, supermarkets, convenience stores and others).
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On the basis of type, London dry gin segment dominates the market while Plymouth gin segment is expected to show decent growth over the forecast period of India gin market. Consumers’ taste preferences are changing and they are trying different variations. It is therefore essential for marketers and producers to understand the latest market trends and consumer buying behavior.
Based on price, the premium gin segment dominates the market, while the luxury gin segment is expected to show the fastest CAGR during the forecast period. Changing taste preferences and improving lifestyles of consumers in the country have led them to choose quality products in the market. Thus, the revenue generation of high-end and luxury categories is expected to increase during the forecast period.
Main results 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% over the forecast period.
Based on price, the premium gin segment accounted for approximately 34.7% of the market share in 2020. However, the luxury gin segment is expected to grow at a higher CAGR of 6.2% over the period. forecast, due to the increase in consumption standards. and improving economic stability.
By distribution channel, the on-trade channel segment is expected to show a decent growth rate in the coming years. However, COVID-19 caused a decline in revenue generation from these sales channels in 2020. This resulted in a decent increase in online sales of gin and other alcoholic beverages.
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