Gin is a distilled alcoholic drink that derives its predominant flavour from juniper berries. It is traditionally distilled with a mix of other botanicals. Gin is usually 40 to 50 percent alcohol by volume. Gin products such as London dry gin, Plymouth gin, Genever are popular around the world and finding high acceptance in India as well. The gin market is witnessing increasing traction in India due to rising health awareness among millennial population who prefer alcoholic beverages with lesser calories. Consuming gin in moderate amount is also considered beneficial for heart health.
The global India gin market is estimated to be valued at US$ 546.03 Bn or Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of the Global India Gin Market Size is rising health awareness. There is growing preference for drinks with lower sugar and calorie content such as gin among health-conscious millennials in India. The calories present in a single serving of gin is lower compared to other categories of distilled alcoholic beverages such as rum, vodka or whisky. Consuming gin in moderate amount has also been linked to providing certain heart health benefits. Additionally, the unique flavor profiles of gin due to the presence of juniper berries and other botanicals is attracting new consumers in India. The craft gin segment manufactured by small batches is also gaining traction among premium drink consumers.
SWOT Analysis
Strength: India's high population provides a large potential customer base for gin products. Growing disposable incomes allow more consumers to purchase premium gin brands. India's climate is suitable for growing juniper berries, a key botanical ingredient in gin.
Weakness: Traditional Indian alcoholic drinks like fenny and country liquor remain more popular than imported spirits. Heavy taxation makes gin a more expensive purchase compared to local liquors. Some consumers may see gin as a "foreign" drink.
Opportunity: Rising exposure to global travel and lifestyles is increasing awareness of gin cocktails. More bars and restaurants are stocking premium gin brands and offering gin-based mixed drinks. Established gin brands can establish manufacturing facilities in India to benefit from lower costs.
Threats: Strict rules govern alcohol advertising and promotion in many Indian states. Health campaigns warn of the hazards of excessive drinking which can impact demand. Rising input costs from a weaker rupee or crop failures could increase gin production costs.
Key Takeaways
The global India gin market is expected to witness high growth over the forecast period driven by rising incomes, greater exposure to global trends, and increasing availability in bars and restaurants.
Regional analysis: The southern states of India currently dominate gin consumption due to higher exposure to global influences. However, growing urbanization in northern cities is expanding the potential customer base. Delhi, Mumbai and Bangalore have emerged as major consumption hubs for premium gin brands.
Key players: Key players operating in the India gin market are Sanofi S.A., Encore Dermatology Inc, AbbieVie Inc., F. Hoffmann-La Roche AG, Novartis AG, Regeneron Pharmaceuticals Inc., Astellas Pharma Inc., Anacor Pharmaceuticals Inc., Meda AB, GlaxoSmithKline plc, AstraZeneca plc, and Pfizer Inc. These major brands are focusing on establishing a permanent presence through local manufacturing and innovative gin-based cocktails to tap into India's growing premium spirits opportunity.
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