by Gin is a distilled alcoholic drink that derives its predominant flavour from juniper berries. Gin possesses an alcohol content of 30-50% ABV. Gin is colourless and exhibits a distinct juniper taste. Rise in consumer experimentation with cocktails has propelled the growth of the India gin market. Consumption of gin is no longer limited to vodka or whiskey drinks but is now consumed in various cocktails. Moreover, the availability of premium and artisanal gin products have fuelled the India gin market growth. 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 11 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
One of the major trends driving the India gin market is introduction of novel ingredients in gin formulations. Several craft distilleries are introducing unique herbs and botanicals to create distinct gin flavors. For instance, gins infused with lavender, lemongrass, chili peppers etc. are gaining popularity. Moreover, emergence of distilleries focusing on sustainability has also boosted the market. For example, several producers source juniper berries and other ingredients from local farms to reduce carbon footprint. Furthermore, growing experimentation trend among millennials and gen Z for novel flavors is propelling market revenue growth. Consumers, especially younger demographics are willing to pay premium prices for unique gin flavors.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the Global India Gin Market Size due to high capital requirement and established brand loyalty of customers towards existing brands.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of numerous gin brands in the market. Buyers can easily switch to substitute products if prices increase.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many raw material suppliers for gin production.
Threat of new substitutes: The threat of new substitutes is moderate as vodka, rum and whiskey are considered substitutes for gin.
Competitive rivalry: Competitive rivalry is high in the India gin market due to presence of numerous domestic and international brands.
Key Takeaways
The global India gin market is expected to witness high growth. The country has seen rising interest in premium gin consumption backed by growth in number of high net worth individuals.
Regional analysis – Southern region dominates the India gin market due to rising trend of cocktail drinking in cities like Bengaluru andChennai. Western region is also a major market owing to high consumption in Mumbai and Pune.
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. The players are focusing on marketing strategies to expand consumer base.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
