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 alcoholic drink that derives its predominant flavour from juniper berries. Gin is made by redistilling a distilled spirit (such as grain spirit, fruit spirit, or sugar cane spirit) with an infusion of juniper berries and other botanical ingredients. Popular gin botanicals include coriander, citrus peel, anise, cinnamon, bitter almonds, and saffron. Gin has gained popularity in India in recent years due to an increasing number of craft gin manufacturers emphasizing Indian botanicals such as Darjeeling tea leaves, cardamom, and lemongrass. Gin offers health benefits associated with juniper berries such as diuretic and anti-inflammatory properties.
Market key trends:
Growing health consciousness among Indian consumers has increased the demand for gin due to perceived health benefits of juniper berries. Moreover, the growing culture of craft gin distilleries experimenting with Indian botanicals has resulted in unique gin flavors with native Indian ingredients. Additionally, rising disposable incomes, development of premium bars and lounges, and social media marketing campaigns by craft gin companies have boosted the popularity of gin especially among young urban consumers. Furthermore, the increasing penetration of e-commerce has made craft and premium gin more accessible to consumers across the country.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to high capital requirements and established brand loyalty of customers towards existing brands. However, the growing market size provides scope for new players.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of several gin brands in the market. Buyers can easily switch to substitute brands.
Bargaining power of suppliers: The bargaining power of suppliers is low since there are many ingredient suppliers for gin. Switching costs are also low for suppliers.
Threat of new substitutes: The threat of new substitutes is high as consumers have several options like whiskey, vodka and other alcoholic beverages.
Competitive rivalry: Competition is high among existing brands.
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 demand for premium spirits and innovative flavors.
Regional analysis:
The India gin market is dominated by the southern region of the country. States like Tamil Nadu, Karnataka and Andhra Pradesh are major consumption hubs. Further, rising disposable incomes and changing preferences of millennials are driving market growth in Northern and Western parts of India.
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. Key players are launching customized and handcrafted gin varieties to meet dynamic consumer needs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
