LONDON, November 14, 2017 /PRNewswire/ --
The expansion of the global gin market is set to accelerate over the next five years as the category boom takes hold in a raft of second-tier markets, according to recently-published research.
Released this week by just-drinks and The IWSR, Global Gin Insights reveals that global gin volumes - stripping out sales of low-priced variants - hit a new high in 2016 of 32.4m cases. The category recorded a compound annual growth rate (CAGR) of 2.5% between 2012 and 2016, with 17 of the top 20 markets posting sales increases.
Looking ahead, the report forecasts that the top three gin markets - the US, Spain and the UK - will all record further sales increases in the years ahead, but growth will be even faster in a number of other countries across Western Europe and beyond.
By 2021, global gin volumes will near 40m cases, the IWSR predicts, with markets as diverse as Germany, South Africa and Mexico all poised for dynamic growth.
The main challenge for brand owners remains the difficult US market, as the report notes: "The performance in the US has been more lacklustre, declining by -1.2% CAGR [between 2012 and 2016]. The market increased by 1% in 2016 - an increase that scarcely merits some of the hype attached to the gin category."
While flavoured gin is expected to be an increasingly significant consumer trend in the years to come, there are already signs of a shake-out among the vast numbers of new gin products hitting the market in the recent past, the report adds.
For full details on the 'Global Gin Insights' report from just-drinks and the IWSR, visit the just-dinks market research store.
About the IWSR
The IWSR is the leading source of data and analysis on the beverage alcohol market. The IWSR's database, essential to the industry, quantifies the global market of wine, spirits, beer and mixed drinks by volume and value, and provides insight into short- and long-term trends. Our data is used by all of the largest multinational companies, as well as many more local companies. The IWSR's unique methodology allows us to get closer to what is actually consumed and better understand how markets work. The IWSR conducts face-to- face interviews with over 1,500 companies in 118 countries each year, with further input from 350 companies. The IWSR tracks overall consumption and trends at brand, quality and category level. The IWSR Magazine, written by the IWSR's specialist international analysts, features industry news, new products, interviews with key industry players and in-depth market analysis based on unique access to the IWSR's data.
just-drinks.com is the online news, insight and research portal for the global drinks industry. Our editorial team includes contributors from around the world, while our commentators comprise experts in their respective fields of beer, bottled water, soft drinks, spirits (both brown and white) and wine. Under the direction of managing editor Olly Wehring, we offer an impartial voice and are driven by our passion for the drinks industry.
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SOURCE just-drinks and The IWSR