INDIA GIN MARKET ANALYSIS

India Gin Market Size and Trends

The India gin market is estimated to be valued at USD 1,666.3 Mn in 2024 and is expected to reach USD 2,710.9 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.

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The India gin market has been witnessing significant growth over the past few years. The rising number of craft distilleries in the country producing premium and super-premium gin variants is contributing to the growth of the market. Moreover, the growing culture of socializing and partying at bars and nightclubs has increased the consumption of gin. Changing consumer preferences towards premium spirits is further expected to drive the growth of the India gin market over the forecast period. The market players are also launching innovative gin flavors infused with Indian herbs and spices to capitalize on the growing demand and attract local consumers. However, the availability of substitute alcoholic beverages and certain health risks associated with excessive consumption of alcohol may hinder the market growth.

The Growth of Mixology Culture in Urban Areas

The consumption of gin has been increasingly aided by the rise of mixology culture, especially in major urban areas across India. Young urban professionals have developed a strong interest in novel cocktails and novel experiences at high-end bars and lounges. Bartenders especially in cities like Delhi, Mumbai, Bangalore, Chennai, etc. have become minor celebrities with long queues outside newly established bars and lounges to sample their creative gin-based cocktails. Social media has further fueled this phenomenon with pictures and reviews of different gin cocktails trending widely. More and more home bars have also come up in recent years with preferences shifting towards premium gins and unique ingredients for cocktails. Consumers want to break from regular pegs and are willing to experiment new flavors. Premiumization has become a key underlying trend with people scouting for craft and artisanal bottles of gin. Mixologists have played a vital role in familiarizing people with different gin brands and varieties through their cocktail innovations and recommendations. This exposure to high-end experiences is translating into regular gin purchases as the culture spreads to smaller towns and cities as well.

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Increasing Female Participation in Bars and Lounges

There is a significant increase noticed in the number of women freely socializing and relaxing at bars, pubs and lounges. This has opened up gin's potential consumer base manifolds. Earlier perceived as a male-dominated drinking space, bars are now frequented equally by women independently or in social groups. Safety concerns have reduced considerably as ambiance and service standards at such establishments rose up in the recent past. Women's increasing financial independence has also meant higher disposable incomes which they are comfortable spending on premium beverages and experiences outside homes. Alcohol companies along with bars have successfully marketed gin-based cocktails to appeal equally to female tastes whilst also addressing health and wellness dimensions. Live music, theme nights, and innovative menus have made bars an exciting hangout place for women too. Greater participation and representation of women bodes well for the India gin market to expand its footprint.