The global gin market demonstrated resilience in 2023, recording a 4% increase in volumes compared to the previous year, according to insights shared by Chris Pitcher, partner at Redburn Atlantic, during a seminar at Ginposium on June 14th.
Pitcher, citing data from IWSR Drinks Market Analysis, highlighted that global gin consumption rebounded significantly, surpassing 2019 levels by 24%. This growth, albeit slower than the 8% increase seen in the prior year, underscored the industry’s steady recovery from the pandemic-induced disruptions.
“The industry has navigated a brief pause in growth post-pandemic, but it continues to expand, surpassing 100 million cases—a remarkable milestone,” Pitcher remarked.
In terms of value, the gin sector saw substantial growth outpacing volume increases, reaching a record US$14 billion in sales in 2023, marking a 29% rise from 2019 levels. However, retail sales growth at 2% lagged behind volume growth for the first time in recent years.
Gin maintained a 6% volume share of global spirits consumption, excluding local spirits like Chinese baijiu, although it experienced a slight decline in revenue share due to a 2% decrease in average unit prices.
From 2015 to 2019, global gin consumption surged by 36%, with robust growth observed across the Americas, Europe, Southern Africa, and the Asia Pacific regions. Despite localized declines in regions such as Latin America, North America, Australia, the UK, and parts of Western Europe in 2023, the overall market showed resilience and widespread growth post-2020.
Pitcher highlighted a notable recovery in gin consumption across Europe (excluding the UK and Spain), Africa, and Asia between 2019 and 2023, indicating a positive trajectory for the category in these regions.
Overall, the global gin market’s performance in 2023 reflects its adaptability and enduring appeal, despite ongoing challenges and regional variations in consumer demand.
