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Feature
World Spirits Report 2024: Gin
There has been much talk recently about gin being in decline – but is the juniper-forward category really on its way out? We take a closer look.
Unquestionably, gin has had a remarkable run of success in Europe, most notably in the UK and Spain. Premium products found their way into consumers’ hearts and home bars, while the trade ruminated on when the success would end. Gin’s success has, arguably, lasted much longer than many anticipated.
While some markets, such as the UK, are showing signs of slowing down, the global picture looks pretty positive.
Let’s look globally to begin with. Data from Euromonitor International shows total gin sales by volume reached 104.9 million nine-litre cases in 2023. By the end of 2024, this is expected to have grown to 108.2m cases, and is forecast to grow again in 2025 to hit 112.2m cases.
In value terms, global gin sales were worth US$23.6 billion, and are expected to increase to US$24.5bn in 2024. By the end of 2025, that value is expected to rise again to US$26.02bn. As you can see, the overall outlook is a healthy one.
In the markets, things become more nuanced. “Much of the surge in gin sales in the UK over recent years can be attributed to the growth of flavoured gins, but these have now seen volumes plummet by nearly a half from their 2020 peak, when they accounted for more than 30% of the category,” says Patrick Fisher, senior research analyst at IWSR Drinks Market Analysis. “Sales of flavoured gins are now declining more than twice as fast as those of traditional gins.”
Premium-and-above gin volumes in the UK are expected to continue on their downward trend, decreasing at a CAGR of 5% between 2023 and 2028, IWSR notes.
Spain has a similar story to tell. Premium-plus volumes have been in freefall, reflecting a wider European trend of dwindling interest in the gin and tonic serve.
However, with these key markets in decline, but overall gin sales set to increase, where will this growth come from? Like many other spirits categories, India holds huge potential. IWSR data predicts a compound annual growth rate (CAGR) increase of 5% for gin in India between 2023 and 2028, with consumers seeking both international and local products.
While Europe might be growing tired of G&Ts, Japan is finding a penchant for the serve – an unsurprising development, perhaps, given the country’s love of Highballs. Higher-end gins are once again set to be the driving force behind this growth.
In the US, where gin is still not as ubiquitous as in parts of Europe, it is also the premium-plus price point that looks poised for growth. IWSR predicts volume sales in this price bracket will grow by a CAGR of 3% from 2023-2028. Anyone concerned the gin boom is over should look more positively to 2025, as globally, the category is only getting started.
Ryan McFarland, chief commercial and strategy officer, Drinksology Kirker Greer, notes: “Looking ahead to 2025, the combination of gin brand loyalty, category-building efforts by established players, innovation from new entrants, and continued advocacy from bars and mixologists will ensure that gin remains a diverse and dynamic category that’s well-positioned to weather the challenges.”
Gin brands to watch in 2025
Fords Gin
Fords Gin opened a new brand home and cocktail bar in south London in September. The new bar, in particular, was designed with bartenders in mind. With a new accessible destination in the UK capital, Fords Gin looks set to amass a bigger fanbase in the coming year.
Waterloo Gin
John Paul DeJoria founded Patrón Tequila in 1989 and sold the brand to Bacardi in 2018 in a deal that valued the brand at US$5.1 billion. Now, DeJoria has set his sights on gin, and acquired American brand Waterloo Gin in September. With DeJoria’s successful track record of brand building, it could be an exciting year of growth for Waterloo Gin. Could this be the brand to sway more Americans towards the juniper-forward category?
Still G.I.N. by Dre and Snoop
Snoop Dogg and Dr Dre have been everywhere in 2024 – and we’re expecting big things from the duo in 2025. Initially released in the US, we expect it won’t be long until overseas markets receive their first shipments of Still G.I.N. Are other products in the pipeline? Will Snoop Dogg, Dr Dre and Eminem take to the stage again? Time will tell.
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