LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global gin market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global gin market will grow at a CAGR of more than 3% during the forecast period. Growing demand due to the expansion of organized retailing is a major factor driving the market’s growth.
Organized retailers have grown across the world with the establishment of supermarkets, hypermarkets, and specialty stores. Ready-to-eat (RTE) foods are primarily sold by large organized retailers, and vendors in the market are highly dependent on such large organized retailers. Supermarkets constitute a major distribution channel that makes food and beverages easily accessible to consumers. The demand for supermarkets is growing due to the rise in population.
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The three emerging market trends driving the global gin market according to Technavio research analysts are:
- Rising influence of online retailing
- Premiumization trend in gin industry
- Increasing population of millennials
Rising influence of online retailing
The growth of e-commerce businesses across the world has provided the gin vendors the potential to enhance their profitability. E-commerce accounts for nearly 12% of the global retail trade. Online and e-commerce channels support both business-to-business (B2B) and business-to-consumer (B2C) operations. The average amount of money spent online per transaction and the number of transactions that take place online are on the rise across the globe. The increase in the number of internet users and the "buy it now" attitude of the users are the factors that are contributing to the growth of this retail channel.
For instance, internet retailing is further expected to gain popularity in the UK, where the internet penetration rate was around 95% in 2017. The increasing number of online shoppers across the world will further translate into an increase in the sales of gin products through this channel. Customers today prefer online shopping and pay for their orders using credit or debit cards that help them in avoiding time-consuming journeys and billing queues.
“The online shopping portals have incorporated enhanced security features along with customer-friendly website designs that provide efficient customer service, secure payment options, and enhanced product visibility. This trend is encouraging various manufacturers to concentrate on the internet-savvy customer segment and explore the new online retail format. This mode of business will assist vendors in saving the operating costs and overheads that are comparatively lower in the online retail format when compared with the physical store format,” says a senior analyst at Technavio for research on alcoholic beverages.
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Global gin market segmentation
This market research report segments the global gin market into the following four product segments (standard gin, economy gin, premium gin, and super premium gin) and three major regions (the Americas, APAC, and EMEA).
The standard gin segment dominated the market by contributing more than 40% of the market share. It was followed by the economy gin segment that contributed to more than 31% of the share. The premium gin segment and super premium gin segment held a market share of approximately 24% and 4.45% respectively.
In 2017, the EMEA region dominated the global gin market with a revenue share of more than 45%. It was followed by the Americas and APAC that contributed to a share of more than 40% and 14% respectively. One of the key factors contributing to the increased sales in these regions is the growth in the demand for premium, super premium, and organic gin products. The increasing number of supermarkets, hypermarkets, discount stores, convenience stores, and food specialist stores in major gin markets of the world is also a key driver, which will impact the growth of the global gin market during the forecast period.
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