Texas Emerges as Leader in Premium Gin Market

News Summary

Texas has been named the top growth market for premium gin, with an impressive 36% share of total gin volumes projected by 2024. This trend towards premiumization indicates that Texans prefer higher-quality gin over lower-end options. Despite the overall decline in the premium gin market in other regions, Texas is thriving, driven by a robust cocktail culture and local distilleries. With cities like Austin and Dallas leading the way, the future looks bright for gin enthusiasts in the Lone Star State.

Texas Takes the Lead in Premium-Plus Gin Market!

Howdy, Texas! Big news is brewing in our great state! Texas has officially been named the top growth market for premium-and-above gin according to recent findings. With a whopping 36% share of total gin volumes by 2024, it seems our love for gin is leading the pack! No other state comes close, with Illinois trailing at 33%, New York at 30%, and Florida at 21%. Talk about raising the bar!

Gin’s Premiumization Surge

Believe it or not, even though Texas has a smaller overall gin category, we’re showing a noticeable trend towards premiumization. What’s that, you ask? Essentially, it means Texans aren’t just pouring any old gin; we’re opting for the fancy stuff! In fact, our premium gin market is outperforming even gin-loving Japan – yes, Japan!

Let’s get into the nitty-gritty of the numbers. While the global gin market saw an overall increase of 2% last year, with emerging markets like India driving the growth, the gin scene in the UK and the US isn’t looking as rosy. The UK, for instance, is facing some tough times with a decline of 12% in premium gin volumes from 2020 to 2024. Ouch! Even their sub-premium gin segment isn’t faring too well, dropping by 11%.

Over in Denmark and Switzerland, the premium gin market isn’t thriving either, showing declines of 3% and 4%, respectively. Forecasts indicate that the UK will keep sliding in the premium-plus gin arena, with an expected CAGR of -4% from 2024 to 2029. Meanwhile, Denmark’s premium gin market might just hang in there at a flat rate. It’s a bit gloomy for those regions, right?

Japan’s Bright Spot

On the brighter side, Japan’s gin market is thriving! They’ve seen a 14% CAGR growth from 2020 to 2024 and their premium gin volumes have surged by 18%. However, it seems their growth might slow down a bit, with future forecasts pegging them at around 7% CAGR from 2024 to 2029. Even so, Japan only holds a 9% share of total gin volumes, while Texas is clearly taking the lead!

Why Texas is the Place to Be for Gin Lovers

With these trends, the U.S. gin market presents an exciting opportunity for growth, particularly in Texas, despite some parts of the U.S. showing signs of stagnation. Interestingly, a recent survey illustrates that 49% of Texans feel optimistic about their personal finances— significantly higher than the mere 19% in Japan. Plus, 37% of Texans believe their finances are in good shape, compared to just 22% in Japan. This positivity could translate into a willingness to splurge on premium gin.

As for gin consumption, approximately 16% of Texans aged 21 and up have indulged in gin over the past six months. That’s slightly above Japan’s 13%. Cities like Austin and Dallas have developed a robust cocktail culture, helping push these premium gin sales to new heights. If that’s not a nod to our vibrant social scene, we don’t know what is!

Spotlight on Local Productions

And let’s not forget our local heroes. With the launch of Waterloo Gin by the founder of Patrón Tequila, Texan distilleries are stepping it up! This gin, introduced just last September, is a perfect example of how Texas is not just a favorite for beer and whiskey but is also establishing its name for gin lovers!

So, whether you’re sipping a cocktail at a bustling bar in Austin or enjoying a quiet evening in your backyard, it’s clear that Texas is the place to be for premium-plus gin. Cheers to that, y’all!

Deeper Dive: News & Info About This Topic

• The Spirits Business: IWSR Texas Leads Premium Gin Opportunity
• IWSR: Texas Land of Opportunity for Super Premium Gin
• TBBW: Pepin Distributing Adds Dunamis Premium Spirits
• Wikipedia: Gin
• PR Newswire: Dunamis Premium Spirits Joins Pepin Distributing