FDBusiness.com

UK Gin Breaks £2 Billion Mark – Doubling in Value in 5 Years

 Breaking News

UK Gin Breaks £2 Billion Mark – Doubling in Value in 5 Years

UK Gin Breaks £2 Billion Mark – Doubling in Value in 5 Years
September 28
10:21 2018

The Wine and Spirit Trade Association’s latest market report shows the summer of 2018 reached record highs for gin in the UK with sales, both home and abroad, peaking at £2.2 billion. The records show that combined yearly sales of gin in the UK and British gin overseas have doubled in the last five years. In 2013 the total value of gin sales, UK and exports, reached just over £1 billion.

The latest figures taken from the WSTA’s Market Report show that in the 12 months to June this year sales in the UK were worth over £1.6 billion, up 38% on last year.

British consumers bought almost 60 million bottles in shops, supermarkets, pubs and restaurants which means the equivalent of an extra 14.4 million bottles were sold in the UK, worth an extra £516 million, compared to last year. Add to this the £532 million worth British gin exported in the last 12 months, according to HMRC, gin has broken the £2 billion mark.

Thanks to a surge in popularity of British gin, which has been dubbed the ‘ginaissance’, gin is out performing any other spirit in terms of growth of sales in the UK. The juniper-based spirit now accounts for a whopping 68% of value growth in the spirits sector.

The rapid growth in UK distilleries and an increasing number of gin brands launched to market on top of the heatwave of 2018 has helped gin sales grow beyond expectations.

Miles Beale, Chief Executive of the Wine and Spirit Trade Association, says: “Gin has proved itself to be just the tonic for the Government’s ambitions to grow exports of premium British products. On top of that the gin boom in the UK has allowed our talented and innovative British distillers to invest and grow their businesses creating new jobs and boosting the British economy. If gin continues to grow at this rate there’s no reason why the industry can’t set its sights higher, we could be talking about a £3 billion gin empire by the end of 2020.

“But as things stand, instead of supporting this jewel in the crown of the British drinks industry, the Chancellor is set to raise spirits duty at the next Budget. UK consumers already pay some of the highest alcohol prices in Europe. We are calling on Philip Hammond to freeze duty – just as he did last year. Yet again it would be a win/win/win – more money for the Treasury, support for British business, pubs and the cash strapped consumer.”

Last year an IWSR Forecast Report projected that gin is expected to grow by 37% by 2021. Britain now boasts 315 distilleries in the UK – more than double the number that were operating across the country five years ago. There are now well over 100 British gin brands on the market.


Warning: count(): Parameter must be an array or an object that implements Countable in /home/fdbusiness/public_html/wp-content/themes/legatus-theme/includes/single/post-tags.php on line 5
Share

About Author

mike

mike

Related Articles

Food & Drink Business Conference & Exhibition 2016

Upcoming Events

[eventlist]

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber

Subscribe Here



Advertisements