From 2013 to 2023, the gin market in Sweden grew from 8.6 million euros to 18.7 million euros, representing significant year-on-year and compound annual growth rates (CAGR). Notably, the market saw robust growth with the most significant annual increase in 2020 at 19.34%. The average CAGR over the last five years up to 2023 stood at 7.14%, demonstrating sustained growth in market value.
Looking ahead, forecasts indicate that the gin market will continue its expansion, reaching an estimated 21.7 million euros by 2028. The forecasted CAGR for the next five years is lower at 2.32%, with an overall growth rate of 12.14% over this period. This suggests a deceleration in growth rate compared to previous years but still indicates a positive market outlook.
Future trends to watch for include potential shifts in consumer preferences towards premium and craft gin brands, the impact of sustainability and eco-friendly practices within the industry, and the increasing popularity of gin-based cocktails in the Swedish market.